Question 4.4.  Which expression is another way of saying "marginal cost"?  Scarce resources        Additional cost        Opportunity cost        Unrecognized cost Question 5.5.  Which is not a factor of production?  Money        Land        Labor        Capital

Q: Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily…

A: Average product is the per unit product of the firm, whereas the total product/output is the…

Q: If the law of diminishing returns did not hold, we can produce a the food the world needs in one…

A: In economics, diminishing returns is the decrease in marginal output of a production process as the…

Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A: The economic cost is the sum of all losses of any goods that have a monetary value attached to them…

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: Opportunity cost is the cost of next best alternative. A person should invest only if economic…

Q: Number of students Hired 10 2 3 4 5 Output 10 100 240 300 Marginal Product of Labour 80 40 Cost of…

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

Q: QUESTION 1 Table 13-16 Average Average Variable Marginal Fixed Variable Quantity Total Cost Fixed…

A: Total cost is a sum of fixed cost and a variable cost.

Q: Production Total cost 80 1 100 2 115 3 140 4 170 210 Assume that these are the costs of production

A: In perfectly competitive market, firms produce identical goods. Firms do not have any control over…

Q: 1. Based on table below Total Output (q) Amount of Labor (L) Amount of Average Product Marginal…

A: The production function is a line or boundary that indicates the maximum amount of output that may…

Q: Farmer Stella has a crop of hemp to be harvested. Picking the crop requires a fixed number of sacks…

A: The marginal product of labor is the change in total output due to a change in the number of…

Q: using classical production function explain the stages of production of a firm and advise on the…

A: The process that is known to minimize the amount of waste and helps in bringing the product in a…

Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A: Explicit costs are the costs actually paid or we can say these are accounting costs.

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: Factors of production are are inputs used in the production process, that results in the output. The…

Q: QUESTION 18 Use the data in the following table to answer the question. Output Total cost (Units)…

A: Question 18 TFC = TC at 0 level of output TVC = TC - TFC AVC = TVC/Output ATC = TC/Output Now,…

Q: 2.1 The following table gives total output or total product as a function of labor units used. Labor…

A: The process in which inputs are combined in order to produce or make something to be used as an…

Q: Discuss the impact of long run on cost of doing business.

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Microeconomic Question (c) Use well labelled diagrams to show how production isoquant can be used…

A: The Law of Returns to scale states that when all the factors of production are increased in the same…

Q: 57: The creation of a unit of good Y requires the work of 3 specialists and 7 units of capital. The…

A: Inputs: 3 Specialists 7 units of capital Going pay per labor = $4 Lease on a unit of capital = $1

Q: Using the below table, calculate the marginal product and identify where the producer should halt…

A: The total product is the total amount (or volume) of output produced with a given amount of input…

Q: Problem 1:William is the owner of a small pizza shop and is thinking of increasing products and…

A: 1. The company uses two types of resources in order to produce something. These resources are fixed…

Q: Activity 2: 4Ms in Action! Directions: Read the paragraph in the box and complete the table below by…

A: Manpower Students of class Material paper, cards, Glossy, Matte,  Machine Computer Brochure…

Q: Question 3:  The data in the table below represents Total product (TP), for an agri-business…

A: Here the capital is fixed and Labour is increasing which means the production function is in the…

Q: Problem 1:William is the owner of a small pizza shop and is thinking of increasing products and…

A: Since there are multiple sub parts in this question, only the first three sub parts will be answered…

Q: The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: The concept given in the situation is used in the stages of production in which a firm operates.…

Q: Microeconomics divides costs in to “short-run costs” and “long-run costs”. Can “long-run” differ…

A: The short run is defined as the time frame during which wages and prices of other production inputs…

Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A: explicit cost are those cost which is bear by producer when they use the external service or hire…

Q: what is the relationship between the marginal costs and the marginal product of a factor of…

A: Marginal cost and marginal product are related to each other.

Q: Problem 1 Cefel Furniture is a small furniture shop that focuses on making kitchen chairs. The…

A: The amount of total output that is divided by the volume of inputs is frequently referred to as…

Q: occurs when the marginal product of an additional worker exceeds the marginal product of the…

A: Marginal product of an additional worker is the change in output resulting from one additional…

Q: Which of the following is an implicit cost of production?   16:   A)  the utility bill paid to…

A: please find the answer below.

Q: Average product is equal to A) marginal product + total product. B) total product + marginal…

A: When talking about average of any economic variable or measurement, it can be said that it explains…

Q: The concept of opportunity cost is that the economic cost of using a factor of production is the…

A: An opportunity cost shows the possible gains that a person, buyer, or organization lacks by…

Q: With the aid of diagrams,explain the stages of production,outlining the relationship between total…

A: Production function demonstrates the output level that can be produced/manufactured by employing…

Q: Increasing marginal returns to labor A) describe the portion of a total product curve where the…

A: Marginal returns refer to the amount of output generated by the producer when it employed an…

Q: Moving along the total product curve, which of the following is held constant? A) quantity of labor…

A: The total product (TP) curve represents the total amount of output that a firm can produce with a…

Q: Refer to the table below. The average product when three workers are employed is:

A: Total Product is the total output produced when one input alone is varied while all other inputs…

Q: Quantity Average Fixed cost Fixed Cost Total Total Average Variable Total Cost Average Total cost…

A: A company must bear two forms of costs while production, variable costs and stuck costs. Variable…

Q: If the cost of an oven is $500, what is the marginal product per dollar spent on capital for the…

A: Labor and capital are factors of production to produce total product.

Q: The data in the table below represents Total product (TP), for an agri-business involved in potato…

A: Given, Capital (fixed factor) Labor (variable factor) Output(units) or Total physical…

Q: Discuss Factor Abundance, and Economies of Scale In detail.

A: The resources in any economy are limited or scarce. The resources have many alternative uses due to…

Q: Describe the unit-of-production method?

A: Answer -  Unit of Production method - It is method which help to calculate depreciation of value of…

Q: Multiple choices    One reason why in the short run, the marginal product of labor might increase…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: QUESTION 1 Study the production schedule below: Units of labour Total product Average product AP…

A: "Average product measures the output per worker where as the marginal product measures addition to…

Q: What are different types of costs involved in production of goods and services? Analyze the…

A: Fixed expenses, variable costs, and the total cost of production make up the cost of production. The…

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: Opportunity costs represent the potential benefits a personal, investor, or business misses out on…

Q: The long run is defined as A) the period of time when all resources are variable. B) any time after…

A: The long run is defined as the period of time when all resources are variable. Firm can change all…