Briefly describe the flow of costs in a manufacturing company?

Q: 1. Chapter 11, 4.2, p.397 If the marginal product of labor is rising, is the marginal cost of…

A: The marginal product of labor refers to the change in output by employing one extra unit of labor.…

Q: How are the marginal cost curve and average variable cost (AVC) curve related? Explain why the AVC…

A: Marginal Cost(MC) is the increment in the total cost(TC) due to a unit increment in the amount of…

Q: Use the following table to answer the questions that follow. Total Output    Cost      TFC…

A: Total​ output Costs TFC TVC AFC AVC ATC MC 0 20 20 0 - - - - 10…

Q: 5. Use the following scenario to answer the questions that follow. Steve owns a bike store. His…

A: Average total cost is referred to as the sum total of all production costs divided by the total…

Q: The following table represents data for a salon. Draw a graph showing total product , marginal…

A: Total product refers to the total output produced by the firm with the given input at a specific…

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: Production Data In class, we learned about different kinds of average and marginal costs. Workers…

A: Cost is the total expenditure incurred in producing a good or a service. The cost is classified as:…

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: Graph the following: The Average Total Cost curve and Average Variable Cost curve must not touch (in…

A: The figure mention below represents the different cost curves and levels of output produced in a…

Q: Question: Looking at the average total cost data, at what level of output does the diminishing…

A: The spreading effect is the effect which the increasing output has on the average total cost. As the…

Q: 2.9 [Related to the Apply the Concept: “Fixed Costs in the Publishing Industry" D] A Federal Reserve…

A: Meaning of Cost: The term "cost" describes the circumstances in which a business incurs different…

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: Briefly explain the short run fixed costs and the variable cost in modern economics?

A: Short-run is the time period that is less than or equal to a year. The costs can be divided into two…

Q: On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points…

A: The overall cost paid by a firm to create a given amount of a product or provide a service is…

Q: Graph the following: The Average Total Cost curve and Average Variable Cost curve must not touch…

A: 1. The Average Total Cost (ATC) curve and Average Variable Cost (AVC) curve are shown in the graph…

Q: What is another term for marginal costs

A: Marginal cost refers to the additional cost incurred by firm or a producer when one additional unit…

Q: What are the different type of costs incurred in the short run and in the long run?

A: In the short run there are two types of costs, fixed and variable costs. Since there are fixed and…

Q: Explain Fixed costs versus variable costs and give an example?

A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…

Q: discuss more about fixed and variable costs.

A: TC(Total) is the cost which is incurred by a firm in producing some specific level of output. It is…

Q: Your uncle is thinking about to open a fish & chips restaurant. He estimated that it would cost…

A: In economics, explicit cost is the direct cost of choosing an alternative and make expenditure on…

Q: 340 425 6 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the…

A: ** SOLUTION :-  Based on the given information the answer is provided as below.

Q: Again referring to the table above, the total average cost of producing 25 pizzas a day is: TC TAC=…

A: We know,  Total cost(TC) = Fixed cost (FC) + Variable Cost(VC) Total cost for 25 units = 400 + 200 =…

Q: briefly explain returns to scale.  Explain the variable costs in the cost function

A: returns to scale allude to the rate by which result/output changes on the off chance that all…

Q: 2. (Module 55) Use the information in the table below to answer the following questions. Average…

A: a) Total fixed cost = Average fixed cost / output.

Q: What is economies of scale? What are differences between internal and external economies of scale?

A: Economies of Scale: When a company expands its production then usually the cost per unit falls.…

Q: Briefly write the behaviour of Average fixed cost when output increase

A: # By the name itself we can see that average fixed cost is on an average value of fixed cost…

Q: Explain how a company could choose to get bigger, yet lower their average costs?

A: Average cost: It is average cost incurred for producing a good.

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

A: A) The term fixed expense alludes to an expense that doesn't change with an increment or decline in…

Q: Q2: Complete the following table and show all costs curves graphically: Output TFC АС TC TVC AVC AFC…

A: In economics, a CF {"cost function"} is described as a function of an output quantity and P {prices}…

Q: What is the relationship between marginal cost (MC) curves and average cost (AC) curves?

A: The expense that is being incurred in order to reach a specific level of output is known as the…

Q: Would you consider an interest payment on a loan to a firm an explicit or implicit cost?

A: A producer faces two types of the cost when computing accounting profit and economic profit. These…

Q: Output AFC AVC ATC MC 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75…

A: Total fixed cost is the sum of all fixed cost required to produce goods and services in a specific…

Q: Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The…

A: Total cost (TC) at zero level of out is the total fixed at cost at each level of output. Thus, fixed…

Q: A student once said she 'didn't believe in sunk costs. She meant that the idea that 'some costs are…

A: Sunk cost refers to the costs that has been paid already and cannot be recovered. That means it is…

Q: The blue line on the following graph shows a firm's daily costs for the first 90 days of the fiscal…

A: The area of shaded region will be equal to area of triangle OAB minus area of triangle OCD

Q: What is theoretical relationship between Marginal Cost and Average cost

A: Costs refer to the amount of money that the firms need to give up in order to perform certain…

Q: You are working for a company that does helicopter tours of the Grand Canyon. So far, you have…

A: (a) Initial total cost (TC1) = 500 By organising an additional tour, new average cost = 55 Hence,…

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

A: The marginal product is the additional output produced by an additional unit of input in the process…

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

A: The formulae for average cost(AC), average variable cost(AVC) and marginal cost(MC) are…

Q: Briefly explain the difference between economies of scale, economies of scope and returns to scale.

A: Answer to the question is as follows :

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…