Please answer the following questions:  a. Explain how input, output and cost are interrelated. b. Explain the meaning of Marginal Cost.

Q: Total fixed costs (dollars) Total variable cost (dollars) Total cost (dollars) 0 0 200 ​ ​ 1 20 ​…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost does not depend on output. It…

Q: Explain why the fixed cost has no influence at all on marginal cost.

A: In the short run, a firm will have two types of cost: fixed cost and variable cost. Total variable…

Q: An individual is both the owner and the manager of a shop taken on rent. Identify implicit cost and…

A: Explicit cost:- Standard business costs that appear in the accounting records and have a direct…

Q: The marginal cost curve intersects the average total cost curve at the level of output where average…

A: Marginal Cost (MC): Marginal cost occurs when producing an extra unit of output. Average total cost…

Q: Ontario is removing vehicle license renewal fees (article below). How does this affect the cost of…

A: Understanding the impact of eliminating licence renewal fees on automobile ownership costs is the…

Q: The''Sad Student'' Company finds that it costs a total of (q)=9720+500q-1.5q^(2)+0.005q^(3)…

A: The total cost function (q)=9720+500q-1.5q^(2)+0.005q^(3)  answer d  The constant term in the…

Q: 1. Explain the meaning of: a. Fixed cost b. Variable cost Stating an example of each above.

A: Since both are different questions, we will answer the first one only. Please resubmit the other…

Q: Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two…

A: The law of diminishing marginal product states that when more and more variables factors are used,…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

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Q: Give two example of fixed cost

A: Cost is the total expenditure incurred by a producer in producing a good or services. Cost has two…

Q: how is the slope of the total cost and marginal cost related?

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Q: Give a numerical example to show that as marginal physical product (MPP) rises, marginal cost (MC)…

A: Marginal Physical Product (MPP) is the addition to the total physical product when an additional…

Q: What is the difference between production in the short run and production in the long run? Explain…

A: The short-run is a notion that states that at least one input is fixed while the others are variable…

Q: Distinguish between explicit and implicit costs, giving examples of each. Why does the economist…

A: Externalities: It occurs in the economy when the production of goods and services and the…

Q: Units of Fixed Variable Total Marginal Average Output Cost Average Variable Cost Total Cost Average…

A: Total cost is the sum of fixed and variable costs. Marginal cost is the addition to the total cost…

Q: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and…

A: Implicit Cost: Implicit cost is due to the factors which are entrepreneur himself owns and employs…

Q: Define total cost, average total cost, and marginal cost.  How are they related?

A: Total Cost (TC) is the cost of production of a good and it includes both the variable cost i.e. the…

Q: Marginal cost curve always cuts the lowest point of the average total cost curve. Do you agree?…

A: Marginal Cost:Marginal cost refers to the additional cost of producing the additional unit of…

Q: What is the typical shape of the average fixed cost curve, Why is it shaped this way. Graphically…

A: Average Fixed Cost (AFC) is the cost that must be incurred in fixed quantity regardless of the level…

Q: You are told that the marginal cost of production is increasing. Is it possible to determine whether…

A: Marginal cost of production refers to the additional cost of producing one extra unit of output,…

Q: ( Relationship Between Marginal Cost and Average Cost ) Assume that labor and capital are the only…

A: Fixed cost is independent of output produced. Whereas variable cost varies with the level of…

Q: C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a)…

A: We are going to find the Marginal Cost and Minimum marginal Cost and output required to answer this…

Q: What is the difference between production in the short run and production in the long run? Explain…

A: please find the answer below.

Q: Which of the following statements regarding marginal analysis is​ true?     A. If total cost…

A: To sum up, marginal analysis is described as the cost of identifying the level of output at an…

Q: Draw a well behaved production function and show the 3 stages of production. What distinguishes…

A: The production function shows the technical relationship between factor of production and final…

Q: you calculate the marginal cost per dozen pizzas using the information on total cost. Also,…

A: The below formula can be used to find the marginal cost. Marginal Cost = Change in total costChange…

Q: We know there is a link between productivity and costs. For example, recall the link between the…

A: In an economist's terms, when we talk about productivity, then we are talking about the marginal…

Q: When thinking about cost analysis in Microeconomics, what are the real-world problems that occur…

A: Economies of scale are cost savings that can arise when a business expands the production scale and…

Q: 4. What is the significance of the point where the marginal cost curve intersects the average total…

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Q: Explain the relationship between the average cost and the marginal cost?

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Q: Explain the relationship between total, marginal and average cost

A: The total cost is the summation of total variable cost and the total fixed cost that a firm incurs.…

Q: 2. Suppose a firm is currently producing at point A in the figure below. Is total cost currently…

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Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by…

Q: What is direct cost? What is indirect cost? Provide detailed definitions and  example for both

A: The total cost of a product is generally categorized into direct and indirect costs.

Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…

A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…

Q: Question 3 to the cost of producing the (x + 1)st item? Can you think of a cost function, so that…

A: Given, Cost Function = x  cost of producing the x + 1st item

Q: a. Why is the gap or difference between average total cost and average variable cost larger at…

A: Cost is a metric of the possibilities foregone when one product or task is chosen over another.

Q: Which of the following statements about average and marginal cost is INCORRECT? (2) (1) The marginal…

A: MARGINAL COST CURVE: A graph that shows the relationship between a firm's marginal cost in the…

Q: Define explicit cost and implicit cost. Briefly discuss the law of diminishing marginal returns.

A: The costs broadly classified into two parts  I) Explicit Costs II) Implicit Costs

Q: Explain the concept of economies and diseconomies of scale and briefly state their effects on the…

A: Economies of scale and diseconomies of scale occur during the production of goods and services.…