Implicit cost is $200, explicit cost is $260 and total revenue is $800  Calculate the Economic profit

Q: If marginal cost is $69 and the change in output is 17 units  Calculate change in total cost

A: The information being given is as follows:- Marginal cost = $69 Change in output = 17 units  Change…

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: f profit for the shoes firm is $400 and the cost is $800 Calculate total reven

A: Total revenue refers to price multiplied by quantity. Total revenue refers to total receipts from…

Q: What would be the value of economic profit if explicit cost is $200, implicit cost is $150 and total…

A: The data presented in the question above is:- Explicit cost of the firm = $200 Implicit cost of firm…

Q: A firm's total cost (TC) equals the sum of its fixed cost plus its Group of answer choices marginal…

A: Sunk cost is the cost which is incurred already and this cost can not be recovered.

Q: Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does…

A: Explicit Costs are the actual monetary payments made in cash while conducting the business…

Q: Calculate the marginal revenue when marginal profit is $23 and the marginal cost is $78

A: # Marginal revenue is the additional revenue generated with the sale of an another unit of good and…

Q: Fill in the blank! A lyft driver buy a Honda vehicle in order to drive, this is an example of a…

A: We need to calculate average variable cost, marginal cost and average total cost to answer these…

Q: Calculate Marginal cost when total cost rises from $30 to $70 and the output rises 2 to 3 units

A: We are given that the total cost has increased from $30 to $70 TC1 = $30  TC2 = $70 Output has also…

Q: A manufacturing firm has a total cost curve : TC= 0.25Q^3 - 6Q^2 + 50Q + 240, and a marginal cost…

A: It has given, TC=0.25Q3-6Q2+50Q+240MC=0.75Q2-12Q+50Now,MC'(Q)=1.5Q-12=0Therefore,1.5Q=12Q=8Now, for…

Q: computation and give illustration through diagram • Behavior of Variable and Fixed Cost • Marginal…

A: Cost is the expense incurred to any business to produce any good or services. Th cost can be broadly…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: Fixed cost is the cost of production that doesn't vary with the level of production and exits even…

Q: The total cost changes from 92 to 122 and the quantity changes from 1 to 2 Calculate the value of…

A: # change in total cost divided by the change in total quantity is referred to be as the marginal…

Q: You are interested in starting a coffee shop at the University. Provide examples with explanations…

A: The starting of a new coffee shop requires the building to operate, space to lay the seating…

Q: You set up a lemonade stand. The stand itself costs $200. The ingredients for each cup of lemonade…

A: Answer: Fixed cost (FC) = $200 Variable costVC=Cups of lemonade×cost of each cupVC=500×0.50VC=250…

Q: Give the area that represents the following Total Cost Total Variable Cost Total Fixed Cost Total…

A: Total cost is the total expenditure incurred to produce goods and services during a specific period…

Q: Calculate the value of marginal cost when total cost falls from $70 to $55 and the quantity rise…

A: # Marginal cost is the additional change to the total cost when production goes on.

Q: When diseconomies of scale occur: Multiple Choice C marginal cost intersects average total cost. the…

A: Whether the firm is having economies of scale or diseconomies of scale depends upon the long run…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: Total cost is the sum of all costs incurred during the production process. The total cost can be…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

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

Q: Calculate the value of Marginal revenue when marginal cost is $73 and the marginal profit is 0

A: # the marginal profit is given as the difference between the marginal revenue which is collected by…

Q: production are $100. The total variable costs are $64 for one unit, $84 for two units, $114 for…

A: Total revenue- It is the money receive by the seller after selling their goods and services , it is…

Q: is the firm's total cost function? TC = 20,000 + (1,000q). TC = 1,000q. TC = 20,000. 20,000 +…

A: A firm has a fixed production cost of $20000 and a constant marginal cost of production of $1000 per…

Q: The cost of producing 5-gallon water bottles is given by: C(q) = 0.005q + 2q + 1000. If 2000…

A: Given: C(q) = 0.005q + 2q + 1000. Quantity (q) = 2000 units

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

A:

Q: Variable costs usually change as the firm alters the quantity of output produced. True False

A: A variable cost  may be a company expense that changes in proportion to what proportion a…

Q: A firm's total cost is $12,000. Its variable cost is $5,500. What is the firm's fixed cost?

A: Correct : Fixed cost= $6500 Fixed cost is the part of total cost that does not depend on output and…

Q: When a firm is operating at its minimum efficient scale, its: a. marginal revenue is less than the…

A: Minimum efficient scale is defined as the level of output at which all economies of scale are…

Q: On a per unit basis economic profit can be determined as the difference between:    a. Marginal…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

Q: Solve the attahment.

A: Costs are the expenses that a firm has to incur in the production of goods and services.

Q: Calculate marginal cost if change in total cost is $630 and the change in output is $17

A: The given information is as follows:- Change in total cost = $630  Change In output = 17 units  We…

Q: Calculate Marginal revenue when marginal cost is 350 and the marginal profit is 80

A: # The difference between marginal revenue and marginal cost is given as the marginal profit.

Q: he Information in the graph to the right to find the values for the following at an ut level of 50.…

A: Fixed cost is independent of output produced whereas variable cost varies with the level of…

Q: Total Revenue $5,000 per Week $2,600 per Week $2,400 per Week Total Variable Cost Total Fixed Cost…

A: Total revenue = 5000 $ Total cost = Total variable cost + Fixed cost = 2600 + 2400 = 5000 $ As the…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: The firms total costs are equal to the sum of its variable costs and fixed costs. Fixed costs are…

Q: the average variable cost curve. the marginal cost curve. the average fixed cost curve. the marginal…

A: A natural monopoly firm experience economies of scale, i.e., a decrease in ATC as output increases.…

Q: When diseconomies of scale occur: CA. the long-run average total cost B. marginal cost intersects…

A: The average total cost (AC) is the per unit cost of production of the firm. The long run average…

Q: As the firm's output increases in the short run, the average variable cost will: A) always increase…

A: ‘Total cost(TC)’ is the amount that includes all the expenses that are paid to produce a certain…

Q: Designated cost incurred by the short-run firm. Select one: a. fixed cost b. total cost c. variable…

A: In short run, certain factors of production are fixed and certain factors of production are…

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: What is the value of Marginal profit if marginal cost is $33 and marginal revenue is $56

A: The data presented in the question above is:- Marginal cost = $33  Marginal revenue = $56  Marginal…

Q: Calculate the profits of the first if it is given that the total revenue generated is $60,000 and…

A: # The profits of a firm is given as the difference of total revenue and total cost.  Profit = Total…

Q: 1.  Marginal cost is calculated for a particular increase

A: We have found what is marginal cost.

Q: Calculate Marginal cost if total cost changes from 80 to 160 and output rises from 1 to 3

A: We are given that :- TC1 = $80 and TC2 = $160 Total cost rises from $80 to $160 And the output rises…

Q: Question attahed in image

A: A firm incurs two types of cost, fixed cost and variable cost. A firm’s total fixed cost is a cost…

Q: Calculate the value of average cost when total cost is 600 and quantity is 15

A: # Given the total cost we can easily calculate the value of average cost as it is simply the average…

Q: Calculate the marginal cost when the total cost rises from 30 to 75 and the quantity changes from 1…

A: # Marginal cost Is given as:- = change in Total cost / Change in Quantity

Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.