If we have information about workers’ marginal products, then total and average product can be found by dividing marginal costs by the number of workers. multiplying the average marginal product times the number of workers. summing the marginal values to find the total, and multiplying it times the number of workers to get the average. summing the marginal values to find the total, and dividing it by the number of workers to get the average.

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

Q: The 50th worker produces fewer additional units of output than the 49th worker does.’ Based on the…

A: The Marginal cost is the change in total cost when one additional unit of input is used. The average…

Q: Economies to scale refer to

A: Companies benefit from economies of scale as manufacturing gets more efficient.Economies of scale…

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A: Labor productivity has increased. Labor productivity and cost of production (except fixed cost) are…

Q: When the marginal product of labor ________ the average product of labor, then the average product…

A: The marginal product of labor is increase in total production of a company when one labor unit is…

Q: When the marginal product of labor diminishes average fixed cost rises average variable cost is…

A: Marginal product of labor is the additional output produced by employing an additional unit of…

Q: True or false 1-If the marginal product of labor is increasing, the marginal cost of production…

A: 1)Due to increase in marginal product,efficiency would increase,therefore cost would decrease.…

Q: Draw a production function that exhibits diminishing marginal product of labor. Draw the associated…

A: The diminishing product of labor refers to the situation where increasing one additional labor…

Q: Assume that the marginal cost of production is increasing. Can you determine whether the average…

A: AVC is the cost which is measured by dividing average cost by the quantity of output produced.  MC…

Q: What is the total cost when the marginal product of labor is 15? What is the total variable cost…

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Q: Solve the attahment.

A: There are different concepts of costs in the production process such as total cost, marginal cost,…

Q: If the marginal cost is above the average cost at a certain level of production and the firm decides…

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

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

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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: When the marginal product of labor increases, marginal cost tends to A) increase. B) decrease. C)…

A: A production function illustrates the relationship between the quantity of inputs used and the…

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the 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: fisherman has a fixed cost of Rs.10 (his rod). The variable cost of his time is Rs.5 per hour. Graph…

A: total cost = total fixed cost + total variable cost

Q: State two examples of the fixed cost and two examples of the variable cost in economics

A: According to the given question Fixed cost are those cost in economics which are basically and…

Q: When the marginal product of adding a worker is a greater loss than the loss of the marginal product…

A: When the marginal product of adding a worker is a greater loss than the loss of the marginal product…

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Q: When marginal product is zero, profit is at its maximum level

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Q: When the marginal product curve is downward sloping, the average product curve

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A: Marginal product of an additional worker is the change in output resulting from one additional…

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Q: How would you derive marginal cost from total cost?

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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: If the marginal product equals the average product, we are at the ____. point of the ____ curve.

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Q: Which type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost…

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A: Fixed cost refers to the cost which remains same at all levels of output. It is independent of…