9. Average cost goes up when A. marginal cost goes up B. marginal cost goes down C. marginal cost exceeds average cost D. marginal cost is lower than the average cost
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- The WipeOut Ski Company manufactures skis for beginners. Fixed costs are 30. Fill in Table 7.16 for total cost, average variable test, average total cost, and marginal cost.Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?What are diminishing marginal returns as they relate to costs?
- Number of Cakes VC MC AVC FC TC ATC 0 50 1 30 2 50 3 25 4 155 Table 8.3 Table 8.3 presents the cost schedule for Candy's Cakes. If Candy produces three cakes, Candy's marginal costs are: A. $0 B. $25 C. $41.67 D. $75Asap Total cost can be divided into two types. What are those two types? Select one: a. fixed costs and average costs b. fixed costs and variable costs c. average costs and marginal costs d. fixed costs and marginal costs26. The cost that vary accordingly to the volume of output is _____________. a. Fixed cost b. Both fixed and variable costs c. All the options d. Variable cost
- 4. Refer to Figure 1. Curve 3 is Outdoor Equipment's Select one: a. Average variable cost curve. b. Average total cost curve. c. Average fixed cost curve. d. Marginal cost curve.28) If average cost is increasing over a range , it should be the case that a) marginal cost is smaller than average cost over that range b) marginal cost is equal to average cost over that range c) marginal cost intersects the average cost over that range d) marginal cost is greater than the average costFarmer McDonald's gives banjo lessons for $20 an hour. One day, He spends 10 hours planting $100 worth of seeds on his farm. What opportunity cost has he incurred? what cost with his account in Measure? If these seeds yield $200 worth of crops, Does McDonald earn an accounting profit
- 2b statements is true or false and explain If marginal cost is larger than average cost, average cost will fall as output increases.10 . If marginal product is less than average product, then average product is : A. decreasing b - fixed C- None of the above d - growingCourse: Microeconomics - Theory of ProductionA field produces wheat. Land is a fixed factor, so the annual harvest depends on the number of hired workers. The following table shows the production of the farm measured in quintals per year. Workers 1 2 3 4 5 6 7 8 9 10 Total Product (TP) 125 ? ? 725 925 1.125 1.275 1.275 1.175 1.000 Average Product (AP) ? 150 ? ? 185 184 175 160 131 100 Marginal Product (MP) ? ? 200 ? 200 180 120 50 -100 -175 We ask: 1) Fill in the missing spaces in the table. 2) The farmer can hire workers for w (salary) = 1,200,000. The price per quintal of wheat is $10,000. How many workers should she hire and why?3) Suppose now that the price is COLLECTIVE OWNERSHIP and no wages are paid, but production is shared equally among those who produce it. How many members should be accepted in the COOPERATIVE if the welfare of the participants is to be maximized?
