A business incurs the following costs: • Labor: $120/unit • Materials: $45/unit • Rent: $150,000/month   Assume the firm produces 1 million units per month.   The total variable cost, per month, is.....   The total fixed cost, per month, is......   The total cost is......

Q: A firm's short-run average cost curve is U-shaped. Which of these conclusions can be reached…

A: Total cost is defined as the total expenses that a company or firm has to incur in order to produce…

Q: If Cf = 25000 is a fixed cost function, show that the average fixed cost function Cf = Cf / q is…

A: The firms and businesses tend to make the goods, and services taking into account the wants, needs,…

Q: A firm faces the following costs: total cost of capital = $4,000; price paid for labor = $20 per…

A: Given : Total fixed cost = $4000 Price paid for labour= $20 per unit  price paid for raw materials=…

Q: A firm has fixed costs of $60 and variable costs as indicated in the table at the bottom of this…

A: The values are found out by: TC=TFC+TVCAC=AFC+AVCAFC=TFCQAVC=TVCQMCN=TCN-TCN-1

Q: (a) Prepare (i) marginal cost and (ii) average total cost schedules for the firm. (b) What is the…

A: Cost theory includes calculation of total costs, total fixed costs and total variable costs. In this…

Q: Rising short-run average variable costs of production for a firm indicate that   Question 4 options:…

A: Average variable costs are the costs incurred on variable factors or inputs per unit of output. The…

Q: A computer company produces hardware and software using the same plant and labor. The total cost of…

A: (a) There would no economies and diseconomies of scale if the product is produced by itself. To…

Q: When average product increases, which short-run cost variable also changes? The output range over…

A: Marginal cost refers to the change in total cost with respect to change in output. Average total…

Q: Given the cost information below, answer the following questions. Output Total Cost $10.00 1 19.76 2…

A: Hi! thank you for the question but as per the guidelines, we answer up to three sub-parts. Kindly…

Q: A manufacturing plant has a short-run cost function of C(q) = 100q - 4q2 + 0.2q3 + 450. (a) What is…

A: here we calculate the following costs by using the given functions , so the calculation of the…

Q: Both short-run and long-run average cost curves are likely to have a negative slope up to a given…

A: Meaning of Short-Run Cost Curves: The term short-run cost is the period under which some variable…

Q: Long-run total cost (dollars) Quantity 20 100 40 160 60 180 80 190 The cost data in the above table…

A: Economies of scale are cost advantages that the company enjoys in the form of decrease in average…

Q: A firm has two plants that produce identical output. The costs functions are C,=10g-4q² + q³…

A: TC1 = 10q - 4q2 + q3  AC1 = TC1/q AC = 10 - 4q + q2 Average cost will be minimum when it's…

Q: Cost A company buys and retails baseball caps, andthe total cost function is linear. The total cost…

A: Marginal cost shows the increment in the total cost by producing an additional unit of the cap.

Q: A business incurs the following costs per unit: labor $125/unit, materials $45/unit, and rent…

A: In the short run, a firm will have two types of cost: fixed cost and variable cost.A).Total variable…

Q: When a firm experiences economies of scale in production, a. long-run average total cost declines as…

A: In the long run, firm can change its all factors of production and produce the output where the…

Q: Consider a small photography studio with 6 workers and 3 The total cost of labor and capital is…

A: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

Q: $100 90 80 70 60 50 40 30 20 10 1 2 3 4 567 89 10 Quantity of Output Refer to Figure 7-3. Which is…

A: please find the answer below.

Q: Consider the following table of long-run average total costs for a firm. Does the firm experiences…

A: please find below  the answer.

Q: Give business examples of short-run costs, economies of scale, and minimum efficient scale (MES).

A: At the Mininum effiecient scale point, the company could achieve the economies of scale being…

Q: Which would be an implicit cost for a firm?  The cost        of worker wages and salaries for the…

A: In economics, there are two types of cost, the one is explicit cost and other is implicit cost.…

Q: Consider a small photography studio with 8 workers and 5 The total cost of labor and capital is…

A:

Q: Moris just opened a chocolate place, it costs her $500 per day to pay for workers’ wages and an…

A: here we calculate the total cost and break even quantity  so the calculation as follow-

Q: List several fixed and variable costs associated with owning and operating an automobile. Suppose…

A: The fixed cost is incurred whether an activity take place or not. The variable cost varies with the…

Q: Question 4' A firm's long-run total cost is TC(Q)=402-10Q²+Q³. Over what range of output does the…

A: Total cost of production is the total expenditure incurred by the firm on the factors of production…

Q: Consider the following information on long run total costs: Output 1 2 3 4 5 6. 7 Total Costs 50 90…

A: Output Total Cost Marginal Cost ATC 0 0 0 0 1 50 50 50 2 90 40 45 3 123 33 41 4 160 37 40…

Q: how do you know the total variable is 50 when finding the total fixed cost

A: TC = AC * Q ------------------- MC is a change in TC due to changing quantity by one unit.  MCn =…

Q: total output

A: An increasing-cost industry tends to occur because the entry of new firms as being prompted by an…

Q: if a firm hire workers at $3 week , labour is 1 and output is 6 what is the fixed cost, variable…

A: Wages (W) is given as $3.Labor (L) is 1.Output (Q) is 6 units.

Q: A bottling company uses two inputs to produce bottles of the soft drink Sludge: bottling machines…

A: Following is the given information:

Q: Consider the following cost information for Yasir’s tea stall.       (Cups of tea per hour)…

A: The cost is the money spent on factor of production to produce the goods and services. There are two…

Q: We classify Three Possible Long-Run Average Cost Curves for a Multiplant Firm; given the following…

A: A planning curve is a long-run average cost curve. This is because a company aims to create an…

Q: 15) For any cost function, you can find min ATC by etting ATC = and solving for q. %3D

A: Average total cost = total cost/ quantity

Q: Classify the following milk bar short-run costs as fixed cost or variable cost  Milk truck Fruit…

A: The short-run is the time period when there is at least one factor which is fixed and cannot be…

Q: Consider a small photography studio with 5 workers and 2 printers. The total cost of labor and…

A: The cost of hiring a worker is wage and the cost of using capital is rent. The sum of wage and rent…

Q: Define fixed and variable costs and give examples of each in manufacturing. What is total cost,and…

A: Cost is something that, depending on its type, can be categorized in many ways. Classification…

Q: Suppose a firm has a short-run cost function: C(9) = 1000 + 200g Question 3. 5q + 0.5g. What are the…

A: Variable costs are any expenses that change based on how much a company produces and sells. This…

Q: How do you solve this and can you show me step by step?

A: The cost function of two plants can be expressed as follows.

Q: Water World Water Park has the following cost function: TC = 500 + 125q and MC = 125 a) Determine…

A: Given: TC = 500 + 125q MC = 125

Q: Consider the following total cost function: where represents output and are constants. What can we…

A: Answer: (b) The firm experiences falling average fixed costs, but rising average variable costs.

Q: Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Cost function C = 80q - 3q2 + q3 If MC function is 80-6q+3q2, At what output level the average cost…

A: Answer to the question is as follows:

Q: During the last few days the Superior Company has been running into problems with its computer…

A: 'A' is a total cost of 1 unit and we know the average total cost from the table for 1 unit and that…

Q: A firm's long-run total cost curve is TC(Q)= 1000Q - 30Q² + Q³. Derive the expression for the…

A: Average cost refers to total cost per unit of output. Marginal cost refers to change in total cost…

Q: A firm is producing 1,000 units at a total cost of $5,000. If it were to increase production to…

A: The total cost is the sum of fixed cost and variable cost. The fixed cost is the cost of fixed…