Based on the graph provided  i. What is Freda’s marginal cost for each cookie? ii. What is Freda’s marginal cost for each Fudge? iii. Please draw Freda’s marginal cost curve for cookies and explain what the slope of the marginal cost curve is

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

Q: Distinguish implicit and explicit cost of production give an example for each?

A: Explicit costs are out-of-pocket expenses. Implicit cost is the opportunity cost.

Q: What are diminishing marginal returns? Using a diagram you have learned show and explain diminishing…

A: A production function shows the unique relationship between inputs and outputs. The change in output…

Q: The marginal cost of an additional crab leg is ​$.

A: The marginal cost of an additional crab leg is ​$0

Q: Briefly explain (c) Why Marginal cost curve is U-shaped?

A: Marginal cost (MC) is the change in total cost when one additional unit is produced.

Q: Give an example of an opportunity cost that an accountant would not count as a cost. Why would the…

A: Opportunity cost, in economics, is related to the concept of scarcity and represents the potential…

Q: 2.7 The following is a total cost curve. Sketch the correspond- ing marginal cost curve. If the…

A: The marginal cost (MC) represents the additional costs incurred in producing one extra unit of the…

Q: Explain the counter-intuitive proof of diminishing marginal productivity: if the law of diminishing…

A: Total product refers to the output amount that can be produced by a given amount of variable factor,…

Q: The first two parts of the question have already been solved. But, here my question is: How many…

A: If the price of fish = $30 The boats will be sent to a point where price is greater than or equal to…

Q: Cassian is attending a football game at the University of Georgia. It's a hot and sunny day and he…

A: Marginal cost is the additional cost that is required in order to produce an additional unit.

Q: Mauricio has a circus act, and he has a budget of $720 to spend on monkeys and unicycles. The cost…

A: The budget of the person is given as $720. The cost of unicycle (U) is $120 and that of monkey (M)…

Q: TRUE / FALSE Question: Specify below whether the expression in the question is true or false. The…

A: Opportunity cost refers to the change in total cost due to producing one more unit of a goods.

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

A:

Q: if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card what  is…

A: Opportunity cost refers to the cost of the next-best alternative foregone while making a decision.…

Q: Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the addition to the total gain by employing an additional unit of input. Time spend…

Q: Marginal cost is ?

A: Microeconomics deals with the several components of a single firm or an individual. The subject’s…

Q: c) Why Marginal cost curve is U-shaped?

A: Marginal cost is additional cost or increase in total cost as a result of one unit increase or in…

Q: a. Complete the marginal cost column in the table. Tie-Dyed T-Shirt Production Costs Output…

A: Given,

Q: Why do you think that average and marginal cost curves have the same general shape?

A: Average cost: it is the per unit cost of production calculated by using the following formula.

Q: Larry is a hard-working college senior. One Tuesday, he decides to work nonstop until he has…

A: Marginal gain refers to the additional gain or a condition where profit is earned by a firm by…

Q: The local farmer's market offers 1 bag of cilantro for $6 or 2 bags for $10. What's the marginal…

A: Marginal cost alludes to the increment or lessening in the expense of producing another unit or…

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

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

Q: 11.2 The cost, in thousands of dollars, of airing x television commercials during a sports event is…

A: Given information The cost function; C(x)=20+3000x+0.01x2 By doing first order differentiation of…

Q: Q. Analyze relation between law of demand and law of deminishing marginal cost?

A: The law of demand is one of the fundamental principles of economics that asserts an inverse…

Q: According to below Figure which of the following point is representing resources are not used t…

A: This depicts a PPF(Production Possibility Frontier). It represents a combination of goods and…

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: Total cost is the cost of producing a given level of output whereas the marginal cost the cost of…

Q: Jenna knits scarves and then sells them on Etsy, an online marketplace. Let C(x) =4x+20 represent…

A: (A). We have C(x)=4x+20 and the value of x should be from 1 to 6. Put values of x in the cost…

Q: 9. Cost-curve shifters The following graph shows the average total cost (ATC) curve, average…

A: Given the price of pizza including sales tax = $5 The price of pizza excluding sales tax = $4

Q: A 10 10 30 30 Food (unita) Sholtor (unita)

A: Production possibility curve is a frontier that consist of all the possible combinations of two…

Q: What economic principle explains why average variable costs and marginal costs initialy decrease as…

A: A U-shaped curve represents the average variable cost function. Initially, as output increases, the…

Q: Discuss about the concept of marginal cost using your own example?

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

Q: Use the data in the following graph to illustrate the law of increasing costs numerically. (Hint:…

A: The curve is the production possibilities frontier that shows different combinations of two goods…

Q: Complete the cost schedule below for the Ozzie Ugg Boot Co.    Total product (Q) Total fixed cost…

A: The fixed cost is the cost that remains fixed at all levels of output in the economy. The total…

Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…

A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…

Q: What are the advantages and disadvantages of Cost benefits?

A: Cost-benefit analysis refers to the system under which the business can try to estimate the profits…

Q: total cost of producing T-shirts can be represented as TC = 50 + 2Q. a) What is the marginal cost of…

A: Total cost represents the entire expenditure that a firm incurs in its daily production and…

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: You own a coffee shop and use both labor and capital to make lattes. Currently, the marginal product…

A: Input combination is efficient when Marginal product of labor / Price of labor = Marginal product of…

Q: . Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year…

A: As the resources are limited and have alternative uses, people always have to trade off one thing to…

Q: In the use of the resources, it is important to any the concept of opportunity cost . Define…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Explain Marginal cost (MC)?

A: Marginal cost is the net addition made to the total cost when one more unit is produced.

Q: riefly Define the Law of Diminishing Marginal Returns and giving a clear example, explain why this…

A: Economics: It refers to the subject in which various plans and policies have been made for the…