Assume that the marginal cost of production is greater than the average variable cost. Can you determine whether the average variable cost is increasing or decreasing? Explain by graph

Q: Give the formulas for average fixed cost (AFC), marginal cost (MC), average variable cost (AVC), and…

A: Average fixed cost = Fixed cost / quantity Marginal cost = Differentiating the total revenue…

Q: Ing fong TC = 8Q³ - 96Q² + 32Q Derive the expressions for marginal cost and average cost. What is…

A: Average cost: ‘average cost’ is the ‘total cost’ divided by the number of units of the good. It…

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: Daad Karim is a fisherman in Gawadar.   Hours  Quantity of fish in Kilograms 0 0 1 5 2 9 3…

A: Marginal product (MP) = Change in Q / Change in L L Q MP 0 0   1 5 5 2…

Q: The marginal cost curve intersects the average total cost curve at the level of output where average…

A: Marginal Cost (MC): Marginal cost occurs when producing an extra unit of output. Average total cost…

Q: The''Sad Student'' Company finds that it costs a total of (q)=9720+500q-1.5q^(2)+0.005q^(3)…

A: The total cost function (q)=9720+500q-1.5q^(2)+0.005q^(3)  answer d  The constant term in the…

Q: Epiphany & Co's production function is given by Q = 50VLK. Let w = 25 and r = 100 be the prices of…

A: The money spent to purchase the factor of production to produce the goods and services is termed as…

Q: Using the definition QxAC = TC where Q = output, TC = the total cost of production and AC = the…

A: The average cost of production is calculated by dividing the total cost (TC) by the total output…

Q: What is the relationship between marginal product and marginal cost?

A: The firms, and businesses tend to operate in the markets, where they supply various goods, and…

Q: Why does as output increases, average variable cost initially declines and eventually begins to…

A: In an economy, the cost is analyzed in different ways, such as total cost, marginal cost, average…

Q: for these two graphs answer the following question what is the fixed cost?

A: Cost refers to the expenditure incurred by the producer for producing a given level of output. There…

Q: Consider a graph drawn with the average total cost curve and average variable cost curve. The…

A: Average total cost is the combination of average fixed cost plus average variable cost. So, the…

Q: Suppose that you own an apple orchard and the following chart represents the quantity of apples that…

A: Fixed cost is the cost that is same for all levels of production and marginal cost is the cost that…

Q: Relationship between marginal and average cost) assume that labor and capital are the only inputs…

A: Cost is the amount used by the firm in the production function of goods and services. Divided as…

Q: ane's Juice Bar has the following cost schedules: In the following table, complete the marginal…

A: Total cost is the total expenditure done by a firm on the production process. The total cost…

Q: Define and graph total cost, average costs, and marginal cost.

A: The cost of producing/manufacturing all the units of a good by a firm is estimated by the total…

Q: Graph the following: The average fixed cost curve will never intersect with either the horizontal…

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

Q: Assume that labor and capital are the only inputs used by a firm. Capital is fixed at 5 units, which…

A: Total cost consists of fixed cost and variable cost. Fixed cost is independent of output and…

Q: commercial fisherman notices the following relationship between hours spent fishing and the quantity…

A: Answer and Explanation: A) The MP of every hour spent fishing is provided in the table below. The…

Q: If the figure represented production at a cookie factory, the factory would be experiencing a)…

A: The law of diminishing returns refers to the situation where adding more of a variable to the same…

Q: Distinguish explicit cost and implicit cost

A: We can classify costs on the basis of payments. These are: 1-Explicit cost 2-Implicit cost…

Q: Give two examples of variable costs

A: Variable costs are those costs which vary with the production level and thus gets changed as the…

Q: 2. Trapper Joe, the fur trader, has found that his production function in acquiring pelts is given…

A: Given: q = 2H0.5 H= q2/4 Now, it is given that per hour a worker earns $8. Therefore, Total cost…

Q: Consider a production process where flowers are grown​ (the output) using gardeners​ (labor) and…

A: The total cost of production can be viewed as an aggregate of all fixed and variable costs that are…

Q: What is the typical shape of the average fixed cost curve, Why is it shaped this way. Graphically…

A: Average Fixed Cost (AFC) is the cost that must be incurred in fixed quantity regardless of the level…

Q: a) Using the definition Q x AC = TC where Q = output, TC = the total cost of production and AC = the…

A: The average cost of production is calculated by dividing the total cost (TC) by the total output…

Q: What is the difference between production in the short run and production in the long run? Explain…

A: please find the answer below.

Q: Can total cost of the firm be zero? if yes what's the production point at this level

A: Total cost of the firm is the combination of fixed cost of the firm such as rent of the workplace…

Q: Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the…

A: MP(marginal product) is the change in the TP(total product) when an additional unit of worker is…

Q: What is the relationship between marginal product and marginal cost? Why do you suppose that is? Is…

A: Marginal Product: The term marginal product refers to the increase in total product due to the use…

Q: marginal cost curve and average variable cost (AVC) curve related?

A: The Marginal Cost shows the cost incurred on producing an extra unit of output. The Average Variable…

Q: An economic consultant is presented  with the following total product table and askedto derive a…

A: Labor TP MP TC MC AC AP 1 5   10   2 5 2 15 10 20 1 1.33 7.5 3 30 15 30 0.667 1 10 4 36…

Q: Briefly explain what is meant by the term "variable costs" and provide three examples of same.

A: Total cost of production has two parts- fixed cost, which remains fixed along the production and…

Q: How do we calculate each of the following: marginal cost, average total cost, and average variable…

A: The total cost(TC)  is the production cost incurred on engaging various inputs i.e land, capital,…

Q: Which is the correct formula for the total cost of production?Note: TC is total Cost, AFC is average…

A: TC is the total cost of producing output TFC is the total fixed cost of producing output. It remains…

Q: Consider a production process where flowers are grown​ (the output) using gardeners​ (labor) and…

A: We have been given with the following information : Each Gardner (labor) cost $200 per day Each…

Q: Illustrate and briefly explain the relationship  between Marginal cost and average cost curves

A: The markets are the place where the buyers and the sellers of goods and services tend to interact…

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: Let F be the fixed cost of production, let VC be the variable cost of production, C be the total…

A: From the data given in the question,  Fixed cost remains same whether firms produces goods or not.…

Q: Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, average variable cost,…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…