Select all that are true regarding profit: (please choose all the answers that are correct)     Profit is the residual revenue after the cost of inputs     Profit must consider both fixed and variable costs     Increases in productivity increase profits, if output is increased     Profits do not accrue to HH

Q: Which firms have diseconomies of scale over the entire range of output?  a. Firm 1 b. Firm 2 c.…

A: In the long run, as the inputs are of variable nature, a firm’s expansion activities can either…

Q: Global Corp. sells its output at the market price of $13 per unit. Each plant has the costs shown…

A: The total cost of a given level of output is the real cost of production. To put it another way, the…

Q: When marginal cost exceeds average total cost, which of the following must be true?   Question 14…

A: Costs are the expenses that a firm incurs in the form of the purchase of inputs to produce goods and…

Q: A firm’s product sells for $4 per unit in a highly competitive market. The firm produces output…

A: The marginal product of capital MPk is the additional output when one more unit of capital is used…

Q: If a firm operates in a demand-driven market, then it should expect to face:   a. Massive…

A: The demand-driven market is a market that works according to the latest trends in the market.

Q: Boeing is a producer of aircraft. Determine whether each of the following are fixed costs or…

A: Total cost is the sum of fixed and variable costs. Total fixed costs are the total obligation of the…

Q: Explain the difference between implicit and explicit costs. Give two examples of when an explicit…

A: Note : Since multiple questions have been  uploaded , only the first question shall be answered at a…

Q: Costs which increase with an increase in output are called________________ Costs which do not…

A: There are two main components of the total cost(TC) that a firm incurs. One is the variable cost(VC)…

Q: Select choices which are true about Total Costs.  (Select all that apply.)   Question 38 options:…

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

Q: Why will firms in most markets be located at or close to the bottom of the longrun average cost…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: Which of the following would be the best starting point on which to focus if an air conditioner…

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Q: A firm with decreasing returns to scale can expect to produce       [a. more than, b. less than,…

A: Returns to scale Returns to scale is a metric for determining how efficient a production function is…

Q: You are in charge of purchasing equipment for a construction firm. You just bought 5 new machines,…

A: Sunk cost refers to those cost that are incurred earlier and unable to recover it. Since, this sunk…

Q: Why can the distinction between fixed costs and variable costs be made in the short run? Classify…

A: There are some costs that will not change as the level of output changes. If the firm wants to…

Q: Question 1: Given the following cost function: TC = 1500 + 15Q – 6Q 2 + Q3 i. Determine the total…

A: i) TC = 1500 + 15Q – 6Q2 + Q3 Fixed part is that part of the total cost which is always constant.…

Q: In this Assignment, you will define and calculate the remaining six major cost elements of a…

A: “Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: A firm has the following total revenue and total cost schedules: TR = $2Q. TC = $5,500 + $1.3Q.…

A: Given:- TR=$2Q TC=$5500+$1.3Q To calculate:- Break even output level and profit at 8600 unit sale=?…

Q: Economies of ______ occur when a single firm can produce two products for a lower total cost than…

A: Economies of scale occur when a single firm can produce two goods for a lower total cost than two…

Q: Which of the following statements is the least likely to be true? A) Automation requiring…

A: Automation alludes to the course of naturally delivering products using robots, control frameworks…

Q: Short-run average total cost      shows the minimum average total cost for each level of output…

A: Answer: Correct option: option 4 (might have a flat portion that indicates a constant average cost…

Q: Which of the following statements is true about accounting profit?: Because economic cost includes…

A: Accounting profit is the revenue a firm receives as well the monetary cost it pays.

Q: Consider a manufacturing firm where total cost (TC) equals the product of the wage per worker in…

A: Introduction Here we have total cost and total revenue under perfect competition. Under perfect…

Q: You are given the following cost data Output(q) Total variable cost 0 0 1. 20 2. 35 3. 60 4. 90 5.…

A: The firm is profit-maximizing and will only produce until the point where marginal cost is equal to…

Q: The short-run cost function of a company is given by the equation TC=200+55q, where TC is the total…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Global Corp. sells its output at the market price of $13 per unit. Each plant has the costs shown…

A:

Q: Which of these must be present before you, as an economic advisor, would recommend a new company…

A: Perfect Competition : A Perfectly competitive market is the one in which there are large number of…

Q: Which of the following statements is (are) correct? (x)  In the short run, if a firm produces…

A: Fixed cost is the cost incurred by the producer for the purchase of fixed inputs. These costs do not…

Q: Economic costs of production differ from accounting costs in that Select one:   a. economic costs…

A: There are many associated costs of production in the process of production. These costs can be of…

Q: The economies-of-scale curve is a long-run average cost curve, because       it allows all factors…

A: Basics:- Short run:- It is a period of time in which fixed cost remains constant because all factors…

Q: Question 3 If a firm is able to double output when it doubles input, it has... Group of answer…

A: "Returns to scale refers to the rate at which output produced changes when all inputs in the…

Q: The short run is a time period such that O the existing firms in the market do not have sufficient…

A: The short run is a time period such that the firms which are prevailing in the market don't have…

Q: he supply curve overtime is more elastic than the supply curve over the short period of time…

A: Supply curve shows the relationship between price and quantity supplies by the producers. Since…

Q: A firm has the following total revenue and total cost schedules: TR = $3Q. TC = $4,000 + $1.7Q.…

A: Break-even is the point at which revenue and total costs are equal, indicating that the business is…

Q: As a prospective production manager of an agribusiness firm whose average variable cost of product…

A: In the short run, a perfectly competitive firm should continue production till price per unit is…

Q: Q61 If a firm's total fixed costs are $100 and average variable costs are constant regardless of…

A: Let the constant average variable cost be $10 The total fixed cost be $100 Output TFC AFC…

Q: Fixed costs are associated with Multiple Choice   highly adjustable inputs such as labor.   both…

A: Fixed costs are costs that does not change with increase or decrease in production/sales. They are…

Q: Suppose a company has fixed costs of $32,000 and variable costs of 4/9x + 333 dollars per unit,…

A: Fixed cost= $32000 Variable cost= 4/9x+333 Selling price= 1365-5/9x

Q: Which of the following is correct if the firm described in Figure 7-4 decides to produce nothing?…

A: There are certain fixed costs that the firm has to incur even at 0 production level. Those costs are…

Q: f a firm has negative accounting profits in the short run, it should   Question 10 options:   All…

A: Accounting profit = Total revenue - Explicit cost Economic profit = Total revenue - Explicit cost -…

Q: Lakes region in New York State produces wine. The climate favors white wines, but reds have been…

A: A fixed cost is the cost that does not change with output. It remains fixed throughout the period…

Q: The following represents the short-run average total costs for a large shipping company.     Short…

A: Answer: Introduction: Short-run a period of time where the fixed resources can not be changed. In…

Q: Question 21.21.   Which would be an implicit cost for a firm?  The cost  of worker wages and…

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

Q: Which of the following statements is CORRECT?   Question 17 options:   Short-run decisions are not…

A: There are various factors that affect the production. Some factors are variable and some are fixed.

Q: Why do we refer to the long-run average cost curve as a "boundary"? a. The points below the curve…

A: * ANSWER :-  *(46) * The OPTION E (The points on the curve represent a boundary between fixed factor…

Q: Normal profit is a term for explicit profit the competitive rate of return the accounting profit…

A: In a market, profit refers to the difference between firm's total revenue and total cost that is…

Q: A firm hires two workers and rents 15 acres of land for a season. It produces 150,000 bushels of…

A: Returns to scale state the effect on the output level due to the increase in the production inputs.