a cost but accountants would not? O the interest income given up by the firm's owner because the owner used her savings into the firm O the The wages that the firm actually pays to the firm's workers O the cost of materials and supplies purchased by a firm

Q: What is the difference between average product of labor and marginal product of labor? (b) Explain…

A: Average Product of Labor is calculated by dividing the total output produced by the firm with the…

Q: What is the variable cost of production ( per month)

A: Variable Cost = Labour Cost+Ingredients+electricity Variable Cost =4.00+2.00+0.20 Variable Cost…

Q: When both factor and non-factor input change, the period of production is O a. Mid-run O b. Long run…

A: Factors of inputs are used to produce finals goods for the consumers. since multiple questions are…

Q: shoes (Q) irm producing car labor. The price of K is $8 and the price of L is $2. production vhere K…

A: A firm producing cars. The production function for shoes is :        Q= K1/2 L1/2 .…

Q: Which of the following is true?

A: The long-run average cost curve represents the least average cost to produce any given level of…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The effect of the combined efforts of the production factors is production. A fixed factor is one…

Q: If you have the data of Total cost (TC)= 15, 25, 30, 40, 55, 75, 100 against units of output (Q) =…

A: Marginal cost is the cost which incurred by producer when they produce one or more additional unit .…

Q: The question is based on the following table, which provides information on the production of a…

A: It refers to the change in the total product when additional units of input are added. Marginal…

Q: Which of the following statements about average product and marginal product is correct? (A) If…

A: Average product is the total product which is produced divide by the total number of variable inputs…

Q: Which of the following would be an implicit cost of operating a golf course? O the cost of not…

A: The price paid for products and services produced or given is referred to as the cost. There are…

Q: Suppose a pizza parlor has the following productions cost $4.00 in labor per pizza $2.00 in…

A: Profit is the key motive of firms operating in a market. Profit refers to the difference between the…

Q: Which of the following is correct about marginal and average products? A) When the average product…

A: Marginal product refers to addition in total output and when more unit of variable input is used in…

Q: a. How many barrels of oil will the firm extract in the first year? million barrels b. Suppose the…

A: The company will extract that quantity (Q) at which the price of extracting and the price of selling…

Q: When the marginal product of labor equals the average product of labor, then a.the mar d. c. the…

A: Average product refers to total product per unit of labour. Marginal product refers to change in…

Q: Explain every point with graph. 1. Economic and business cost . 2. Short run production analysis /…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Factors of production are are inputs used in the production process, that results in the output. The…

Q: When the quantity of a variable input is increased from 3 units to 4 units the total output…

A:

Q: a. What is the least-cost combination of labor and capital the firm should employ in producing 80…

A:

Q: When the average cost of producing each individual unit declines as total output increases is…

A: Production function shows the relationship between inputs and output. It reflects how changes in…

Q: Adam operates a small shop specializing in party favors. He owns the build- ing and supplies all of…

A: The Accounting profit are the profits that are calculated by deducting the Total explicit cost from…

Q: As a firm hires more labor in the short run, the O extra output of an additional worker may rise at…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Dwing production function: Q = 2K + 4L where K is Capital, Lis Labour and Q represents output.…

A: The production function                  Q = 2K + 4L                           Where, Q= Output…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The concept given in the situation is used in the stages of production in which a firm operates.…

Q: Fill in the missing parts in the following tables to illustrate the behavior of production and costs…

A: Capital: Capital is a term that refers to financial assets, including specific funds invested in…

Q: Prunella raises peaches where Lis the number of units of labor she uses and T is the number of units…

A: An isocost line is a curve that depicts numerous input combinations that cost the same total amount.…

Q: An Accountant would say that total costs equal out-of-pocket costs plus opportunity cost. O True O…

A: Economic cost is the sum of out of pocket expenses and opportunity cost  Accounting cost is out of…

Q: If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table…

A: The labor cost per unit is obtained by multiplying the direct labor hourly rate by the time required…

Q: The Production Function shows the relationship between O a. Input and Cost O b. Products and Cost c.…

A: The process of combination of inputs some being material and others non material for making a…

Q: onsider a short run production function q = cL+K where the value for c =: sing L units of labour and…

A: Returns to scale measures the proportionate change in output if all inputs are changed by the same…

Q: A firm has the production function f(x, y) = x³yº.3, where a>0.7. This firm has Select one: O a.…

A: Given  Production function : f(x,y) = x^a × y^0.3 , where a>0.7. To check whether it has what…

Q: a= min[x,y]^(1/2) a)Draw isoquants for a = 1, a = 4 and a = 9. b)What kind of returns to scale does…

A: Production refers to the process of using inputs to make useful output. The functional relationship…

Q: “My friend, Mike, is a CPA and owns his own tax business. During tax season, he hires additional…

A: Law of diminishing marginal returns states that as a person goes on increasing the amount of an…

Q: Fill in the missing parts in the following tables to illustrate the behavior of production and costs…

A: The total cost incurred by firms includes fixed costs and variable costs. Fixed costs are the costs…

Q: (Explicit and Implicit Costs) Determine whether each of the folowing is an explicit cost or an…

A: Explicit Cost:- Explicit costs are normal business expenditures that appear in general ledger…

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal cos…

A: The marginal product of labor can be defined as the increase in the output resulting from an…

Q: Other things being equal, an increase in the average product of labor in steel production will…

A: The total output amount which could be produced by a firm with the given labor quantity is being…

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: O At every output level the marginal product curve lies above the average product curve. O The…

A: Marginal product  can be characterized as the additional measure of item/product a firm can create…

Q: firm had sales revenue of $1 million last year. It spent $600000 on labor, $150000 on capital…

A: Following is the given information: Sales revenue = $1 million Amount spent on labor = $600000…

Q: 1. Assume a daily production function for a firm is Q=min(3L, 4K) a. If L 100 and K = 100 what…

A: Here we calculate the followings terms of production and cost by using the given information and…

Q: If a business is experiecing diminishing marginal product of labor then

A: Step 1: Explanation of incorrect options

Q: q = f(K, L) = 2KO.2L0.8 The cost of labor is w = 1 and cost of capital is r = 0.25. How much does it…

A: Answer: Given, q=fK,L=2K0.2L0.8 Cost of labor (w)=1 Cost of capital (r)=0.25 q=4 units Calculation:…

Q: (a) Find an example of a production technology that is such that two inputs must be used in fixed…

A: The production function shows the relationship between inputs and output produced. Inputs are the…

Q: ase quickly!!!!thanks !!!! If a firm used only labor for production, and given current production…

A: The marginal product of labor is the addition to the total product when one additional unit of labor…

Q: Problem -2: The following table gives total output or total product as a function of labor units…

A: Diminishing returns occur when after addition of certain units of input,total product starts to…