If a firm will produce an additional unit of good or services, determine what will happen to their costs? O a. The total cost will decrease O b. The total cost will be the same O c. The total cost will be equal O d. The total cost will increase

Q: he marginal cost of driving a mile is $0.33. (Round your response to two decimal places) an deciding…

A: The answer is as follows:-

Q: A firm experiences falling average costs over the range of production q=1,000 to q=10,000. Given…

A: Diseconomies of scale means that the Average cost curve is upward sloping as we increases the…

Q: When a firm triples its inputs and finds that its output has less than tripled this is known as: O…

A: Since multiple questions are asked here, we will answer the first question for you. If you want any…

Q: Joe is the owner-operator of Joe's Haircuts Unlimited. Last year he earned $175,000 in total…

A: Economic profit = Revenue - Explicit cost - Alternate income given up (Implicit cost) = 175,000 -…

Q: Diminishing marginal product suggests that the marginal a. cost of an extra worker is decreasing O…

A: Law of diminishing marginal productivity states that the marginal production from the additional…

Q: Firms have over their costs in the short run. Select one: O A. no control; fixed O B. no control;…

A: A fixed cost is a expense not increasing with an increase or decrease in the quantity of products or…

Q: In economics, how long is the long run? O 5 years or more O More than 12 months O 24 months or…

A: Mainly, there are two types of run in economics. 1. Long run 2. Short run

Q: on what you paid for the ticket, hased on sunk cost fallacy? O No, because the we naid

A: A ‘sunk cost’ refers to money that has already been spent and that cannot be recovered. In business,…

Q: When a firm increases its output by one unit, its average total cost (AC) decreased, this implies…

A: The cost that depicts the total cost of a product or service that is being divided by the number of…

Q: If You are the owner and only employee of a company that writes computer software that is used by…

A: One of the key motives of forms operating in a market is profit. Profit is the difference between…

Q: Marginal cost is given by 20 + 10Q- 12Q2. Fixed cost is 100. What is the average cost? O A. 100 -3Q2…

A: Marginal cost means the cost incurred by the producer for producing an extra unit of commodity. and…

Q: Why do economists classify normal profits as costs? O A normal profit is the amount required to…

A: Profit is the difference between total revenue and total cost. Profit=TR-TC Normal profit is also…

Q: QUESTION 4 Marginal cost is the: O A. rate of change in total fixed cost that results from producing…

A: A company experiences two sorts of costs in the short-run. The first one is variable cost that…

Q: Implicit costs are: O a. Cost for the self-employed resources O b. All of these O c. Cost incurred…

A: Implicit costs can be defined as the costs which is the part of the production but do not come into…

Q: (Figure: The Average Total Cost Curve for Shoes) Use Figure: The Average Total Cost Curve for Shoes.…

A: The average total cost for a firm can be defined as the cost per unit of output that is incurred on…

Q: a. (A-Marginal Cost, B-Average Variable Cost, C-Average Total Cost) O b. (A-Average Total Cost,…

A: Total fixed cost divided by output gives the average fixed cost. Average variable cost equals total…

Q: QUESTION 7 If a firm increases all of its inputs by 10 percent and its output increases by 10…

A: When there is rise in both inputs (labor and capital) and outputs by the same proportion, constant…

Q: In the short run, when marginal product is positive and increasing O a. stage 1 production O b.…

A: Decreasing but still positive marginal returns characterise Stage II's short-run production. The…

Q: 12) Hector's mill produces flour. His short-run total cost function is C(y) = 200+800y, where y is…

A: Profit maximisation is the ultimate goal of every private firm operating in the market.

Q: If a firm is producing where MR > MC O a. the revenue gained by producing one more unit of output is…

A: Marginal revenue is the revenue earned from producing one extra unit of output. Marginal cost is the…

Q: QUESTION 19 Marginal cost is the: O B. change in total cost that results from producing one more…

A: Marginal cost is the change in total cost that results from producing one more unit of output.…

Q: The curves below reflect information about the cost structure of a firm. Cost (S) B Quantity of…

A: Curve A shows marginal cost curve, it intersects the curve B and C at their minimum points.

Q: The short run is a period of time in which: OC. Prices and wages O A. The quantities of some…

A: Input resources are those resources that are used in the production process to produce the output.

Q: a. What is optimization? How does it blow up the myth about profit being a result of a mere…

A: For achievement of the “best” design that is being relative to a set of constraints or criteria that…

Q: Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of…

A: Hours of operation depend on profit-maximizing situation. here we calculate the given by following…

Q: Marginal cost tells us a. the amount fixed cost rises when output rises by one unit O b. the…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: A cost which has a fixed element below which it will not fall is known as O a. Cost of production. O…

A: The expenditure incurred in the production of services and goods is termed as cost. There are…

Q: he law of diminishing returns indicates that C A. the demand for goods O B. because of economies and…

A: The production function exhibits the relationship between inputs and output. Inputs are broadly…

Q: Labor (workers) Output 0. 1 20 50 3 70 4 80 5 85 The table shows daily output for small pizzeria…

A: Costs refers to the price which is charged for the product or service in the market. It is referred…

Q: Total cost is calculated as Lütfen birini seçin: O A. the sum of average fixed cost and average…

A: Sum of average fixed cost and average variable cost is the average total cost. The sum of all the…

Q: Assume a firm has the long run total cost presented in the table below. Output TC $8 $14 $18 4. $20…

A: The total cost of production is defined as the amount in monetary terms a firm incurs when it…

Q: Question 7 When a firm produces 100 units of output, the firm's marginal cost is $10, average…

A: Average Total Cost (ATC): - it is the average value of total cost by producing a specific unites of…

Q: When is average total cost increasing? Select one: O a. whenever marginal cost is increasing O b.…

A: The MC=ATC at the minimum of ATC and the ATC is increasing if MC>ATC. An average increases if the…

Q: Payment made to others is known as O a. Implicit cost O b. Production cost O c. None of these given…

A: When a firm or individual makes a payment to someone else, in the form of salary or rent, etc. It is…

Q: A firm can minimize its losses by shutting down when are less than costs. O a. variable costs; fixed…

A: Since you have posted multiple questions, as per the guideline we can solve only the first.

Q: The Mazoon Company paid for the advertisement of their milk and milk products to Oxygen Advertising…

A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: How does a lump sum tax affect the fixed costs and variable costs of a producer? Select one: O a. A…

A: Variable costs and fixed costs together sum up to obtain total costs.

Q: What is the relationship between economic and accounting profit? O a. Economic profit may be equal…

A: Economic profit is the amount of money left over after all costs, both direct and indirect, have…

Q: For LG Company, the total cost of producing 200 refrigerators is R.O 48,000. When the company…

A: Marginal cost is the cost that is incurred when additional output is produced. MCn=TCn-Tcn-1 Total…

Q: Average total cost equals O a. change in total costs / quantity а. produced O b. (fixed costs +…

A: Total cost is defined as the sum of all the expenses being incurred by the producer on order to…

Q: QUESTI ON 16 Suppose that for a particular firm the only variable input into the production process…

A: Disclaimer :-  as you posted multiple questions we are supposed to solve the first one only as per…

Q: The profit (in dollars) from the sale of x lawn mowers is II(x) = 70 x-0.07 x2 - 750. The correct…

A: Below is the given values:

Q: QUESTION 2 The average total cost to produce 100 cookies is S0.35 per cookie. The marginal cost is…

A: ATC(average total cost) is the ratio of TC(total cost) and quantity. ATC=TC/Q MC(marginal cost) is…

Q: In the above figure, curve A is the curve and curve Cis the _ curve. O A. total cost; total variable…

A: Total cost is the overall cost incurred in production, it is the sum of total fixed cost and total…

Q: Labor (workers) Output 0. 1 20 50 70 4 80 85 The table shows daily output for small pizzeria based…

A: Given: Fixed costs=$20 Labor costs=$40 per worker

Q: A firm has a fixed production cost of $1,000 and a constant marginal cost of production of $700 per…

A: Given that, Total fixed cost (TFC) = $1,000 Marginal cost (MC) = $700 1)Total fixed cost remains…

Q: Economic profit or loss is equal to total revemnue mulls O all explicit costs O all implicit costs O…

A: When we say economic profit that means we incorporate opportunity cost in the total cost in…

Q: QUESTION Other things equal, if the fixed costs of a firm were to increase by $100,000 per year,…

A: Fixed cost is a cost which remain fixed or unchanged at all the level of output. Fixed cost is…

Q: Question 5 If a firm wants to increase output, the law of diminishing returns implies. a. Average…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: Georgia quit her old job where she had been earning $50,000 a year to start her own business. She…

A: Q1 Economic profit = accounting profit - implicit costAccounting profit =70000Implicit cost = last…