If the marginal cost of production is greater than the average cost, in what direction must the average cost be changing if any?

Q: The total cost of production equals Select one: a. average total cost + average variable cost b.…

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

Q: Marginal cost intersects average total cost at minimum average total cost. True False

A: The price curve always intersects the typical total cost curve at its lowest point because the…

Q: 1. Show and explain the relationship between total cost, marginal cost and average variable cost

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Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

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Q: Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the…

A: Formulas to be used:TC = VC+FCATC = TC/QAVC = TVC/QAFC = TFC/OMC = TCn - TCn-1

Q: When marginal cost is greater than average variable cost, average variable cost i v (Click for List)…

A: Marginal cost is defined as the extra coat a firm incurs by employing an extra unit of input.

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: What are the variable costs?

A: Variable cost refers to those costs that are changed along with the changes in the production. In…

Q: Question 4 Use the following table for the (i),(ii) and (iii) questions.   Quantity Total…

A: (i)The marginal cost is the additional cost incurred to the firm while producing an additional unit…

Q: If the government says that firm X must pay 50000 in taxes simply because it in the business…

A: In a market, government imposes different types of taxes on different products and services based on…

Q: In the short run marginal cost crosses average total cost at the minimum of average total cost True…

A: According to the given question Simply a Short run period is that period in which the other factors…

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: .If total cost is increasing, marginal cost is positive. a. True O b. False

A: # Total cost is the sum of variable and fixed cost incurred by a firm.  At the same time, the…

Q: What is Cost Analysis?

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

Q: Describe marginal cost in your own words.

A: Cost accounting is a method of financial management that examines a business's variable and fixed…

Q: Which expression is another way of saying "marginal cost"?                Scarce resources…

A: Marginal cost is the increment in total cost for producing additional units of a commodity. It is…

Q: Discuss the impact of long run on cost of doing business.

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

Q: For each term, explain the definition or calculation, and explain this concept to someone who is…

A: Cost of production is the total cost that a firm or a business incurs for the production of goods…

Q: If marginal cost is equal to average total cost then, (a) Average total costs are falling (b)…

A: Marginal cost depicts additional cost incurred in order to produce an additional unit of output.

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: A. Graph total fixed cost, total variable cost and total cost B. Explain how the law of diminishing…

A: Answer A. TVC + TFC = TC Both TC and TVC run in concurrently. The x-axis of TFC is parallel. At zero…

Q: Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate…

A: Short run is the time period in microeconomics wherein some inputs are fixed while other inputs are…

Q: Suppose, Home Style is a well-known furniture manufacturer in the Sultanate. To meet the increasing…

A: The key motive of the firms operating in a market is to earn profits from the sale of goods and…

Q: What happens to marginal cost if a business's average total cost is decreasing? Marginal cost must…

A: Marginal cost (MC) is the change in total cost when one more unit of a good is produced.Average…

Q: 1. Find the total cost if marginal cost MC = 4 q+ 15 and fixed cost FC = 100.

A: total cost, in economics, the sum of all costs incurred by a firm in producing a certain level of…

Q: Total cost divided by quantity of output 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: Average total cost intersects marginal cost at minimum marginal cost. True False

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Q: Define total cost, average total cost, and marginal cost.  How are they related?

A: Total Cost (TC) is the cost of production of a good and it includes both the variable cost i.e. the…

Q: Mention and explain the cost components certainly do not exist in the long run?

A: The cost components include fixed costs and variable costs.  Variable costs are the costs which vary…

Q: n the following questions take Q as 10. . Name the curves in the diagram. A B C . What is the amount…

A: Since you have asked multiple questions, we will answer only the first question for you. If you have…

Q: Total Cost Fixed Cost Variable Marginal Cost Average Fixed Cost Average Variable Cost Average Total…

A: Total cost = Fixed cost + variable cost  Also Fixed cost are same at every level of output.

Q: 3. Marginal cost a. Is below average total cost in the range where average total cost is rising b.…

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

Q: Which of the following statements regarding marginal analysis is​ true?     A. If total cost…

A: To sum up, marginal analysis is described as the cost of identifying the level of output at an…

Q: How do you find total fixed cost?

A: Total cost of production includes all the fixed cost of production and the variable cost 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: Explain the relationship between the average cost and the marginal cost?

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Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A: Ans.  Quantity (number of units) Fixed costs       ($) Variable Costs           ($) Total…

Q: The concept of marginal cost is best described by which of the following? O Mr. Creosote meets a…

A: Marginal cost refers to those cost that firm incurs when it decides to produce an additional unit of…

Q: marginal cost (MC) and average total cost (ATC) f

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Explain the relationship between total, marginal and average cost

A: The total cost is the summation of total variable cost and the total fixed cost that a firm incurs.…

Q: (d) Find the minimum average production cost per unit and the level of production that minimizes…

A: Average cost(AC) is defined as total cost(TC) divided by the total units produced. Here, units are…

Q: Define economies of scale and explain why they mightarise

A: Economics of scale are the result of production efficiency. It can be a reason for a larges firms to…

Q: A cost that changes with the level of production is called a(n)____cost a.variable b.average total…

A: Ans. The cost is the expenditures that are incurred during the production of the goods and services.…

Q: Give some examples of the variable costs?

A: Variable Costs(VC) are those costs that varies with the quantity of output produced. If Q is the…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

A: Fixed cost is the cost which does not change with the change in the output. Marginal cost is the…

Q: This chapter discusses many types of costs:opportunity cost, total cost, fixed cost, variable…

A: Cost is the expense incurred when a good or service is produced.

Q: Opportunity cost refers to  A) explicit costs+ implicit costs

A: The total amount of money used in producing goods & services and including labor, time and…

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…