This chapter discusses many types of costs:opportunity cost, total cost, fixed cost, variable cost,average total cost, and marginal cost. Fill in the typeof cost that best completes each sentence:a. What you give up in taking some action is calledthe _________.b. _________ is falling when marginal cost is below itand rising when marginal cost is above it.c. A cost that does not depend on the quantityproduced is a(n) _________.d. In the ice-cream industry in the short run,_________ includes the cost of cream and sugarbut not the cost of the factory.e. Profits equal total revenue minus _________.f. The cost of producing an extra unit of output isthe _________.

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: A. Opportunity cost refers to the value of something that must be given up to get the other goods…

Q: Complete the following table and answer the short discussion question. Average Cost (AC) Average…

A: In economics, TFC is the cost incurred when the output production is zero; therefore, here, TFC is…

Q: Consider the following cost information for Yasir’s tea stall. (Cups of tea per hour) Total…

A: Variable cost represents all the expenses that depends on the level of output, i.e changes with the…

Q: Use the following table to ccalculate  TVC - keep your calculation for follow up questions: Total…

A: Total variable cost is the cost that changes will the level of production. It increases with…

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is total cost at 0 units and…

Q: marginal cost

A: The marginal cost depicts the additional cost of an extra unit of output produced. As, the level of…

Q: Explain why it would cost Rafael Nadal or Venus Williams more to leave the professional tennis tour…

A: A cost that occurs without the exchange of money and that is not documented for accountancy purposes…

Q: a. Complete the following table by filling in the fixed cost (FC), variable cost (VC), total cost…

A: Formula to calculate:- Total Cost:-               TC=Variable cost+Fixed cost Marginal Cost:-…

Q: Output (Cups of tea per hour) Total Cost in Rs. 0 30 1 33 2 38 3 45 4 54 5 65 6 78…

A: We are going to undergo cost analysis to answer this question.

Q: (Cups of tea per hour) Total Cost in Rs. 0 30 1 33 2 38 3 45 4 54 5 65 6 78 7 93 8…

A: Hi Student, thanks for posting the question. As per the guideline, we are providing answer for the…

Q: Your aunt is thinking about opening a hardware store.She estimates that it would cost $500,000 per…

A: opportunity cost is what is sacrificed when a person select one option over another one. it is a…

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

A: Marginal cost is the cost which occurs due to the production of one more unit of output is called…

Q: Explain why using opportunity cost as a measure of the “cost” of something is better than using a…

A: Trade-off:The term trade-off refers to sacrificing one commodity in order to buy the other…

Q: What is marginal cost? Fixed cost?

A: Costs refer to the expenditures which are incurred by the firms in order to purchase various factors…

Q: 1) In the following market, Marginal Product Marginal cost Workers Output Total Cost Average Total…

A: marginal product = change in total product/change in labor TFC is independent of output produced…

Q: Why Marginal cost curve is U-shaped?

A: The marginal cost curve illustrates the relationship between the marginal cost and the number of…

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: Suppose that you own an apple orchard and the following chart represents the quantity of apples that…

A: Fixed cost is the cost that is same for all levels of production and marginal cost is the cost that…

Q: Applying the concept of marginal costs, how would you, as a business owner, decide how much to…

A: Profit maximization refers to the production and distribution of goods in such a way that maximizes…

Q: 3. Nancy knits socks and sells them at the farmers market. The table below records the relationship…

A: Production function shows the relationship between physical inputs and physical output. On the other…

Q: . Jane’s Juice Bar has the following cost schedules:Quantity Variable Cost Total Cost0 vats of juice…

A: Total cost is classified into two parts, variable cost and fixed cost. In the short run fixed cost…

Q: In the following table, complete the marginal cost, average variable cost, and average total cost…

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

Q: Icreasest vny 10.) Fill in the blanks in the following table: SP a& Total fixed Total varjable…

A: In a market, different types of costs are related to each other as the total cost is the one that…

Q: Marginal cost is ?

A: Microeconomics deals with the several components of a single firm or an individual. The subject’s…

Q: What would be an example of an implicit cost of production?  A. the cost of a delivery truck in a…

A: Total economic cost is the sum of implicit cost and explicit cost.

Q: a) Using the definition Q x AC = TC where Q = output, TC = the total cost of production and AC = the…

A: The average cost of production is calculated by dividing the total cost (TC) by the total output…

Q: "When the total cost of production decrease, we can say that the firm faces positive return to…

A: The firm would result in the production of the various goods and services which would involve the…

Q: c) Why Marginal cost curve is U-shaped?

A: Marginal cost is additional cost or increase in total cost as a result of one unit increase or in…

Q: Using the table above, find out the marginal cost of the 46th book produced, in dollars.

A: Introduction Marginal cost is change in the total cost when one additional unit is produced.

Q: Let's play around with the concepts of total cost versus marginal cost Suppose a grocery store…

A: Marginal cost is the cost of hiring the additional worker per week.

Q: 2. (Module 55) Use the information in the table below to answer the following questions. Average…

A: a) Total fixed cost = Average fixed cost / output.

Q: If production increases, what happens to average fixed cost (AFC), does it increase only, decrease…

A: The average fixed cost (AFC) decrease only if the production increases.

Q: Total cost Labor (workers)| Output (frijoles) (dollars) 1,000 1,000 3,000 10 3,000 5,000 15 4,000…

A:

Q: III 123 Verdana 12 A A- Aa BIU abe X, x2 Styles 3. Complete the following table: See module 3 notes,…

A: Fixed cost is the cost that remains same at all levels of output while variable cost is the cost…

Q: uestion 13 of 15 Production and Costs: End of Chapter Problems 12. Consider the relationship…

A: There is a significant relationship between marginal cost and average total cost as any change in…

Q: Calculate variable cost, average fixed cost, average variable cost, average total cost, and marginal…

A: TVC = TC - TFC AFC = TFC / Q AVC = TVC / Q ATC = TC / Q MC = Change in TC / Change in Q Q TC TFC…

Q: When marginal cost equals average toal cost, average total cost, (Click for List) rising at a…

A: Marginal cost is change in total cost divided by change in output. Average cost is the cost per unit…

Q: a) What is marginal cost? b) What is average variable cost? c) How much output is being produced?

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

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: Opportunity cost refers to the value of something that must be given up in order to get the other…

Q: te a topic on economies of scale, economies of scope, or learning curves.

A: Economy scale refers to changes within prices per unit because the range of units is multiplied. A…

Q: Discuss about the concept of marginal cost using your own example?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…

A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…

Q: c. What is the average and marginal cost of gumball production (again, measure output in thousands…

A: Total cost is the sum of total fixed cost and total variable cost. The average cost is the total…

Q: Define explicit cost and implicit cost. Briefly discuss the law of diminishing marginal returns.

A: The costs broadly classified into two parts  I) Explicit Costs II) Implicit Costs

Q: a) Complete the following table by filling in the fixed cost (FC), variable cost (VC), total cost…

A: Total Cost (TC) = Fixed cost (FC) + Variable cost (VC) or  Variable cost (VC) = Total Cost (TC) -…