A graph represented by a straight line parallel to the output of the X-AXIS is an image of which classification of cost? a. Production cost b. Total fixed cost c. Marginal cost d. None of these

Q: Quantity Average Fixed Cost Average Total Cost 1 140 2 75 3 60 4 55 5 54 6 20 60 Short run…

A: Diminishing returns to production starts where marginal cost increases with an increase in output,…

Q: The total cost of production equals Select one: a. average total cost + average variable cost b.…

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

Q: The cost function of producing Q units of good: C(Q) = 4Q2 + 16Q + 40 Write down the average cost…

A: Total cost: ‘total cost’ is the amount that includes all the expenses that are paid to produce a…

Q: Question 2 A. List and explain which of the following is a fixed cost or a variable cost for…

A: The cost of fuel used in its planes Variable cost The rent on its piarco headquarters Fixed cost The…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A:

Q: Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the…

A: Formulas to be used:TC = VC+FCATC = TC/QAVC = TVC/QAFC = TFC/OMC = TCn - TCn-1

Q: Question 2 a. A producer borrows money and starts a business. He himself looks after the business.…

A: Total fixed cost (or also called TFC in short) denotes the portion of production cost remaining…

Q: If the Marginal Cost for a product is found to be MC= 1500/15x+100' , and the cost of 80 units is…

A: We have, x= 80 Total cost = TC = $6000 at x = 80 Marginal cost, MC = 1500/ (15x+100) To find the…

Q: An implicit cost is another name for a(n):     Explicit cost     Production cost     Economic…

A: Option D Implicit cost is a cost to a business that occurs due to the cost of resources that were…

Q: computation and give illustration through diagram • Behavior of Variable and Fixed Cost • Marginal…

A: Cost is the expense incurred to any business to produce any good or services. Th cost can be broadly…

Q: Give the area that represents the following Total Cost Total Variable Cost Total Fixed Cost Total…

A: Total cost is the total expenditure incurred to produce goods and services during a specific period…

Q: Draw average variable cost ,average total cost and marginal cost curve in a single diagram!!!!

A: According to the given question All the average variable cost ,average total cost and the marginal…

Q: Refer to Figure: The vertical distance ABis Select one: A. total cost. B. marginal cost. C. total…

A: Curve 1 is the Marginal Cost(MC) Curve Curve 2 is the Average Variable Cost(AVC) Curve Curve 3 is…

Q: For each term, explain the definition or calculation, and explain this concept to someone who is…

A: Cost of production is the total cost that a firm or a business incurs for the production of goods…

Q: 1. Economies and Diseconomies of scale 2. Graph of marginal cost, average cost and average total…

A: Hi! Thank you for the question but as per the guidelines, we only answer one question at a time.…

Q: If marginal cost is equal to average total cost then, (a) Average total costs are falling (b)…

A: Marginal cost depicts additional cost incurred in order to produce an additional unit of output.

Q: Distinguish between explicit and implicit costs, giving examples of each. Why does the economist…

A: Externalities: It occurs in the economy when the production of goods and services and the…

Q: In the long run, the long-run average cost curve whereas in the very long run, the long-run average…

A: There are four production time periods in microeconomics, they are very short run, short run, long…

Q: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and…

A: Implicit Cost: Implicit cost is due to the factors which are entrepreneur himself owns and employs…

Q: Question 2 a) A producer borrows money and starts a business. He himself looks after the business.…

A: An ‘implicit cost’ is a cost that not recorded for accounting purposes. ‘Implicit costs’ represent…

Q: Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it…

A: Marginal cost refers to the additional cost of producing an extra unit of output. Average variable…

Q: What happens to marginal cost if a business's average total cost is decreasing? Marginal cost must…

A: Marginal cost (MC) is the change in total cost when one more unit of a good is produced.Average…

Q: Total cost divided by quantity of output is Select one: a. average variable cost b. average total…

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

Q: Average total cost intersects marginal cost at minimum marginal cost. True False

A:

Q: lassify each individual element of cost according to its behavior pattern (fixed, variable, or…

A: Fixed costs, variable costs, and semi-variable costs are types of costs that are classified based on…

Q: . A producer borrows money and starts a business. He himself looks after the business. Identify…

A: Note- Since you have posted multiple independent questions in the same request, we will solve the…

Q: A producer borrows money and start a business . He himself looks after the business. Identify the…

A: # In a business if we consider the assets of the firm and its opportunity cost then this is counted…

Q: Total Cost Fixed Cost Variable Marginal Cost Average Fixed Cost Average Variable Cost Average Total…

A: Total cost = Fixed cost + variable cost  Also Fixed cost are same at every level of output.

Q: 3. Marginal cost a. Is below average total cost in the range where average total cost is rising b.…

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

Q: If the marginal cost of production is greater than the average cost, in what direction must the…

A: If marginal cost is higher than average cost it means the slope of average cost will be higher than…

Q: FIGURE 7-3 $100 90 80 70 40 30 20 10 1 2 3 4 5 6 7 8 9 10 Quantity of Output Refer to Figure 7-3.…

A: please find the answer bThe marginal cost (MC) curve is calculated by dividing the change in total…

Q: Which cost inc with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost.…

A: According to the given question The cost in economics are usually defined as the amount of the…

Q: When marginal cost equals average toal cost, average total cost, (Click for List) rising at a…

A: Marginal cost is change in total cost divided by change in output. Average cost is the cost per unit…

Q: 6. Identify the short run cost curve for the variable cost: a). Curve 1 b). Curve 2 c). Curve 3 d).…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: (d) Find the minimum average production cost per unit and the level of production that minimizes…

A: Average cost(AC) is defined as total cost(TC) divided by the total units produced. Here, units are…

Q: a) What is marginal cost? b) What is average variable cost? c) How much output is being produced?

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The concept of marginal cost is best described by which of the following? Mr. Creosote meets a wafer…

A:

Q: How profit is different from the incorporating normal profit and when the normal profit is into…

A:

Q: A cost that changes with the level of production is called a(n)____cost a.variable b.average total…

A: Ans. The cost is the expenditures that are incurred during the production of the goods and services.…

Q: Refer to the information provided in the Figure below to answer the question(s) that follow. Cost…

A: Here, we can see that Curve 1 is the Marginal Cost (MC) curve which cuts Curve 2 and Curve 3 at…

Q: This chapter discusses many types of costs:opportunity cost, total cost, fixed cost, variable…

A: Cost is the expense incurred when a good or service is produced.

Q: Explain the production in short run?

A: Microeconomics studies the economic behavior of individual units such as a consumer, a producer, a…

Q: Opportunity cost refers to  A) explicit costs+ implicit costs

A: The total amount of money used in producing goods & services and including labor, time and…

Q: a. Why is the gap or difference between average total cost and average variable cost larger at…

A: Cost is a metric of the possibilities foregone when one product or task is chosen over another.

Q: Q.4 Marginal Cost is closely relate (a) Total variable cost (b) Total cost (c) Total fixed cost (d)…

A: # marginal cost measures the change taking place in the value of total cost when the quantity…

Q: a. Construct a diagram of the cost function, where you have the quantity on the X-axis and the cost…

A: Answer;   PART A QUANTITY(q)  cost(C) Fixed (FC) Variable. (VC) Marginal. cost (MC) Average T.…