Suppose that you and your roommate have started a Doughnut delivery service on campus. List some of your fixed costs and describe why they are fixed. List some of your variable costs and describe why they are variable.

Q: Define different types of costs. Explain Fixed and Variable costs with the help of examples.

A: Types of cost in short run Fixed Costs (FC) It is the cost of fixed factors.The costs which don’t…

Q: Question 2 A. List and explain which of the following is a fixed cost or a variable cost for…

A: The cost of fuel used in its planes Variable cost The rent on its piarco headquarters Fixed cost The…

Q: Total fixed costs (dollars) Total variable cost (dollars) Total cost (dollars) 0 0 200 ​ ​ 1 20 ​…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost does not depend on output. It…

Q: Explain the relation between average variable cost and marginal cost for both the short-run and…

A: Cost Curves show the relation between the costs that a firm incur in the process of production and…

Q: Explain the difference between fixed costs, sunk costs and variable costs. Provide an example that…

A: The total cost refers to the market value of inputs used by the firm in the production of goods and…

Q: What are the variable costs?

A: Variable cost refers to those costs that are changed along with the changes in the production. In…

Q: What is the Difference between Fixed Costs, Variable Costs, and Marginal Costs?

A: Fixed cost: Fixed costs are those costs that remain fixed for every unit of output produced. It does…

Q: Think about several different types of industries or markets and the amount of time it might take to…

A: The measure that depicts the size of business operations that are being measured by the maximum…

Q: onsider the production process for a Vending Machine Service. Identify the fixed costs associated…

A: Small business can be described as a partnership, privately-owned company, or sole proprietorship…

Q: Describe the Fixed and Variable Costs?

A: A company mainly faces two type of costs known as fixed cost and variable cost. These two costs are…

Q: 39) If the marginal cost curve is below the average variable cost curve, then A) average variable…

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

Q: Why does as output increases, average variable cost initially declines and eventually begins to…

A: In an economy, the cost is analyzed in different ways, such as total cost, marginal cost, average…

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: Explain the difference between fixed and variable costs, and giveexamples of each.

A: Fixed and variable costs are the types of production cost that a producer incurs while producing a…

Q: What does average fixed cost fall with increase in output?

A: Fixed cost per unit of output is known as average fixed cost. Because the same amount of fixed costs…

Q: A common name for fixed cost is “overhead.” If you divide fixed cost by the quantity of output…

A: The average fixed costs AFC curve is downward sloping because fixed costs are distributed over a…

Q: Define Fixed Cost and provide an example.

A: A company's fixed expenses are critical. Profit forecasting and calculating the break-even point are…

Q: Solve the attahment.

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

Q: What are Fixed and Variable Costs?

A: Fixed cost: Fixed cost refers to those costs which remain the same throughout the production.…

Q: What happens to marginal cost if a business's average total cost is decreasing? Marginal cost must…

A: Marginal cost (MC) is the change in total cost when one more unit of a good is produced.Average…

Q: Austin's total fixed cost (TFC) is $350/month at his cupcake bakery.  Austin employs 10 workers and…

A: The amount of output produced determines the fluctuation in variable costs. Labor costs are one type…

Q: What are a total variable cost and average variable cost?

A: Total Variable costs are those costs that change when the input changes. For example-wages, when…

Q: Give two examples of variable costs

A: Variable costs are those costs which vary with the production level and thus gets changed as the…

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

Q: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant,…

A: Here, an improvement in the technology used, would decrease the cost and will shift the cost curve…

Q: State two examples of the fixed cost and two examples of the variable cost in economics

A: According to the given question Fixed cost are those cost in economics which are basically and…

Q: discuss more about fixed and variable costs.

A: TC(Total) is the cost which is incurred by a firm in producing some specific level of output. It is…

Q: how do you find the total fixed cost if you don't know total variable cost

A: To determine the TFC of the whole table, we just need to find TFC of any quantity because TFC…

Q: Identify the explicit costs incurred by this business. Why are they explicit costs?

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

Q: A producer borrows money and starts a business. He himself looks after the business. Identify…

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

Q: Imagine that you own your own business, or you are the manager of a company. Please provide concrete…

A: Fixed cost- It is not impacted by any change in the production or sale of goods.Variable cost- It…

Q: Graph the Average Total Costs, Average Variable Costs, and Marginal Costs on the same graph.

A: Average total cost is total cost divided by quantity.  ATC = TC / Q ------------------- Average…

Q: Explain why Decreasing cost condition is the best while Increasing Cost Condition is not good

A: Answer to the question is as follows :

Q: List several fixed and variable costs associated with owning and operating an automobile. Suppose…

A: The fixed cost is incurred whether an activity take place or not. The variable cost varies with the…

Q: Using the numbers representing short run costs in the chart below, calculate the number that belongs…

A: Total fixed cost is the addition of fixed cost and variable cost. Fixed cost is cost which remains…

Q: a) Find the short-run TC, TVC, and TFC curves for this production process. Sketch them on a single…

A: Q = f(K, L) = 3KL When K = 4, Q = 12L L = Q/12 TC = wL + rK = 24 x (Q/12) + (2 x 4) TC = 2Q + 8 TVC…

Q: Please complete the table with formula.

A: Given values:

Q: Use the following information to determine the total fixed costs, total variable costs, average…

A: The total cost consists of fixed costs and variable costs. The fixed costs do not vary with the…

Q: Explain how a firm is able to deal with both fixed and variable costs at the same time

A: Fixed cost is the cost of production which does not change or constant whatever the amount of good…

Q: Comment on the following statement: "Average cost includes both fixed and variable costs, whereas…

A: Average Cost= Total Cost/Output Total Cost=Total Fixed Cost+Total Variable cost Marginal cost=Change…

Q: Which type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost…

A: Total Cost: The sum of variable costs and fixed cost is termed as the total cost. Total Cost =…

Q: Why do most fixed costs become variable costs in the long run?

A: Variable costs- Due to the sum of a product or service being generated, variable costs change. The…

Q: The table shows the total product schedule of a firm that uses 1 sewing machine. Labor The firm…

A: Total Cost(TC) implies the cost incurred by the firms for the production of their product, and it…

Q: Explain the difference between fixed cost and the variable cost in economics.

A: In economics, cost refers to all the expense that has been incurred in order to produce goods and…