If marginal cost is less than the average variable cost and output increases, average total cost ________ and average variable cost _______. (i) decrease; increase (ii) increase; decrease (iii) increase; increase (iv) decrease; decrease

Q: Quantity Average Fixed Cost Average Total Cost 1 140 2 75 3 60 4 55 5 54 6 20 60 Short run…

A: Diminishing returns to production starts where marginal cost increases with an increase in output,…

Q: Those materials used in production but which not go into the finished product. Total Direct Cost…

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

Q: Joe quits his computer programming​ job, where he was earning a salary of$70,000per​ year, to start…

A: Accounting cost is the cost that is seen as money out from the bank account and recorded in the…

Q: Total cost divided by quantity of outout is Select one: a average variable cost b. average total…

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

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

A: The marginal (MC) cost is the extra cost incurred due to the production of an additional unit of…

Q: what is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short…

A: One of the important motives for the firms operating in a market is profit. Profit is the difference…

Q: Is a type of cost which does not vary with the unit of production and will remain constant…

A: Cost refers to the money involved in producing the goods and services by the producers. They include…

Q: Output Total Variable Marginal Variable Fixed Total (Q) Fixed Cost Cost Total Cost Cost Cost Cost…

A: Marginal cost is the additional cost incurred with an additional unit of output produced.

Q: Given the Total Product indicated in Table 2, complete MFMI’s cost schedule including variable…

A: The variable cost can be calculated by using the following formula as follows: Variable cost=Total…

Q: Fixed costs decrease per unit of output as volume decreases. True O False

A: Fixed Cost is that cost which are not changed as output changed, that means if output increases or…

Q: Total cost is equal to average cost times marginal cost. a. True O b. False

A: # Total cost is referred to be as the sum of total fixed costs and the total variable costs which…

Q: A firm's economic profit is equal to a. total revenue minus accounting profit. b. accounting profit…

A: Explicit cost is the actual monetary expenditure. Implicit cost is the opportunity cost of doing any…

Q: TB, TC TC A TB ID rence: TB and TC Curves maximum NB is can be seen by the distance between AG and C

A: the correct answer is B. E and B

Q: Water and electricity used in manufacturing company is an example of: A Manufacturing overhead -…

A: The markets are the place where the buyers of various goods, and services tend to meet and interact…

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: When marginal product increases, marginal cost increases. True False

A: Marginal product is the additional output produced by the additional worker or the change in the…

Q: For any given level of output Select one. O A. marginal cost must be greater than average cost B.…

A: We know that the relationship between MC and AC is as follows -  When MC<AC, AC is falling, When…

Q: Finley's orchard incurs $90,000 per year in fixed costs. Last year, their total production was 100…

A: Fixed cost is the cost that remains same at all levels of output. Average Fixed cost is the Fixed…

Q: For any given level of output Select one O A marginal cost must be greater than average cost ов…

A: We know that the relationship between MC and AC is as follows -  When MC<AC, AC is falling, When…

Q: In the short term, the company produces 800 units of production. The average variable costs (AVC) 93…

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

Q: Average total costs are falling Average total costs are rising Average total costs are minimized O…

A: Average total cost is alluded to as the aggregate of all creation costs partitioned by the total…

Q: Output quantity Total variable cost Total cost 0 $0 $250 25   450 50 300 X 75 375   100 600 850 125…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost remains constant and does not…

Q: Average total cost intersects marginal cost at minimum marginal cost. True False

A:

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: lassify each individual element of cost according to its behavior pattern (fixed, variable, or…

A: Fixed costs, variable costs, and semi-variable costs are types of costs that are classified based on…

Q: Frank pays 50,000/year in fixed costs. If his shop sells Q cups of tea in a year, the other costs…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Jacob, a chef who lives in the community, is really excited to start his own cookbook. He found a…

A: STEP 1: The break point is the point where a firm neither earns profit nor incur loss. At this point…

Q: Total variable cost as output increases, and total fixed cost as output increases. Select one O A.…

A: Total Fixed cost is the cost that is incurred on fixed factors and does not change with the level of…

Q: As long as marginal cost is below average cost, average cost will be a. falling b. rising. .…

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

Q: a. Define explicit costs and implicit costs.   b. Assume the following: * A firm buys a unit of…

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

Q: Need answers ASAP... Which of these costs is considered as the most important cost because if it is…

A: The firm produces goods and services and incurs cost including fixed cost and the variable cost.The…

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: Which costs are measured on per-unit basis: fixed costs,averagecost,average variable cost,variable…

A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…

Q: TC = 4,500 + 5Q2 MC = 10Q What is the average total cost equation? a. b. C. d. ATC= 4500Q + 5 ATC=…

A:

Q: Assume: A firm pays $500 for a unit of capital. This capital generates $500 of total revenue. The…

A: Explicit cost is fixed and variable costs of making a decision. Implicit cost is the opportunity…

Q: Can you please answer parts d & e below only as you have answered the first 3 parts previously:…

A: Given; Fixed cost= 50000 Average variable cost= 10000Q+Q20000

Q: Define economies of scale and explain why they might arise. Define diseconomies of scale and explain…

A: Define economies of scale and explain why they might arise. When the long-run average total…

Q: True or False The average total cost cannot equal marginal cost.

A: Average total cost It refers to the total cost per unit of production. ATC = TC/Q where ATC is…

Q: Quantity of Output Fixed Cost Variable Total Cost Cost $23 $33 2 S38 $60 4 $54 5 S80 S88 $113 $155…

A: A fixed cost is a cost that does not change with an increase or decrease in the amount of goods or…

Q: The difference between variable cost and fixed cost is that Select one: a. fixed cost is paid even…

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

Q: (1) Quantity of Output, Q (units) (3) (5) (2) Total Fixed Cost (S) Averoge Fixed Cost Average Total…

A: Costs are the expenses firms incur in the production of goods and services.

Q: d. Show that the cost function is non-decreasing in w,r and q.

A: Cost function is non- decreasing in w, r and q

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…