Normal profits are Multiple Choice   the profits reported by accountants on a firm's annual financial statement.   identical to economic profits.   determined by subtracting total costs from total revenues.   considered an implicit cost by economists.

Q: regarded as costs by accountants but not by economists. B. payments that a firm makes to other firms…

A: Economic profit= total revenue- total cost

Q: Indicate whether each of the following is anexplicit cost or an implicit cost.a. A manager’s…

A: Explicit Costs are costs that are directly incurred by the business. They can be seen in the…

Q: Refer to the graph shown above. Based on the information illustrated in the graph, which of the…

A: Answer - Need to find- Correct option - Given in the question-

Q: The increase in total cost that results from producing one more unit of output is the marginal cost.…

A: The firm produces various goods and services which incurs cost. The firm would result in the…

Q: The MC curve must be * rising when TC is rising. less than AFC when the average cost is rising.…

A: Every production unit incurs certain amount of costs during production processes. These costs are…

Q: Costs which increase with an increase in output are called________________ Costs which do not…

A: There are two main components of the total cost(TC) that a firm incurs. One is the variable cost(VC)…

Q: Large costs incurred in an investment that cannot be easily recovered are called

A: Investment is basically a resource that is made fully intent on permitting cash to develop. One,…

Q: Which of the following relationship is correct? When marginal cost (MC) starts to increase; average…

A: MC is the slope of TC(total cost). ATC is the per unit cost of product obtained by the ratio of TC…

Q: Determine if the statements and expressions regarding costs are true or false. The ATC is always…

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

Q: Short-run costs that do not depend on the level of output are A) total variable costs only. B) total…

A: The cost is the money spent to purchase the factor of production by the producer. There there are…

Q: Why can the distinction between fixed costs and variable costs be made in the short run? Classify…

A: There are some costs that will not change as the level of output changes. If the firm wants to…

Q: Exercises 47-50 describe a number of business ventures. For each exercise, a. Write the cost…

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

Q: The long run is a period of time, or a time frame, in which        all resources are fixed.…

A: A long run in the economics is the time when the manufacturers and producers have the flexibility of…

Q: Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per…

A: Total cost per unit if production is 100 units per week = $70 Total cost of 100 units per week =…

Q: A company finds that at an output level of 9 units, its total cost is $1700 and at an output level…

A: Given information is: Total cost of 9 units: $1700 Total cost of 10 units: $2000 To find: Value of…

Q: Fixed costs are best defined as costs that do not vary with output. the amount that one more unit of…

A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…

Q: True or false. The U shape of the long-run ATC curve is the result of diminishing returns.

A: Average total cost:The term average total cost refers to the amount or magnitude that comes after…

Q: Economies of ______ occur when a single firm can produce two products for a lower total cost than…

A: Economies of scale occur when a single firm can produce two goods for a lower total cost than two…

Q: Water and electricity used in manufacturing company is an example of: A Manufacturing overhead -…

A: The markets are the place where the buyers of various goods, and services tend to meet and interact…

Q: Classify the following costs as explicit or implicit. Explain your answer ABC Company spent $1000…

A: Explicit cost :- Those cost which is actually incurred by the organization is called explicit cost.…

Q: When a firm experiences economies of scale in production, a. long-run average total cost declines as…

A: In the long run, firm can change its all factors of production and produce the output where the…

Q: According to Accountants cost of production consists of both explicit and implicit cost ………………. a)…

A: (b) - False

Q: A firm doubles the quantity of all resources it employs and, as a result, output doubles. Which of…

A: By doubling the inputs that are employed in producing the good, will not increase the variable cost…

Q: mine if the The ATC is rising when the MC is below the ATC. ATC= True FC + VC Q Answer Bank All…

A: Cost, in like manner use, the financial worth of labor and products that makers and shoppers buy. In…

Q: Diseconomies of scale occur mainly because

A: Diseconomies of scale is associated with the increasing cost per unit with increase in the scale of…

Q: Economic profit is: total revenue minus explicit costs. total revenue minus explicit and implicit…

A: Total revenue is the product of price and quantity sold.

Q: Which of the following best describes total fixed cost?a.The change in total cost when one…

A: Cost in the domain of accounting, the overall costs for a business may be classified into different…

Q: Which of the following is most likely to be an implicit cost?* rental income foregone on assets…

A: NOTE: .We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: For the following cost function TC = a + bQ – cQ2 + dQ3, determine the equations for TFC, TVC, AFC,…

A: Given: The cost function is:  TC = a + bQ - cQ2 + dQ3 To Find: The equations for TFC, TVC, AFC, AVC,…

Q: Implicit costs are Multiple Choice ) the same as economic costs. comprised entirely of actual…

A: When computing the cost associated with a specific task or event, an individual looks into two types…

Q: Differentiate between explicit and implicit costs. Explain the importance of considering both types…

A: Explicit cost: It is the cost that is incurred in running the day-to-day operations of a business…

Q: Solve correctly all the subparts Q)A firm has the following total revenue and total cost schedules:…

A: Profit is the difference between total revenue and total cost.

Q: Total variable cost as output increases, and total fixed cost as output increases Select one: A.…

A: The variable cost is the cost that changes when the output changes. This includes labor cost, cost…

Q: he supply curve overtime is more elastic than the supply curve over the short period of time…

A: Supply curve shows the relationship between price and quantity supplies by the producers. Since…

Q: Diseconomies of scale exist over the range of output for which the long-run average cost curve is a.…

A: The firms are considered to be the producers who work with the motive of earning maximum possible…

Q: Distinguish between/among The short run total fixed cost, total variable cost and total cost.

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…

Q: Fixed costs are associated with Multiple Choice   highly adjustable inputs such as labor.   both…

A: Fixed costs are costs that does not change with increase or decrease in production/sales. They are…

Q: The feature that distinguishes short-run from the long-run is the*

A:

Q: Indicate whether each of the following is an explicit cost or an implicitcost.a. A manager's…

A: Note:- Since we can only answer up to three subparts, we'll answer the first three. Please repost…

Q: Marginal cost is calculated for a particular increase in output by   Question 1 options:   A)…

A: Marginal cost refers to an additional cost of producing one more unit of output.

Q: Consider a firm that suffers diseconomies of scale. If this firm wants to produce half as…

A: "Diseconomies of scale occurs when each item produced cost more and more as a firm continue to grow…

Q: A small coffee house has the following costs:  building and pizza oven rentals 100,000  labor…

A: Since we only attempt upto 3 subparts, we shall answer a, b and c only. Please resubmit the question…

Q: Product Costs Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: If a firm is currently producing zero output, then total costs equal average variable costs. B…

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