QUESTION 1 The vertical distance between a firm's total cost (TC) and variable cost (VC) curves O is equal to the marginal cost, MC. O Decreases as output decreases. O is equal to the fixed cost, FC.
Q: 21. The long-run average cost curve for an industry is represented in the following graph. Add…
A: Short run average cost curves are shown.
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A: Since you have asked multiple question, we will solve the first question for you. If you want any…
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Q: 18. The firm's short-run supply curve will be: a The marginal cost curve b. The marginal cost curve…
A: We know that the supply is the quantity that is sold by a firm during a given period of time at a…
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Q: Given the following short run production cost schedule: Short Run Total Cost Function…
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A: A firm in competitive market produces output at Price equals marginal cost.
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Q: 5. Suppose a firm faces the following long run total cost function: TC =q³ - 20q² + 200q. What is…
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Q: Complete table b. Calculate the total fixed cost for the firm c. Is the firm operating in the…
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A: Introduction: Short-run is a term that asserts that at least one input is fixed while others are…
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Q: Question 1 The vertical distance between a firm's total cost (TC) and variable cost (VC) curves O…
A: Fixed costs are those costs which a company has to incur irrespective of any business activity like…
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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: What is the difference between accounting profit and economic profit? Select one: a. Accounting…
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Q: Given the following short run production cost schedule: Short Run Total Cost Function…
A: Since, you have posted multiple subpart questions, as per the guidelines we will answer first…
Q: Suppose that a small family farm sold its output for $100,000 in a given year. The family spent…
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A:
Q: 33. An economist analyses the long run costs of a firm. It is found that the marginal cost of…
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Q: Quantity of cherries Total Cost (in pounds) S2 13 16 21 28 38 Use Table: Cherry Farm. Suppose there…
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Q: What are fixed costs? What are variable costs?
A: Hi student, As per the guideline we are providing answer for one question. Since you are requested…
Q: the average variable cost curve. the marginal cost curve. the average fixed cost curve. the marginal…
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Q: onsider a firm with the following cost function: C (q) = 4q^2 + 100 Find the long-run supply…
A: The long-run supply is the supply of goods available when all inputs are variable. Here, we…
Q: (T/F) When price in a perfectly competitive market increased from $5 to $10, John's production…
A: In a perfect competition market, the equilibrium price is achieved when: P=MC=AC In this, AC…
Q: 18. The firm's short-nun supply curve will be: 2 The marginal cost curve b. The marginal cost curve…
A: We know that the supply is the quantity that is sold by a firm during a given period of time at a…
Q: 1)As a firm increases production, average total cost _____. a will stay the same b will decrease c…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: What are the fixed costs, variable costs, and marginal costs in the operation of a restaurant…
A: Fixed costs refers to the cost of fixed factors, they remain same irrespective of output. In case of…
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: Table: Cherry Farm Quantity of cherries Total Cost (in pounds) S2 13 16 21 28 38 Use Table: Cherry…
A: The average total cost (ATC) reflects the cost incurred per unit of output produced.
Q: Which of the following is correct? economic profit + implicit costs = accounting profit O implicit…
A: Economic Profit is the difference of between the total revenue and total cost of all the inputs.…
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Q: 10. Problems and Applications Q10 An industry currently has 100 firms, each of which has fixed…
A: The completed table is given below.
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- True/False: 1. Implicit costs are those costs, which have been incurred in the past and cannot be recovered bycurrent decisions.2. It is possible for the economic profit and accounting profit to be equal to one another.3. If Ed<1, an increase in price leads to higher revenue.4. In the long run, at least some of the inputs should be variable.5. Production is a transformation of resources in to goods and services.ECONOMICS UPVOTE WILL BE GIVEN. PLEASE CHOOSE THE CORRECT ANSWER. NO LONG EXPLANATION NEEDED. A manufacturer produces and sells exactly 600,000 units of a single product annually. The fixed cost of the company is Php 180 million per year, and the variable cost is Php 2,350 per unit. In the coming year, the company is selling its product at a price of Php 2,800 per unit. How much is the total variable cost? A. Php 2,350 B. Php 1,680,000,000 C. Php 1,410,000,000 D. Php 180,000,000Q7: Please show exact detailed steps for each problem
- ECONOMICS UPVOTE WILL BE GIVEN. PLEASE WRITE THE SOLUTIONS LEGIBLY. NO LONG EXPLANATION NEEDED. An ice cream producer has fixed costs of Php 3,500,000 per month, and it can produce up to 15,000 ice cream tubs per month. Each tub costs Php 500 in the market while the producer faces variable costs of Php 150 per tub. a. What is the economic breakeven level of production? b. Calculate the ice cream producer’s monthly profits at full capacity. c. What would happen to the monthly profits if another ice cream producer entered the market, driving the price of ice cream tubs down to Php 350 per unit?A company produces two products. FC = Total Fixed costs = $580VC1= variable costs from product 1 = $920VC2= variable costs from product 2 = $805TR1= revenue from product 1 = $900TR2= revenues from product 2 = $900In the short run, what should the firm do? a.Produce product 1 but not 2 b.Produce neither c.Produce both d.Produce product 2 but not 1q4- Total cost increases from $500 to $600 when output increases from 20 to 30 units. Fixed costs are $200. Which of the following is true? Select one: a. The production cost per unit is increasing b. Average fixed costs rise c. Marginal cost is equal to fixed cost d. Average total cost falls
- Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) NOTE: PLOT POINTS PROPERLY AND write the x and y coordinates to each point after NOTE: Options to blank question is Suppose Ike's Bikes is expecting to produce 500 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using ______ (One factory OR two factory OR three factory)Hau Lee Furniture, Inc., spends 60% of its sales dollars in the supply chain and has a current gross profit of $10,000. Hau wishes to increase gross profit by $5,000 (50%). He would like to compare two strategies: reducing material costs vs. increasing sales. The current material costs and production costs are 60% and 20%, respectively, of sales dollars, with fixed cost at a constant $10,000. Analysis indicates that an improvement in the supply chain that would reduce material costs by 8.3% ($5,000/$60,000) would produce a 50% net profit gain for Hau, whereas a much larger 25% increase in sales ($25,000/$100,000) would be required to produce the same result. Now Hau finds its current profit of $10,000 inadequate. The bank is insisting on an improved profit picture prior to approval of a loan for some new equipment. Hau would like to improve the profit line to $25,000 so he can obtain the bank’s approval for the loanWhat percentage improvement is needed in the supply chain strategy for…Blank 1 answer choices: no change, an increase, a decrease Blank 2 answer choices: no change in level output, more output, less output
- ECONOMICS UPVOTE WILL BE GIVEN. PLEASE CHOOSE THE CORRECT ANSWER. NO LONG EXPLANATION NEEDED. A company produces a single, high-volume product. One year its production volume was 780,000 units, its fixed costs were Php 160 million and its variable costs were Php 800 per unit. What was the company's average cost per unit produced? A. Php 1,005.00 B. Php 205.00 C. Php 800.00 D. Php 1805.00Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the price of the output is $1, how many units of output should the firm produce to maximize profit? What is the firm’s profit level?Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?