please pick an example of three types of costs that a business can incur and briefly explain whether or not they are fixed, variable or a combination of the two.  Make sure that you are clear in your description and explanation

Q: Universal’s variable cost to rent a car is $15. Assume the fleet size is fixed at 21,666. How many…

A: Given information Universal's variable cost to rent a car is $15 Fleet size is fixed at 21,666 The…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the…

A: Average total cost (ATC) is calculated by dividing total cost by the total quantity produced.…

Q: Suppose you own a television factory and at your current level of output, you have average total…

A: Meaning of Average Total Cost (ATC): The term average total cost refers to the addition of the…

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: Graphically show the relationship between the total fixed cost, the total variable cost, and the…

A: Total Cost = Total Fixed Cost + Total Variable Cost

Q: The marginal cost of producing the third unit of output is

A: Answer to the question is as follows :

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: Explain why it would cost Rafael Nadal or Venus Williams more to leave the professional tennis tour…

A: A cost that occurs without the exchange of money and that is not documented for accountancy purposes…

Q: Which of the following is true of the relationship between Average Cost and Marginal Cost Select…

A: Average Cost refers to the per-unit cost of production, it means both fixed and variable costs are…

Q: Refer to the figure below. If the firm is producing the level of output that maximizes profit, its…

A: Answer:  To find= total variable cost at the equilibrium. Equilibrium is a point where Marginal cost…

Q: The economic theory of business behavior assumes that the goal of a firm is to A. earn an accounting…

A: Business economics is the branch of applied economics that studies about the application of economic…

Q: In 1796, Gottfried Christoph Hartel, a German music publisher, calculated the cost of printing music…

A: Please find the answer below.   FIXED COST: The term fixed cost refers to a cost that does not…

Q: Cassian is attending a football game at the University of Georgia. It's a hot and sunny day and he…

A: Marginal cost is the additional cost that is required in order to produce an additional unit.

Q: you increase the production to infinitely higher level , the average variable cost and average total…

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

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: The sunk costs are the expenditure incurred by a firm or business that is non-recoverable or on…

Q: A watch manufacturer finds that at 1,000 units of output, its marginal costs are below average total…

A: In business, the average total cost, or ATC, is the sum of all product costs divided by the volume…

Q: Marilyn opens an insurance brokerage. Which of the following is an example of her implicit cost?…

A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all…

Q: A study published in Social Science Medicine, “Production Functions for General Hospitals,”…

A: Given  Production function  Q = 5*Staff.34*Beds.64*Drugs.04*Specialits.02 To make simple, let staff…

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

A: Cost of production is the monetary value occured in the process of production which includes fixed…

Q: Suppose a bakery’s fixed cost is the rent it pays for its location in a strip mall. Since firms have…

A: Fixed cost refers to those cost that are incurred without any production. In other words, fixed…

Q: Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the…

A: The Average Cost is the per unit cost of production acquired by separating the total cost (TC) by…

Q: Continuing to refer to Table 7.9 and Figure 7.7, compute the average total cost, average variable…

A: * SOLUTION :-    Given that ,

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…

Q: Consider the table below that describes the costs associated with producing a good (Q). Q Total…

A: Marginal cost of Q is equals to TC (Q) - TC(Q-1) So, MC(Q=2) = TC(Q=2) - TC(Q=1)

Q: Think about running a restaurant. It is likely the case that:   a.  cooks and hosts are variable…

A: Variable cost means the cost which occurs due to the employment of variable inputs/resources while…

Q: 340 425 6 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the…

A: ** SOLUTION :-  Based on the given information the answer is provided as below.

Q: On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points…

A:

Q: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

A: 1) When a firm pays the annual allowance of $10,000to the accountant, is an economist cost. This is…

Q: you assume that a firm has a U-shaped average cost curve, why would large and small firms have…

A: The economies and diseconomies of scale lead to the U shaped average cost curve.

Q: Suppose a firm faces a cost function of C = 8 + 4q + q^2, so that its marginal cost is MC=4 + 2q. a)…

A:

Q: Explain and illustrate using isoquants and isocosts how a firm that is currently using the least…

A: For a given isoquant, firm is trying to minimize the cost of production using the inputs…

Q: If people thought in a rational way before spending money on anything, would they truly avoid sunk…

A: Rational behavior refers to the situation where people making their decision sensibly. In other…

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: In the short run, even when output is zero, the firm still has some variable costs it must pay." Is…

A: Concepts related to the question: i). Shutting down point- The point at which it is thought by the…

Q: The manager of a T-shirt stand found that the cost to produce 10 T-shirts is $105.68, while the cost…

A: Marginal cost is the net addition made to the total cost by producing one more unit of the output .…

Q: Consider the table below that describes the costs associated with producing a good (Q). Q Total…

A: Average total cost is the total cost divided by units of output.

Q: Give few examples of "Sunk Cost" from your real-life experience.

A: Money that was already spent that cannot be recovered is referred to as a sunk cost. The axiom that…

Q: Suppose a hugely successful Web company has used freeconomics, expanded its scale of operations, and…

A: Economies of scale refer to the cost advantages secured by a firm in a market as it expands its…

Q: Rafael quit his job paying him $74,000 per year to be a consultant. Last year he started a business…

A: Explicit cost: It is the actual monetary expenditure required to run a business.  Implicit cost: It…

Q: Complete the third column of the following table by calculating the marginal cost per dozen pizzas…

A: MC = TCn - TCn-1

Q: In the long run, firms try to decide which combination of technology, capital, labor and other…

A: The firm's main objective is to maximize profit and minimize costs and the firm decides on the best…

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: how does "Economic Profit" differs from the measurement of profit in other fields such as…

A: Profits help the business organization to expand and cover all its expenditures.

Q: Economists assume that by pursuing a strategy of cost minimization of production, most firms try to…

A: The producer can have either profit maximization motive or cost minimization motive. The cost…

Q: Suppose a firm’s total cost curve is TC = 50Q2 + 10Q + 800 and marginal cost is MC = 100Q + 10. Find…

A: The marginal cost curve cuts the average cost curve and average variable cost at their respective…

Q: Which of the following statements correctly explains the average cost and the marginal cost of…

A: Marginal cost refers to additional cost that incurs from producing one more unit of output.