The cost that cannot be recovered if a firm goes out of business is known as __________. a. Cost of production b. Sunk cost c. Actual cost d. Direct cost

Q: Those materials used in production but which not go into the finished product. Total Direct Cost…

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

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: The total cost of production equals Select one: a. average total cost + average variable cost b.…

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

Q: B. Refer to the figure below. LRAC a. In the short run, capital is a fixed cost. Draw for a few…

A: Short Run Average Cost (SRAC) is equal to average fixed cost and average variable cost. It is…

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

A: Marginal Product of Labor:  The term marginal product of labor shows that how much additonal or…

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: Construct the cost schedule

A: Cost schedule refers to the table that shows the total cost of production at different levels of…

Q: Question 2 a. A producer borrows money and starts a business. He himself looks after the business.…

A: Total fixed cost (or also called TFC in short) denotes the portion of production cost remaining…

Q: What are the kinds of cost which firm face in short run. Explain theoretically and graphically the…

A: Cost is the money that is used to produce goods and services.

Q: Suppose Kim is running a digital start up company. She had total costs of $10,000 providing service…

A: When it comes to economies of scale, the size of the company matters. The greater the company's…

Q: An implicit cost is another name for a(n):     Explicit cost     Production cost     Economic…

A: Option D Implicit cost is a cost to a business that occurs due to the cost of resources that were…

Q: DEFINE AND EXPLAIN PRODUCTION IN SHORT RUN

A: In the production process, different inputs are used to produce the final output. Each input has its…

Q: Workers Output Marginal product Total costs ATC MC 1 20 2 50 90 120 5 140 6. 150 7 155 1. Fill in…

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Q: UESTION ONE   1.1 Discuss the relationship between the three short-run total cost curves. Use a…

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Q: Refer to Figure: The vertical distance ABis Select one: A. total cost. B. marginal cost. C. total…

A: Curve 1 is the Marginal Cost(MC) Curve Curve 2 is the Average Variable Cost(AVC) Curve Curve 3 is…

Q: QUESTION 4 (Theory of Production and Cost) a. Define and illustrate Total, Marginal and Average…

A: Since you have posted multiple questions, we are answering the first one for you. If you want a…

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: For each term, explain the definition or calculation, and explain this concept to someone who is…

A: Cost of production is the total cost that a firm or a business incurs for the production of goods…

Q: 1. Economies and Diseconomies of scale 2. Graph of marginal cost, average cost and average total…

A: Hi! Thank you for the question but as per the guidelines, we only answer one question at a time.…

Q: Q)What type of cost is the tuition paid for college credit after the census date when a refund is no…

A: In economics, cost is classified into different categories according to its influence on an…

Q: Chapter 11 Production and Costs – Units of Total Marginal Product Total Variable ATC AVC MC Labor…

A: The law of diminishing marginal return that when more and more variables factors are added with…

Q: Discuss the relationship between the three short-run total cost curves. Use a diagram to motivate…

A: Short run is the time period in microeconomics wherein some inputs are fixed while other inputs are…

Q: 31. Marginal cost is a Total cost per unit of output b. Average total cost divided by the quantity…

A: 31) Marginal costs are defined as a function of the total cost of production, the costs include both…

Q: ben diseconomies of scale occur: A the long-run average total cost curve B. marginal cost intersects…

A: Firm produces final goods and services using the factors of production which are broadly divided…

Q: Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it…

A: Marginal cost refers to the additional cost of producing an extra unit of output. Average variable…

Q: Marginal analysis (a.k.a. thinking at the margin) Multiple selects     assumes dimishing marginal…

A: Marginal analysis is the process of comparing additional benefits accrued to the additional costs…

Q: 4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $250 and the…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost remains constant and does not…

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: lassify each individual element of cost according to its behavior pattern (fixed, variable, or…

A: Fixed costs, variable costs, and semi-variable costs are types of costs that are classified based on…

Q: (a) Explain clearly the difference between accounting cost and economic cost. (b) Explain whether…

A: Running a company necessitates a constant awareness of the financial factors that influence net…

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

A: Note- Since you have posted multiple independent questions in the same request, we will solve the…

Q: 29. Vanable costs: aDo not exist in the long run. b. Are the only costs that exist in the long run.…

A: Costs incurred on fixed factors that cannot be altered in the short run are called Fixed Costs. They…

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

A: Total cost = Fixed cost + variable cost  Also Fixed cost are same at every level of output.

Q: 3. Marginal cost a. Is below average total cost in the range where average total cost is rising b.…

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

Q: firm had sales revenue of $1 million last year. It spent $600000 on labor, $150000 on capital…

A: Following is the given information: Sales revenue = $1 million Amount spent on labor = $600000…

Q: Which cost inc with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost.…

A: According to the given question The cost in economics are usually defined as the amount of the…

Q: 21) In the short run where total variable cost is ________ at a(n) ________ rate, marginal cost is…

A: Total variable cost refers to the total cost incurred by the producer in production activity and it…

Q: (d) Find the minimum average production cost per unit and the level of production that minimizes…

A: Average cost(AC) is defined as total cost(TC) divided by the total units produced. Here, units are…

Q: Quantity Total Cost Marginal Cost Using Total Cost (Dollars) Variable Cost Marginal Cost Using…

A: The firm produces the goods and services with the inputs of production using labor and capital. The…

Q: Q)Distinguish between explicit and implicit costs, giving examples of each. (a) What are the…

A: In common usage, cost refers to the monetary value of goods and services purchased by producers and…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: Average cost is the cost of producing one unit of an output. Average cost is calculated as the ratio…

Q: a) Explain The Law of Diminishing Returns. b) Distinguish between the terms short run and long run…

A: In the production process, different inputs are used to produce the final output. Each input has its…

Q: From the given figure Explain the differences between the universities’ cost structures for…

A: Marginal Cost: The marginal cost is the cost incurred by employing an additional unit. It can be…

Q: tion 32 ne vertical distance between average variable cost and average total cost represent 2…

A: OPTION A - AFC ATC = AFC + AVC AFC = ATC - AVC AFC is always positive.  AFC keeps on decreasing as…

Q: Explain the production in short run?

A: Microeconomics studies the economic behavior of individual units such as a consumer, a producer, a…

Q: Opportunity cost refers to  A) explicit costs+ implicit costs

A: The total amount of money used in producing goods & services and including labor, time and…