Marginal product will eventually go down because of  the law of diminishing marginal utility.  the law of diminishing returns.  economies of scale. all of the above.

Q: rease in the short run ease in the short run

A: Cash balance refers to the part of income that people want to hold as cash in hand.

Q: In the long run, a profit maximising firm produces any given level of output by choosing the…

A: In the long run, the firm produces any output based on the long-run average total cost curve. The…

Q: Long-run average total cost (Multiple Choices )     might have an upward-sloping segment that…

A: Long run average total cost is the long run cost per unit. Economies of scale refer to the situation…

Q: Select choices which are true about Marginal Costs. (Select all that apply.) (change in Total Cost)…

A: Marginal cost is that cost which is incurred when one additional unit of output is produced.

Q: Which of the following statements is true? the cost of producing output in the short run is always…

A: Short-run costs are the costs to a firm of producing different levels of output, with fixed and…

Q: Explain "Greater production is not tantamount to greater profit"

A: Economics is the branch of social science that deals with the production, distribution, and…

Q: draw the marginal and average cost curves of companies p and q where Firm p: Cost= 4Q Firm q: Cost =…

A: Answer -    Average Cost = Average cost is cost per unit  Marginal cost = It is the cost a firm…

Q: Marginal cost is the:  rate of change in total fixed cost that results from producing one more unit…

A: Marginal cost by definition is the cost incurred for producing an extra unit of the good or…

Q: Average fixed costs of production will rise at a fixed rate as more is produced. appear as a…

A: In microeconomics, the average fixed expense is the fixed expenses associated with the production…

Q: The data below shows tabulation on the production of a hypothetical product. Output (Q) Total cost…

A: Total fixed cost (TFC): TFC is the cost that a firm must occur even when the quantity of output is…

Q: In the ice cream industry, in the short run, what cost includes the cost of cream and sugar, but not…

A: The marginal cost-  is the difference in overall production costs resulting from manufacturing or…

Q: Assume a standard marginal cost curve and average cost curve for firms producing cellular phones.…

A: Points to be considered: * Technological advancement increases the production/output. * MC and AC…

Q: Which of the following is an explicit cost? The opportunity cost of an owner/entrepreneur’s time…

A: An explicit cost is an out of pocket expense that is incurred in the course of production of a good…

Q: The marginal cost curve of a firm is MC = 6y + y2 .

A: Answer: Given that:     The marginal cost curve of a firm is MC = 6y + y^2 . Total variable costs to…

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: The term productive efficiency means This is important because The term allocative efficiency means…

A: Productive efficiency ensures that the firm produces at efficient scale. Allocative efficiency…

Q: . The marginal cost curve intersects the average fixed, average variable, and average total cost…

A: Answer to the question is as follows:

Q: At the Amarillo Piano Company, the average product of labor stays constant at 5, regardless of how…

A: The total product of labour divided by the number of units of labour employed, or Q/L, is the…

Q: Short-run average total cost      shows the minimum average total cost for each level of output…

A: Answer: Correct option: option 4 (might have a flat portion that indicates a constant average 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: X and Y are factors of production. X's marginal product is 30 and Y's marginal product is 20. X=5…

A: Total cost is minimized when (MPx / Px) = (MPy / Py) Here, MPx / Px = 30/5 = 6 MPy / Py = 20 / 4 = 5…

Q: The level of output where a straight line drawn from the origin is tangent to the total cost curve…

A: # Total cost curve shows the relationship between the quantity of production and the total cost…

Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…

A: The economics as a study is based upon the idea that the resources with the economies have a limit…

Q: The feature that distinguishes short-run from the long-run is the *       length of time it takes to…

A: Short run and long run are period of times in production of goods which differ according to the…

Q: Which of the following is wrong? Select one: a. Economies of scale refer to the production of two or…

A: Long run average cost curve is locus of minimum point of the short run average cost curve.

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

A: Marginal product refers to the additional amount of output produced from the use of additional…

Q: occurs when the marginal product of an additional worker exceeds the marginal product of the…

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

Q: The law of diminishing marginal returns explains why the short run average total cost curve and the…

A: Correct answer a) Why the short run average total cost curve and the short run average variable…

Q: In the short run, the firm should continue to produce if and only if a.Price exceeds average total…

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

Q: Calculate Marginal cost when the total cost changes from 15 to 45 and the quantity changes from 10…

A: # Marginal cost measures the change in total cost when the quantity changes.  MC = change in TC /…

Q: Question 2 In the short run, a firm that produces and sells widgets is able to... Group of…

A: "In the production process with two inputs capital and labor, short run is defined as a period in…

Q: Suppose a firm's long-run average cost is increasing as the firm produces more output. Then the firm…

A: Long-run average total cost is a business metric that represents the average cost per unit of output…

Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…

A: Sunk cost is the cost which cannot be recovered as ticket cost of the movie  in the case. Because if…

Q: A firm has the following average total cost curves: Quantity ATC11 ATC22 ATC33 ATC44 1 100 150 50…

A: Answer-

Q: If average total cost decreases as output increase, this indictes that there are

A: In the long run, If the average total cost decreases as output increases, this indicates that there…

Q: ABC company's total cost when it produces 20 units is $100.  ABC's total cost is $120 when it…

A: Total cost is the expenditure incurred in the production of goods and services. It is the cost that…

Q: What is the term for the lowest level of output at which a firm's goods are produced at minimum…

A: please find the answer below.

Q: In the short run, behavior of production is explained by Select one: a. The law of diminishing…

A: There are two kinds of periods faced by a business company based on the variability of its…

Q: When the marginal cost is lesser than the average cost the firm is producing in which…

A: Costs are the expenses that firms incur in the production of goods and services.

Q: which of the following best describes marginal product? A.)Left over output- the loaves a bakery…

A: Total product refers to the total output produced with the given inputs. Marginal product refers to…

Q: The following is a total cost curve. Sketch the corresponding marginal cost curve. If the price of…

A: ‘Marginal cost’: ‘Marginal cost’ is the change in ‘total cost’ in respect to change in per unit of…

Q: The law of diminishing returns indicates that: a. as extra units of a variable resource are added to…

A: (Q) The law of diminishing returns indicates that: a. as extra units of a variable resource are…

Q: The additional cost of producing one more unit of output is called Variable cost. b. Total cost. C.…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: What is the term for what you give up to obtain an item?   Question 4 options:   opportunity cost…

A: Implicit Cost:- The expenditure which have already incurred which isn't shown or acknowledged as a…

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: In the short run, a firm will produce a positive amount of output as long as _____ Group of answer…

A: In short run, the firm will produce the goods as long as the price greater than the average variable…