Differences between implicit cost and explicit cost

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

A: License fees are generally considered to be fixed costs. It is the money paid by a person using…

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: An implicit cost is another name for a(n):     Explicit cost     Production cost     Economic…

A: Option D Implicit cost is a cost to a business that occurs due to the cost of resources that were…

Q: Classify the Costs for Predicting Cost Behavior?

A: Every company incurred the costs to produce goods and services. For example labor cost, and…

Q: What shapes would you generally expect each of the following cost curves to have: fixed costs,…

A: Cost curves shows how the cost of production changes when output/quantity changes.

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: What is Cost Analysis?

A: The correct answer is given in the second step.

Q: A graph represented by a straight line parallel to the output of the X-AXIS is an image of which…

A: The total cost is the sum of total fixed cost and total variable cost of production. The total fixed…

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: True or False The slope of the total cost curve is equal to marginal cost, or the change in…

A: Total cost It refers to all the cost or expense that is incur in a production process.It is given by…

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: What are a total variable cost and average variable cost?

A: Total Variable costs are those costs that change when the input changes. For example-wages, when…

Q: When the marginal product of labor is increasing marginal cost is decreasing constant increasing at…

A: The marginal cost is the cost of producing an additional one unit of output. Marginal products of…

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

Q: Explain economies of scale and how to determine if a firm is experiencing it or not from their cost…

A: In a market, economies of scale is considered as one of the competitive advantage of a firm.

Q: The vertical distance between the average total cost curve and the average variable cost curve....

A: Variable cost: The variable cost can be defined as the cost that is being borne on the variable…

Q: What will happen to the average total cost if the average variable cost is falling? a. Rises B.…

A: The average Total cost if the the average variable cost is falling is also falling.

Q: Average Variable Cost is

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

Q: find 5 problems related to variable cost, total cost, and marginal cost  and Solve problems.

A: Answer: Introductions: Variable cost: Variable cost refers to the cost of the inputs that vary with…

Q: find 10 problems related to variable cost, total cost, and marginal cost  and Solve problems

A: In this question a hypothesis numerical questions is needed to solve which contains MC , VC TV etc .

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: The total cost function is : C= 2x3+4x2+2 Find the marginal cost of C?

A: Given: C= 2x3+4x2+2 Where, x is the number of units that has been produced.

Q: When plotting marginal and average cost curves, the cost curve always crosses the cost curve at its…

A: Average fixed cost (AFC) refers to per unit fixed cost of production.AFC = TFC / QIt is rectangular…

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

A: Differentiate between Average fixed cost and Total fixed cost:- Average fixed cost Total fixed…

Q: explicit or implicit cost

A: The expenditure incurred on producing a good or service depicts the cost. Cost depends the level of…

Q: What is the relation between fixed cost and total cost ??

A: Fixed cost is the cost that is to occur on the fixed expenses whether there is production or not.…

Q: Define economies of scale

A: Economy of scale is a microeconomic term used as an important element of productivity growth.…

Q: Show the relationship between production function and cost function

A: Production function refers to the quantities of a physical product to the quantity of factors of…

Q: when marginal cost is less than average total cost is falling true False

A: Answer (21). True, Explanation: When the marginal cost is less than the average total cost, the…

Q: As the marginal physical product of a variable input increases, the marginal cost decreases. a.…

A: The cost of one additional unit of output is known as marginal cost. The concept is used to…

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: When thinking about cost analysis in Microeconomics, what are the real-world problems that occur…

A: Economies of scale are cost savings that can arise when a business expands the production scale and…

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: Why is a cost function a derived function

A: Cost functions are derived functions. Because they are derived from the technological relationships…

Q: If the marginal cost of production is greater than the average cost, in what direction must the…

A: If marginal cost is higher than average cost it means the slope of average cost will be higher than…

Q: Diminishing returns A cost function of the form C(x) = 1/2 x2reflects diminishing returns to scale.…

A: According to the question, C(x) = ½ X^2 AV(x) = C(x)/x           = ½ x MC(x) = C’(x)             =x

Q: Calculate a cost function from a production function and explain how economic costs differ from…

A: The economic cost is the money value of all resources in the business. It also implies the…

Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…

Q: Explain the theoritical relationship between average variable cost and the marginal cost

A: Average variable cost is the total variable cost per unit of output.  AVC = TVC / No of units…

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: Explicit cost = $100 Implicit cost = $163 Total cost = ?

A: Generally in the question, Explicit cost value is = $100 Implicit cost value = $163 We need to find…

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: Construct the average fixed cost, average variable cost, and average total cost schedules and the…

A:

Q: How would each of the following affect average total cost, average variable cost, and marginal cost?…

A: GIVEN  How would each of the following affect average total cost, average variable cost, and…