Marginal cost is the slope of both the average variable cost and the variable cost functions. Select one: True False

Q: Answer the following with the required graph. a) Describe the shape of the average fixed cost. b)…

A: The money spent to purchase the fixed and variable factor of production to produce the goods and…

Q: C(Q) = 100 + 20Q + 15Q2 + 10Q3 Based on the cost function, determine: The fixed cost of producing…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: The long run average cost curve is U shaped because up to a certain point you have excess K/L and…

A: Total cost refers to the total amount of expenditure incurred by the firm ti produce the given…

Q: Which of the following is always downward-sloping? a. The marginal cost curve when it is below the…

A: The firms, producers, and sellers are considered to one of the major players in the markets. The…

Q: short-run with a fixed amount of at least one input, the Law of Diminishing Returns must apply,…

A: The law of deminishing marginal returns is one of the key standards of financial matters and is…

Q: The marginal cost curve: is a vertical line. generally rises at first and then declines as output…

A: Marginal cost is the cost of producing additional unit of output. The shape of marginal cost depends…

Q: What shapes would you generally expect each of the following cost curves to have: fixed costs,…

A: Cost curves shows how the cost of production changes when output/quantity changes.

Q: The average fixed cost curve will never intersect with either the horizontal or vertical axis.

A: The total cost of production refers to the market value of all the inputs used by the firm in the…

Q: The daily cost function for producing x printers for home computers was determined to be C(x) = x²…

A: Given  TC = C (x) = x2 + 8x + 6000

Q: Often the marginal cost (MC) is initially decreasing as Q rises because... the marginal productivity…

A: Marginal product refers to change in total output due to an addition of one more unit of input.

Q: When the marginal cost curve lies below the average total cost curve, it is true that as output…

A: Answer to the question is as follows:

Q: The average fixed cost curve will never intersect with either the horizontal or vertical axis. There…

A: Hey, Thank you for the question. According to our policy we can only answer up to 3 sub parts per…

Q: In short-run production where labor is a variable input, the relationship between marginal product…

A: We are given, Economy is in short run. Labor is the variable input. Marginal cost of production =…

Q: Cost, revenue, and profit are in dollars and x is the number of units. If the daily marginal cost…

A: Given, Marginal cost (MC) = 4x+150 Fixed cost (FC) = $600 Here MC = dCdX

Q: Which of the following is always downward-sloping?  a. The marginal cost curve when it is below the…

A: Marginal cost refers to change in total cost with respect to change in output. Average total cost…

Q: The minimum average cost occurs when the average cost is equal to the marginal cost.

A: The total cost incurred by a firm includes fixed cost and variable cost. Fixed costs are the costs…

Q: Suppose that the marginal cost of producing a pound of cereal is $2, irrespective of the level of…

A: Marginal cost is in addition to total cost because of producing one more unit of output. Average…

Q: In the short run, if average variable cost equals $50, average total cost equals $75, and output…

A: The total fixed cost refers to those costs that remain the same regardless of the level of…

Q: Since marginal cost is the reciprocal of marginal product times the input price, it decreases as…

A: The marginal cost refers to the additional cost incurred on production of an additional unit of…

Q: The marginal cost curve intersects the minimum point of both the average total cost curve and the…

A: The following are the definitions of the terms asked in the above questions. The marginal cost is…

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

A: Total Variable costs are those costs that change when the input changes. For example-wages, when…

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: Which of the following cost curves is never U-shaped? a. the average fixed cost curve b. the…

A: The expenses that are being incurred for carrying out daily transactions of a business is being…

Q: Economic cost is equal to the sum of the explicit and the implicit costs True False

A: The economics as a study is associated with the use of various resources which are available with…

Q: The economies-of-scale curve is a long-run average cost curve, because       it allows all factors…

A: Basics:- Short run:- It is a period of time in which fixed cost remains constant because all factors…

Q: Suppose that cost function is C(Q) = mQ 2 + nQ + p. Find the point that average cost function A(Q)…

A: Average cost=total cost/quantity

Q: When the average total cost curve is at its minimum, we know that the: a. marginal cost curve is…

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

Q: Graphically, the marginal cost curve and the average total cost curve intersect where

A: The marginal cost (MC) curve and the average total cost (ATC) curve interest at the minimum point of…

Q: Total cost function is: TC (Q) = 4Q+54 Find the marginal cost.

A: Below is the given total cost: TC (Q) = 4Q+54

Q: Provide a diagram that illustrates, for the short-run analysis, the average cost function, the…

A: The firms, and businesses operate with the motive of enhancing their profits, and minimizing their…

Q: In the table, the average variable cost at 2 units of output is

A: Answer to the question is as follows :

Q: Which of the following statement is correct? a. Marginal cost will equal average total cost when…

A: Let's first understand what's the meaning of marginal cost. The cost which is incurred on the…

Q: Which of the following is not a fixed cost?

A: Fixed cost refers to a cost that does not change with an increase or decrease in the number of goods…

Q: Which of the following statements is correct? Multiple Choice ___ Marginal cost is the change in…

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

Q: In Figure 2-a, the average variable cost curve is curve Group of answer choices A D C B

A: Total cost is a sum of fixed cost and variable cost.

Q: Comment on the following statement: "Average cost includes both fixed and variable costs, whereas…

A: Average Cost= Total Cost/Output Total Cost=Total Fixed Cost+Total Variable cost Marginal cost=Change…

Q: is it true that the marginal cost curve is represented by a quadratic equation if the total cost…

A: When a firm generates output to earn revenue, it tries to serve an output level at which it is able…

Q: The average fixed cost curve a. always rises with increased levels of output b. declines as long as…

A: The average fixed cost is the per unit fixed cost incurred in the production process as it is…

Q: Consider the following cost function. a. Find the average cost and marginal cost functions. C(x) =…

A: The provided cost function is: Cx=1700+0.4x

Q: A student has just written on an exam that, in the long run, fixed cost will make the average total…

A: Long run: Long run refers to the time period that necessary to increase the production capacity or…

Q: Marginal cost can be calculated both from total cost and total variable cost and is not affected by…

A: According to the given question The marginal cost is basically or initially considered as the slope…

Q: Marginal cost equals None of the above are correct. total cost divided by quantity of output…

A: Marginal cost: The cost that is incurred on the production of an additional unit of output is…

Q: A firm with some fixed costs and a constant marginal cost at all levels of production will have…

A: The total cost can be divided into two parts: total fixed cost and total variable cost. Total fixed…

Q: The average variable cost curve and the average total cost curve get closer to each other as output…

A: The average variable cost refers to the variable cost per unit. The average total cost is the…

Q: he marginal cost curve crosses the* average total cost curve at the maximum of the average total…

A: The Marginal cost is the change in the total cost when one additional unit of output is produced.…

Q: The vertical distance between the average total cost curve and the average variable cost curve: (a)…

A: Cost of production are the amount of dollars incurred by the business company on its commodities and…