Referring to the cost table above, what is the average total cost if quantity produced equals 300 units? a.$70 b.$80 c.$10 d.$21,000

Q: What are the average total cost, average variable cost, average fixed cost, and marginal cost of…

A: Q=4 TC=140 TFC=50 ∆TC=140-110         =30 ∆Q =4-3       =1

Q: a. Complete the following table and answer two questions about costs. Instructions: Enter your…

A: Here we calculate the following terms by using the given information , so the calculation of the…

Q: (d) The long run average cost curve is U shaped because up to a certain point you have excess K/L…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A: Fixed cost does not depend on output produced. It remains fixed throughout the production. Total…

Q: Explain the difference between increasing returns to scale and economies of scale. In what way are…

A: The aim of any firm to maximize the profits.  To maximize the profits firm has to increase the…

Q: t Suppose that the monthly​ cost, in​ dollars, of producing x chairs is…

A: Total cost measures the overall cost of production incurred in the process to produce output.

Q: The per-unit cost of an item is its average total cost (=total cost/ quantity). Suppose that a new…

A: Here, the per-unit cost of an item would be defined as an average total cost which is calculated as…

Q: Cost schedule Labor Output (units per day) Total variable costs Total costs (workers) (dollars)…

A: Given:  Cost schedule is given, where labor, output, total variable cost and total costs are…

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: Hello, I have finished reading chapter6: product costs and have some trouble understanding the short…

A: Average variable cost(AVC), average total cost (ATC), and marginal cost(MC) all these curves are…

Q: Given the cost information below, answer the following questions. Output Total Cost $10.00 1 19.76 2…

A: Hi! thank you for the question but as per the guidelines, we answer up to three sub-parts. Kindly…

Q: Fill in the remaining cells of the following table. Average Variable Cost (Dollars per pair) Average…

A: The quantity represents the levels of output that a producer produces.   Total cost is the sum…

Q: Carolyn knows average total cost and average variable cost for a given level of output.  Which of…

A: TC is Given  AVC is Given Output Is given

Q: The data below shows a tabulation on the production of a hypothetical product Output (Q) Total…

A: Production function refers to the functional relationship between input and output.

Q: Adam operates a factory that produces beach towels. His current level of output equals 2000 towels…

A: Fixed costs incorporate quite a few costs, including rental rent installments, compensations,…

Q: What is difference between fixed and variable cost in short run? How does this result in the classic…

A: Total cost is defined as the total expenses that a company or firm has to incur in order to produce…

Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…

A: The cost of producing a firm's output depends on the number of labor and physical capital which are…

Q: 37) If production displays economies of scale, the long-run average cost curve is A) above the…

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

Q: A business incurs the following costs per unit: labor $125/unit, materials $45/unit, and rent…

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

Q: Given the cost information below, answer the following questions. Output Total Cost $ 40.00 10…

A: a.Total fixed cost is equal to total cost when output is…

Q: Which of the following is an example of a Variable Cost? A. an employee who makes $40,000 a year B.…

A: Fixed cost is the cost that remain same at all levels of output. Variable cost is the cost the…

Q: Solve the attahment.

A: There are different concepts of costs in the production process such as total cost, marginal cost,…

Q: Output (units) (units) (units) (units) |(dollars) (dollars) (dollars) 1 $500 $0 1 1 10 (A). $500…

A: We know ,      TC = TFC + TVC      TC = 500+ 600       TC = $1100

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Diminishing Marginal product means that the increase in the output from the additional labor…

Q: Which statement is nottrue regarding the total variable cost curve? Select one A. It shows the…

A: Hey, Thank you for the question. According to our policy, we can only answer 1 question per session.…

Q: Explain the relationship between total product, marginal product, and average product and how does…

A: Total ProductIn simple terms, we will define Total Product because the total volume or amount of…

Q: What will happen to the average total cost if the average variable cost is falling? a. Rises B.…

A: The average Total cost if the the average variable cost is falling is also falling.

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A:

Q: Others things equal, if the fixed costs of a firm were to increase by $100,000 per year, which of…

A: Others things equal, if the fixed costs of a firm were to increase by $100,000 per year, which of…

Q: Give business examples of short-run costs, economies of scale, and minimum efficient scale (MES).

A: At the Mininum effiecient scale point, the company could achieve the economies of scale being…

Q: For this cost function, Marginal Cost = MC = 10 q. %3D 45) Fill in the table with your values from…

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

Q: Consider the following information on long run total costs: Output 1 2 3 4 5 6. 7 Total Costs 50 90…

A: Output Total Cost Marginal Cost ATC 0 0 0 0 1 50 50 50 2 90 40 45 3 123 33 41 4 160 37 40…

Q: For a restaurant that sells hamburgers, which of the following costs would be a variable cost? O The…

A: Variable cost is those cost which is not fixed in nature. These costs change in proportion to…

Q: Which costs are measured on per-unit basis: fixed costs,averagecost,average variable cost,variable…

A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…

Q: Cost curves in the long run differ from cost curves in the short run.   This is true right.

A: YES the statement that "Cost curves in the long run differ from the cost curves in the short run" is…

Q: Answer the question on the basis of the following cost data. 13 Total Cost $24 3. 1. 48 2. 3. 54 4.…

A: Average total cost refers to per unit cost of production . It is estimated by dividing total cost by…

Q: Given the cost information below, answer the following question Output Total Cost $10.00 10 88.40 20…

A: Fixed cost is the cost that remains same at all levels of output. Variable cost is the cost that…

Q: Define fixed and variable costs and give examples of each in manufacturing. What is total cost,and…

A: Cost is something that, depending on its type, can be categorized in many ways. Classification…

Q: 4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units?

A: The above table can be filled in as follows:  Quantity  FC VC TC MC 0 10 0 10 - 1 10 5 15 5…

Q: Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Construct the average fixed cost, average variable cost, and average total cost schedules and the…

A:

Q: The shape of the long-run average cost curve is primarily due to: O economies and diseconomies of…

A: Long run average total cost is the per unit cost of production in the long run. It is the ratio of…

Q: Answer the question on the basis of the following cost data. Output Total Cost $ 24 1 33 2 41 3 48…

A: Variable cost is the cost that moves directly with respect to business activity. That is, one pays…

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

A: Total cost is the cost incurred on the production of the goods. Total cost includes Total variable…

Q: a. Construct a diagram of the cost function, where you have the quantity on the X-axis and the cost…

A: Answer;   PART A QUANTITY(q)  cost(C) Fixed (FC) Variable. (VC) Marginal. cost (MC) Average T.…

Q: what is the Explicit and Implicit cost? find the accounting profit and the economic profit Suppose…

A: Explicit cost are those cost which is hired by producer from outside' Implicit cost also known as…