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Total fixed costs of production in the short run:
Production of any good includes some cost. The total cost is the real cost that a firm incurs to produce an output. In short run, the total cost is made up of two types of cost:
1) Total Fixed cost or TFC
2) Total Variable cost or TVC
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- A short-run production function assumes that the level of output is fixed. at least one input is a fixed input. all inputs are fixed inputs. all inputs can be varied.“Short-Run Production Theory is the mirror opposite of Short-Run Cost Theory,” Is this statement true or false? Take a position and support it using appropriate graphs and outside sources. Please remember to cite sources. Note: Your graphs should be neatly sketched by hand, scanned, and uploaded with your typed response in Canvas.Question 21.21. Which would be an implicit cost for a firm? The cost of worker wages and salaries for the firm. paid for leasing a building for the firm. paid for production supplies for the firm. of wages foregone by the owner of the firm. Question 22.22. Economic profits are equal to total revenues minus fixed costs. total revenues minus the costs of raw materials. total revenues minus the opportunity costs of all inputs. gross profit minus selling and operating expenses. Question 23.23. The long run is a period of time, or a time frame, in which all resources are fixed. the level of output is fixed. the amount of all resources can be varied. the capacity of the production plant is fixed.
- Which of the following is NOT a good definition or example of short-run production? Question 16 options: Production that a firm can complete given certain variable inputs Production that happens next quarter Production related to a firm's current contracts Production that the firm can complete without capital upgrades to its factoriesSuppose that an economy produces 3,000 units of output, employing 60 units of inputs, and the price of the input is $30 per unit. The per-unit cost of production is A) $0.6 B) $0.30 C) $0.10 D)$ 1.00Suppose the hourly wage is $20 and the price of each unit of capital is $2. The price of output is constant at $20/unit. The production function and marginal product function, respectively, are shown below. If the current capital stock is fixed at 2,500 units, how much labor should the firm employ in the short run? Show your work.
- Which of the following is an example of a long run adjustment? Your university offers Saturday morning classes next fall. Ford Motor Company lays off 2,000 assembly line workers. A soybean farmer turns on the irrigation system after a month long dry spell. Wal-Mart builds another SupercenterTo minimize costs in the short run, a firm should operate where which of the following optimizing conditions is true? Marginal productivity of labor is at a maximum Marginal product relative to own price of every input is equal Marginal revenue product of the variable input equals its marginal cost