Answered: Pick up the element of the cost from…

Pick up the element of the cost from the following: Select one: a. direct material b. direct labor c. overhead d. All points mentioned

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 10SQ

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Question

Pick up the element of the cost from the following:
Select one:
a. direct material
b. direct labor
c. overhead
d. All points mentioned

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A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
Are fixed costs also sunk costs? Explain.
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?