The total cost of production equals Select one: a. average total cost + average variable cost b. average total cost + average fixed cost C. average variable cost + average fixed cost d. total fixed cost + total variable cost e. marginal cost + total variable cost

Q: 36) In the short run, if marginal product is A) above; decreasing B) below; decreasing C) above;…

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

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: 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: 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: 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: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A:

Q: Define the concept of short run and Long run ( ..). Then, use an example each to illustrate the…

A: In the short run production, it is assumed that at least one of the input is fixed and the remaining…

Q: Figure 7-4 Quantity of Output Total Fixed Cost Total Variable Cost $25 $25 $25 $25 $25 $10 $15 $25…

A: TC(total cost) is calculated as the sum of TFC(total fixed cost) and TVC(total variable cost), where…

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: The table gives costs at Ahmad's Bike Shop. Unfortunately, Ahmad's record keeping has been…

A: Labor (workers) Output (bikes) Total fixed cost (dollars0 Total variable cost (dollars) Total cost…

Q: (d) Evaluate the following statement. "I used my own money, my own land and my own equipment to…

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Q: 6)ABC company is using labor and capital to build widgets The last employee produced 20 more widgets…

A: 6. The marginal product of labour = 20     The price of labour = $10     The marginal product of…

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: 2. Match the descriptions below to the appropriate concept: A. Economies of Scale B. Efficient Scale…

A:

Q: Which expression is another way of saying "marginal cost"?                Scarce resources…

A: Marginal cost is the increment in total cost for producing additional units of a commodity. It is…

Q: Refer to Figure 1. Which of the short-run average cost curves correctly depict economies to scale?…

A: Long-run average cost The long-run average cost is tangent to the falling portion of the short-run…

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

A: Total product curve represents   the total output of a firm in the short run.

Q: A. Graph total fixed cost, total variable cost and total cost B. Explain how the law of diminishing…

A: Answer A. TVC + TFC = TC Both TC and TVC run in concurrently. The x-axis of TFC is parallel. At zero…

Q: What is the shape of the average variable and average total cost curves and average  fixed cost?…

A: One of three average curves is the average variable cost curve. The average variable cost curve is…

Q: 8) EFG Company is using labor and capital to build phones. The last employee produced 90 more phones…

A: The marginal product for a factor of production refers to the addition in output as a result of…

Q: Short-Run Cost Question2: Lisa has a lawm-mowing business Lisa hires students at $40 a day to mow…

A: Given: Labor Total Product 0 0 1 20 2 44 3 70 4 94 5 114 6 120

Q: Camplete all missing valucs in table below: Labor Output Fixed Variable Total Average Average…

A: Labor Output(Q) Total Fixed cost VC($) TC=FC+VC($) AFC=TFCQ($) AVC=VCQ($) ATC=TCQ($)…

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: il to his long run average cost of production ter than his long run average cost of production than…

A: Economies of scaleLong-run ATC falls as yield increments. Diseconomies of scale Long-run ATC ascends…

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: When examining the costs faced by a business, explain how economists distinguish between the short…

A: First part The contrast between the short and long runs is critical in economics. It turns out that…

Q: Accounting Complete the table and Graph the cost curves:   Output (Q)/day Total Variable costs…

A: Output/day VC TC MC ATC AVC 0 0 635       1 50         2 100         3 150         4 200…

Q: Use the following information to answer the question Quantity (number ofFixed Variable Total Margina…

A: Cost refers to all the expenditure and expenses that incur in a production process of goods and…

Q: Mention and explain the cost components certainly do not exist in the long run?

A: The cost components include fixed costs and variable costs.  Variable costs are the costs which vary…

Q: n the following questions take Q as 10. . Name the curves in the diagram. A B C . What is the amount…

A: Since you have asked multiple questions, we will answer only the first question for you. If you have…

Q: The change in fotal costjof production as the output or total product of the business is expanded…

A: Marginal cost: It is the extra cost of producing an extra unit product.

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: 4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $200 and the…

A: * SOLUTION :-  By using the formulas we write the table  AFC=FC/Q AVC=VC/Q ATC=AFC+AVC

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: Marginal cost = (change in total cost / change in quantity) Fixed cost is equal to the total cost at…

Q: Short answer Explain the fixed cost and the variable cost with examples

A: In the field of economics, it is assumed that firms work towards maximizing their profits. The firms…

Q: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…

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

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: 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: 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: Instructions: 1. Complete the table making the appropriate calculations. 2. Graph Fixed cost,…

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

Q: Imagine yourself running a pizza restaurant over a short term horizon. Think about the following…

A: The following is a table with pertinent information: Quantity of output Total variable cost Total…

Q: Explain the production in short run?

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

Q: 8. Which one of the following cost can never become zero? (A) (B) (C) (D) Average cost Fixed cost…

A: Answer according to the given question Option(B) is correct that it is the fixed cost which cannot…

Q: a. Why is the gap or difference between average total cost and average variable cost larger at…

A: Cost is a metric of the possibilities foregone when one product or task is chosen over another.

Q: ll in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed…

A: Average total cost (ATC) is determined by dividing total cost by total quantity. Average…