An explicit cost is defined as a cost that involves spending money. a cost that does not change as output changes. O a nonmonetary accounting cost. O a nonmonetary opportunity cost.

Q: 39. What do you call that COST which is nat usually thought of at a coST? A. Explicit Cost B.…

A: When making any activity, there used to be some cost associated with it thay is classified into…

Q: 4. The law of diminishing returns only applies in case where there is at least one fixed factor of…

A: 4) The law of diminishing returns refers to that when more and more variables factors are added with…

Q: Diseconomices of scale means O As output increases, long run avearge cost (LRAC) increases O if we…

A: Diseconomies of scale means that the cost curve is upward sloping as we increases the production.…

Q: a cost but accountants would not? O the interest income given up by the firm's owner because the…

A: For the most part, implicit expenses should be assessed and are not straightforwardly quantifiable,…

Q: The expenses incurred on the variable factors are called O a. Fixed cost O b. Variable cost O c.…

A: Economics is a discipline that is associated with the economic principles of production,…

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: Which of the following statements is true? a. If the marginal cost curve is above the AFC curve, the…

A: The AFC curve continues to fall with rise in output. The AFC curve is in decreasing shape. Average…

Q: Economist describe short run decisions as constrained decisions while long run decision are…

A: In the short run, few costs are fixed and few are variable but in the long run their will be no…

Q: The long run is best defined as a time period O during which at least one input cannot be changed. O…

A: Some factors of production vary with the output produced in the short run, while some remains…

Q: d. Which worker(s) are in the region of diminishing marginal returns? e. Which worker(s) are in the…

A: marginal cost is the extra expense caused by the creation of another unit of a decent or…

Q: When the firm's LRATC curve is downward sloping over its range of production, this implies that A.…

A: Long run average total cost curve shows the lowest cost for producing each quantity of output in the…

Q: The best explanation for the shape of a short run marginal cost schedule is O a. increasing returns…

A: The answer is - c. A fixed factor causes diminishing returns to other factors

Q: The objective of this activity is to test students understanding of the various components of the…

A: Note:- Since we can only answer one question at a time, we'll answer the first one Please repost the…

Q: What is the diference between total cost and vaiable cost in the long nun? In the long run A. the…

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

Q: 3. (Long-run costs,) Carmela's pasta factory employs workers and pasta machines according to the…

A: Given:- Production function: f(L,K)=l0.5K0.5Hourly cost of capital=$10Hourly cost of worker=$40 To…

Q: average total cost is increasing as output increase, then marginal cost must be average total cost.…

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

Q: Which of the following is true at the output level where average total cost is at its minimum? OA.…

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

Q: Quèstion 25 Opportunity cost is considered as: O Implicit cost O Explicit cost O Accounting cost…

A: Opportunity Cost is the value of next best alternative (which is available after choosing the…

Q: Which of the following relationship is correct? O When marginal product (MP)starts to decrease,…

A: MP is the additional change in total output due to produce of one additional unit of output  MC is…

Q: What is the diference between total cost and variable cost in the long nun? in the long run OA the…

A: The total cost incurred to produce a certain product or a service is called the cost of production.…

Q: What is a sunk cost? Provide an example of a sunk cost other than one from this book. Why are such…

A: Cost refers to the expenses that the firm incurs in the production process of its goods and…

Q: Ahmed's Pizza House sells extra-large deluxe pizzas at OMR 9.000 per pizza. The cost of ingredients…

A: Total cost includes total fixed cost(TFC) and total variable cost(TVC). Total fixed costs are the…

Q: Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two…

A: Average total cost is the cost per unit. It is the ratio of total cost and output

Q: (Long-run costs,) Carmela's pasta factory employs workers and pasta machines according to the lowing…

A:

Q: 8. Engineers sometimes rely on the "0.6 rule," which states that the increase in cost is given by…

A: "0.6" Rule states that increase in capacities of equipment  leads to less than one to one increase…

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: Diminishing marginal returns occur because O average and marginal relationships behave very…

A: Marginal return means the return from the next input hired. It is the return of the one last…

Q: Given the total cost function TC - 2,000 + 2*Q. when output is 1,000 units average total costs are.…

A: The formulas for cost are: 1. Total Cost = Fixed Cost + Variable Cost 2. Average Total Cost = Total…

Q: t is said that total variable cost curves are moved by only two factors. What are those factors?…

A: Total Variable Cost Curve and Marginal Cost Curve.

Q: Marginal cost is calculated as اختر أحد الخيارات .a. the increase in total cost divided by the…

A: Answer: Correct option: (b) Explanation: Marginal cost: it refers to the cost of producing an…

Q: 50. If all inputs are trebled and the resultant output is doubled, this is а case of A. O Constant…

A: Returns to scale is a long-term concept which tells the response of output when the number of inputs…

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: Costant return toscale: Situation inwhich output doubles when E CONo MIESOF SCACE chen firm can…

A: An isocost line is a graph that depicts several input combinations that cost the same total amount…

Q: which of the following reflects the correct rleationship between average total cost(ATC) and…

A: Average Total Cost The average total cost or average cost is the cost per unit of both fixed and…

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: In the figure, the intersection of curves A and B is the point at which 20 16 20 40 60 80 Quantily…

A:

Q: In a short-run production process for computer software, the average total cost (ATC) is increasing…

A: "Since you have asked multiple questions, we will solve first question for you .. you want any…

Q: If AFC is $18 at a quantity of output of 200 units, and ATC is $27 at the same quantity of output,…

A: Total Cost is the total expenses incurred by producer when they produce goods and services , it…

Q: QUESTION 2 An isocost line reveals the OA costs of inputs neoded to produce along an expánsion path.…

A: In a market, when a firm purchases input resources, it will be considered as cost or outlay of…

Q: .Which of the following is an example of a fixed cost? A. cost of employees who work overtime B.…

A: In general, a firm incurs various costs in the daily business and these costs can be classified as…

Q: The difference between accounting profit and economic profit is O total revenue. O marginal product.…

A: Profit is the income earned after deducting the total costs or expenses from the total revenue of…

Q: Šuppose that a producer is faced with input combinations that yield 500 units. Assume that capital…

A: Optimal input combination is where Isocost line is tangent to Isoquant curve.

Q: Total Total Output Fixed Variable (Q) Costs Costs 0. $50.00 $0.00 1 $50.00 $70.00 $50.00 $120.00…

A: Fixed cost is the cost that remains constant and stays the same at all levels of output. Variable…

Q: Which one of the following statement is true about slope of fixed cost: Select one: O a. Slope of…

A: Slope implies that a change of unit in x being the independent variable would in turn result in a…

Q: 2. Inputs and outputs Kevin's Performance Pizza is a small restaurant in Chicago that sells…

A: Answer: Since the workers can be changed from week to week, the labor is a variable input whereas…

Q: he fixed costs for a certain item are $205 per week. The fixed cost is the y-intercept. The cost to…

A: Fixed costs (FC) of the retailer are $205 per week. The cost to produce one unit is $4. Let Q denote…

Q: The marginal products of capital (MPK) and labor (MPL) are, respectively, MPK = 2000 units; MPL =…

A: The marginal product or marginal physical productivity of an input (factor of production) in…