Compare and contrast: a) Average fixed cost vs. Total fixed cost b) Total variable cost vs. Average variable cost.

Q: Explain which of the following is a fixed cost or a variable cost for General Motors. The…

A: Fixed cost: A fixed expense is an expense that doesn't change with an increment or diminishing in…

Q: economies of scale, followed by diseconomies of scale. increasing costs, followed by decreasing…

A: The average cost is the per unit cost of production . It can be determine by dividing the total cost…

Q: When average total cost is at its minimum a.marginal cost is equal to average fixed cost. b.average…

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Q: Answer the question on the basis of the following cost data.   Output Total Cost 0 $ 24 1 33 2 41…

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Q: The statements and equations show various ways of defining average variable cost, marginal cost, and…

A: Average Variable cost refers to the variable cost per unit. It can be calculated as follows: In…

Q: Solve the attachment.

A: The firms incur costs as per their production processes and other requirements to maintain and make…

Q: Can you differentiate which is the best and which is the worst between Constant Cost Condition,…

A: In a perfectly competitive market, the long-run industry supply curve explains the relationship…

Q: Graphically show the relationship between the average total cost, variable cost and marginal cost…

A: Below are the formulas: AVC=TVCQATC=TCQMC=TCn-TCn-1 Where, AVC = Average variable cost TVC= Total…

Q: Economic cost and accountant cost are not equal. Why aren’t they equal? Explain with example

A: Maintaining a business demands that you keep a heartbeat on the monetary components that influence…

Q: 1 Average fixed cost equals a. Average total cost minus average variable cost b. Total variable cost…

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

Q: Find average cost if average variable cost is $23 and average fixed cost is $12

A: The cost of creating a firm's output is determined by the amount of labour and capital it employs.…

Q: Find average cost if average variable cost is $22 and average fixed cost is $20

A: The data presented in the question above is:- Average variable cost = $22 Average fixed cost = $20…

Q: If average fixed cost is $30  Calculate total fixed cost if output is 30 units

A: According to the above question, the values given are:- Average fixed cost = $30 Output = 30 units…

Q: Diseconomies of scale occur when:A) average total cost increases as output increases.B) average…

A: The process of production is the combining of the raw materials and the skills and knowledge of the…

Q: If marginal cost exceeds average variable cost, average variable cost is decreasing average variable…

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

Q: QUESTION 4 Match each of the following terms and descriptions Average Fixed Cost Average Total Cost…

A: Providinf full. Solution.

Q: Find the average fixed cost when the total fixed cost is 156 and the number of quantity is 12 units?

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Q: Which of the following would increase a firm's average total costs? economies of scale an increase…

A: Average Total Cost: The average total cost (ATC) is the per-unit cost of producing goods and…

Q: Identify a fixed cost

A: A fixed cost is referred to as the cost which would not change due to an increase or decrease in the…

Q: The vertical distance between a firm's total cost (TC) and variable cost (VC) curves O is equal to…

A: The total cost of any firm includes its fixed costs and its variable costs that occurred during…

Q: Which of the following must be falling when the short run marginal cost is less than it, and rising…

A: Total Cost is the sum of the Total Variable Cost and Total Fixed cost of any firm. Total Fixed is…

Q: In the short run, if average variable cost equals $50, average total cost equals $75, and output…

A: The total fixed cost refers to those costs that remain the same regardless of the level of…

Q: The Firms average total cost is  $60 its average variable cost is  $30 and its total fixed cost is…

A: Output: It refers to the quantity that a company is producing goods and services within a limited…

Q: The average variable cost curve and average total cost curve tend to converge as output rises…

A: ATC = TC/Q AFC = TFC/Q AVC = TVC/Q   TC = TFC + TVC TFC = TC – TVC AFC = AC - AVC

Q: If an increase in output size results in reductions in average costs, this is known as:…

A: An increase in the level of production increases the size of the output. This leads to a fall in the…

Q: q3- The average total cost curve is increasing when marginal cost is:   Select one: a.…

A: The relationship between ATC and MC is: When the MC curve is above the ATC curve then the ATC…

Q: Average Variable Cost is

A: Average Variable Cost is the Variable cost per unit or total variable cost by the output.

Q: Which of the following is correct regarding the shape of total fixed cost curve (TFC) ? (A)…

A: According to the given question Total fixed cost curve in simple words relatively refers to the…

Q: When average cost decreases as output increases, Group of answer choices marginal cost is below…

A: The economies of scale curve is a long-run average cost curve since it permits all variables of…

Q: As long as marginal cost is below average variable cost or average total cost , then average…

A: When MC is below AVC, MC pulls the common down. When MC is above AVC, MC is pushing the typical up;…

Q: At quantities less than the long-run minimum cost per unit of output, the long run average total…

A: At quantities less than the long-run minimum cost per unit of output that is quantities less than Q…

Q: Marginal cost is ________ average variable cost when ________. A) equal to; average total cost is…

A: In economics total cost refers to the market value of the inputs used by the firm in the production…

Q: Average total cost decreases when marginal cost is average tot. less than greater than equal to

A: Average cost(AC) is the division of total cost(TC) by the total quantity produced. It is the…

Q: Which of the following is not a fixed cost?

A: Fixed cost refers to a cost that does not change with an increase or decrease in the number of goods…

Q: Average cost is defined as a. total cost divided by marginal cost. b. total cost divided by total…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.

Q: Calculate average variable Cost if total variable cost is $1000 and output is 20

A: The average variable cost is the cost per unit of output. Total variable cost is the total…

Q: If marginal cost is less than the average variable cost and output increases, average total cost…

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

Q: Average cost is defined as __________

A: In economics we come across the term total cost which shows the relationship between cost incurred…

Q: Identify a variable cost

A: Variable cost is a cost that changes according to the quantity. It is calculated by subtracting…

Q: The average fixed cost curve is labeled: a L b. II. C. III d. IV

A: Average fixed cost is the cost of fixed assets of the firm like building, land, furniture,…

Q: The average fixed cost curve will never intersect with either the horizontal or vertical axis.…

A: Note: You have uploaded multiple questions at a time. Hence, we shall answer only the first one for…

Q: Compare and contrast economies of scale and economies of scope. Give an example of each from your…

A: Introduction Economies of scale: Economies of scale occur when the quantity of goods increases and…

Q: The variable cost per unit varies with output, whereas the fixed cost per unit is constant." Do you…

A: Total variable cost (TVC) is the total cost component that changes with a change in output, so AVC =…

Q: Which of these will have lower values as the quantity produced increases? a. Fixed cost per unit b.…

A: Fixed Cost remains fixed at all levels of output. Average Fixed Cost or fixed cost per unit…