In the figure, the intersection of curves A and B is the point at which 20 16 20 40 60 80 Quantily (unts per day) O A. average total cost is minimized. OB. average variable cost is minimized. O C. average fixed cost is minimized. OD. total product is maximized. 8, 12 4. Costs per unit (dollars per unit)

Q: Assume that in the short run a firm is producing 100 units of output, has average total costs of…

A: Total cost = total fixed cost + total variable cost Now  ATC = $200, output = 100 ATC = TC /output…

Q: 1. In a the short product process a(an) _marginal product of labor explains why marginal cost is…

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

Q: Complete the table directly below by calculating marginal product and average product. Plot the…

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

Q: Aaron hires students to do housecleaning at $400 a week. He leases equipment that costs $400 a week.…

A: The markets are the places where the sellers, and the buyers operate with each other. In the…

Q: If Boeing produces 9 jets per month, its long-runtotal cost is $9 million per month. If it…

A: Costs are the expenses that firms incur during the production processes. The firm’s costs depend…

Q: 3. Assess which of the following is true and which is false. A firm’s total cost function is given…

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

Q: The marginal product intersects average product at the point where average product is maximum.…

A: Marginal product is the change in the total product due an increase in the one unit of additional…

Q: In the short run, a firm's output level is 10 units. Its total cost is $4000 and its average fixed…

A: Cost of production refers to the amount of money involved in the production of goods and services,…

Q: Which of the following does not change with the level of output? O Total variable cost O Total fixed…

A: There is an inverse relationship between output and average fixed cost. When an increase in output…

Q: The table gives costs at Ahmad's Bike Shop. Unfortunately, Ahmad's record keeping has been…

A: Labor (workers) Output (bikes) Total fixed cost (dollars0 Total variable cost (dollars) Total cost…

Q: Average and marginal products AP, MP 2,700 2,025 1,925 1,800 Average Product 825 Marginal Product 01…

A: Average variable cost: It is the total variable cost of a unit of goods. Variable costs keep on…

Q: The long run is best defined as a time period O during which at least one input cannot be changed. O…

A: Some factors of production vary with the output produced in the short run, while some remains…

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: How would the scale economies determine the shape of the long run Average cost curve(LAC) What are…

A: Economies of scale refers to a situation in which as the level of output for a firm increases, its…

Q: Illustrate and explain the following concept: Least cost factor combination using isoquant curve…

A: A firm produces a particular quantity of a good or service at each of the alternative factor…

Q: In long run production, which of the following does NOT fluctuate? OA All costs can fluctuate in…

A: Money has been evolved since the ages and everyone uses money for number of purposes. There are…

Q: ing to the long-run average cost cur

A: The cost of per unit output is known as the average cost. It directly depends on returns which…

Q: Marginal cost is equal to the change in average variable cost divided by the change in total output…

A: Total cost is the sum of fixed cost and variable cost. Variable cost increases with increase in…

Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…

A: Total product curve represents   the total output of a firm in the short run.

Q: average total cost is increasing as output increase, then marginal cost must be average total cost.…

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

Q: 1. In a the short product process a(an) marginal product of labor explains why marginal cost is…

A: (1.) In a the short product process a (an) diminishing marginal product of labor explains why the…

Q: When diseconomies of scale occur: O A. the long-run average total cost curve O B. marginal cost…

A: The short-run refers to the time period when at least one factor of production of the firm is fixed…

Q: Which of the following statements is NOT correct? O The long-run total cost curve is the lower…

A: Marginal rate of technical substitution is the rate at which input factor labour and capital is…

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

A: The total cost is the total expenditure on goods and services. Total cost includes both the variable…

Q: Which of the following is the extra, or additional, cost of producing one more unit of output?…

A: While producing the output, the producers majorly incur two kinds of costs, for example, the…

Q: Long-run average c Number of units produced Figure 8.9 Which segment in the diagram represents the…

A:

Q: which of the following statements is true? O since fixed costs are constant as output changes in the…

A: The statement that since total fixed costs are constant as output changes in the short run, it…

Q: Marginal cost is calculated as اختر أحد الخيارات .a. the increase in total cost divided by the…

A: Answer: Correct option: (b) Explanation: Marginal cost: it refers to the cost of producing an…

Q: The slope of an average cost curve exhibiting diseconomies of scale is -- Infinite O Zero O Negative…

A: In a market, diseconomies of scale refer to the situation when a firm faces an increase in the…

Q: 2. Derive the long run average total cost curve and show minimum efficient scale on it.

A: Total Cost curve(TC) is the cost that is incurred in the production of goods in firms. It consists…

Q: In the graph below, which depicts the relationship between units produced and total cost, the dotted…

A: The measure that depicts expenses being incurred by a business for carrying out its day to day…

Q: The table below indicates that the total variable cost of producing 150 units of the output is 200.…

A:

Q: At the minimum-cost output OA. average variable cost must equal marginal cost. B. average fixed cost…

A:

Q: D D Question 12 When marginal product is diminishing O average variable cost is falling O fixed cost…

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

Q: In the short run, if average variable costs equal $60, average total costs equal $70, and output…

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

Q: Cost LRAC B A Quantity Figure 1 Long run average cost curve for a firm Figure 1 shows a long run…

A: In economics, when the firm expands or grows then there exists a change in its cost too. When the…

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: In a short-run production process for computer software, the average total cost (ATC) is increasing…

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

Q: Refer to the table below. The table shows Long-Run Total Costs Quantity 1 2 4 6 7 Firm 1 $180 $280…

A:

Q: The peak of the Total Product curve relates that a. Maximum output of production b. Maximum…

A: "Marginal product indicates additional output produced when one more unit of variable input is…

Q: 1. Seven Cost Curves ve PL TC = Q² + 1O Neil's Nails has this short run total cost equation: Derive…

A: Given; Total cost; TC=Q2+10 Therefore; Variable cost; VC=Q2 Fixed cost; FC=10

Q: 2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to…

A: a.Total cost and long run average cost for quantity 1:Total cost and long run average cost for…

Q: (b) Calculate the missing total variable cost figure in the table shown below and clearly show your…

A: Here, the table provide information about total variable costa and marginal cost at different…

Q: What does the long run average cost curve exhibit? It defines the least cost per unit of output when…

A: Answer: The long-run average cost (LRAC) curve shows the lowest cost per unit of output produced…

Q: Please help with this.

A: The sum total of all production costs divided by the total quantity of output is known as the…

Q: The unlabeled red curves in this figure derive their shapes from:   a. decreasing, then increasing,…

A: The long run average cost is an envelope around all the short run average cost curves. So, the long…

Q: 5. At its minimum point, the average total cost curve is intersected by the average variable cost…

A: 5) ATC or average total cost is the sum of average variable cost and average fixed cost. The fixed…

Q: Economies of scale occur when the long run total cost is decreasing the long run total cost is…

A: In a market, organizations may face all the three faces of cost, such as increasing, decreasing or…

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.