As long as marginal cost is below average variable cost or average total cost , then average variable cost and average total cost ____ when output is increased. a. rises b. intersects c. falls d. are constant

Q: As output increases, total fixed cost A. increases; decreases B. does not change; decreases C.…

A: total cost is the cost which is incurred by producer for production by using all fixe and variable…

Q: B. Refer to the figure below. LRAC a. In the short run, capital is a fixed cost. Draw for a few…

A: Short Run Average Cost (SRAC) is equal to average fixed cost and average variable cost. It is…

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

A: Marginal Product of Labor:  The term marginal product of labor shows that how much additonal or…

Q: a. Complete the following table and answer two questions about costs. Instructions: Enter your…

A: Here we calculate the following terms by using the given information , so the calculation of the…

Q: 1. Show and explain the relationship between total cost, marginal cost and average variable cost

A:

Q: Distinguish between/ among a.  The short run total fixed cost, total variable cost and total cost…

A: Cost refers to the value of the resource(s) that gets exhausted in the process of production or…

Q: Average total cost, average variable cost marginal cost and marginal product b. The relationship…

A: Average Total Cost or Average Cost is the total cost (TC) divided by the number of units produced…

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: Define the concept of short run and Long run ( ..). Then, use an example each to illustrate the…

A: In the short run production, it is assumed that at least one of the input is fixed and the remaining…

Q: When marginal cost is greater than average variable cost, average variable cost i v (Click for List)…

A: Marginal cost is defined as the extra coat a firm incurs by employing an extra unit of input.

Q: Why does the difference between AVC and ATC get smaller as Q increases? b)  Why does MC intersect…

A: Since you have asked multiple questions we will answer the first three for you. The average cost…

Q: l in the column for marginal cost in the previous table. (Hint: MC = 4) l in the column for average…

A: In economics, the marginal price is the alternate withinside the overall price that arises whilst…

Q: Question 4 Use the following table for the (i),(ii) and (iii) questions.   Quantity Total…

A: (i)The marginal cost is the additional cost incurred to the firm while producing an additional unit…

Q: the long run average total cost curve's minimum intersects what on the short run cost curve?

A: The long run average total cost curve's minimum intersects with the minimum of short run average…

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

A:

Q: DEFINE AND EXPLAIN PRODUCTION IN SHORT RUN

A: In the production process, different inputs are used to produce the final output. Each input has its…

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

A:

Q: Brenda's candle factory rents equipment for making candles and hires students. Brenda pays $60 a day…

A: Average fixed cost = Total fixed cost / Total product Average variable cost = Total variable cost /…

Q: Explain and identify the relationship between total cost, average cost and marginal cost using…

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

Q: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…

A: Marginal cost is the measurement of change in the total cost with the increment of one unit of…

Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…

A: The cost of producing a firm's output depends on the number of labor and physical capital which are…

Q: e) In the following diagram of cost curves, how many short runs have been created? State and explain…

A: Average short run curve: It refers to the curve which is a U shaped curve. It decreases the average…

Q: Mr  Han  Cook  says  that marginal  cost  is  just  a  funny  name  for  average  total  cost. What…

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

Q: Illustration 1. Total Fixed Cost is 90, complete the following table: Average Variable Cost (E)…

A:

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: Short-Run Cost Question2: Lisa has a lawm-mowing business Lisa hires students at $40 a day to mow…

A: Given: Labor Total Product 0 0 1 20 2 44 3 70 4 94 5 114 6 120

Q: Units of Fixed Variable Total Marginal Average Output Cost Average Variable Cost Total Cost Average…

A: Total cost is the sum of fixed and variable costs. Marginal cost is the addition to the total cost…

Q: a. Calculate and fill in the column of marginal products. What pattern do you see? How might you…

A: Marginal product of labor refers to the amount of additional output that obtained by increasing one…

Q: il to his long run average cost of production ter than his long run average cost of production than…

A: Economies of scaleLong-run ATC falls as yield increments. Diseconomies of scale Long-run ATC ascends…

Q: Explain the relationship between total product, marginal product, and average product and how does…

A: Total ProductIn simple terms, we will define Total Product because the total volume or amount of…

Q: When examining the costs faced by a business, explain how economists distinguish between the short…

A: First part The contrast between the short and long runs is critical in economics. It turns out that…

Q: Marginal cost curve always cuts the lowest point of the average total cost curve. Do you agree?…

A: Marginal Cost:Marginal cost refers to the additional cost of producing the additional unit of…

Q: Accounting Complete the table and Graph the cost curves:   Output (Q)/day Total Variable costs…

A: Output/day VC TC MC ATC AVC 0 0 635       1 50         2 100         3 150         4 200…

Q: The government imposes a $1,000 per year licensefee on all pizza restaurants. As a result, which…

A: Costs are the expenses incurred by a firm in the production of its output. In production, there are…

Q: In the short run, if marginal product is at its maximum, then A) average cost is at its minimum B)…

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

Q: Mention and explain the cost components certainly do not exist in the long run?

A: The cost components include fixed costs and variable costs.  Variable costs are the costs which vary…

Q: n the following questions take Q as 10. . Name the curves in the diagram. A B C . What is the amount…

A: Since you have asked multiple questions, we will answer only the first question for you. If you have…

Q: Please help me to answer Q8

A: Question 8:Marginal Cost: It refers to the additional cost incurred when one more unit of a good is…

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: Using the numbers representing short run costs in the chart below, calculate the number that belongs…

A: Total fixed cost is the addition of fixed cost and variable cost. Fixed cost is cost which remains…

Q: Short answer Explain the fixed cost and the variable cost with examples

A: In the field of economics, it is assumed that firms work towards maximizing their profits. The firms…

Q: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…

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

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: a. Fill in the blanks for the table given below by calculating the average variable cost, average…

A: Average variable costs Average variable costs are found by dividing total fixed variable costs by…

Q: Which of the following are true? (check all that apply) a.the average fixed cost is increasing if…

A: Note : Since the question has multiple sub parts , only the first three sub parts shall be answered…

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: uantity produced/day Total cost Variable cost 0 $50 0 1 $75 $50 2 $110 $75 3 $155 $100 4 $210 $150 5…

A: In a market, average variable cost is the per unit variable cost, marginal cost is the additional…

Q: Fill in the blanks in the following table: Total cost Total fixed cost Total varjable cost Average…

A: Cost: The term cost refers to the situation under which a firm occurs various expenses during the…