Use the table below to answer the following question. Units of Output Total Fixed Cost Total Variable (dollars) (dollars) Cost 1 150 50 150 96 3 150 140 150 180 What is the marginal cost of producing the third unit of output? $20 $44 $70 This cannot be determined from the data.

Q: Which of the following costs will not change as output changes? 1. A marginal cost 2. B. total…

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

Q: Solve the attachment.

A: The firms incur costs as per their production processes and other requirements to maintain and make…

Q: Find the attached file.

A: Cost is the expenditure incurred by firms on the production of goods and services. Production costs…

Q: The 50th worker produces fewer additional units of output than the 49th worker does.’ Based on the…

A: The Marginal cost is the change in total cost when one additional unit of input is used. The average…

Q: When a firm produces 50,000 units of output, its total cost equals $6.5 million. When it increases…

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

Q: People often believe that large firms in an industry have cost advantages over small firms in the…

A: Individuals generally feel that big businesses have economic benefits in a sector over smaller…

Q: (Table) Based on the table, Output is the marginal cost when moving from forty to forty-eight units.…

A: TFC=$500 TC=TVC+TFC MC=Change in total costChange in output

Q: Suppose that the cost function for a commodity is C(x) = 40 + x2 dollars. %3D (a) Find the marginal…

A: Given Information: cost function: C(x) = 40 + x2   * The marginal cost of a commodity is the cost of…

Q: The marginal cost curve: is a vertical line. generally rises at first and then declines as output…

A: Marginal cost is the cost of producing additional unit of output. The shape of marginal cost depends…

Q: Refer to the graph shown above. Based on the information illustrated in the graph, which of the…

A: Answer - Need to find- Correct option - Given in the question-

Q: Use the cost table below to find the following marginal costs.   Output quantity Total variable cost…

A: Marginal cost is the additional cost incurred from producing an additional unit of output.

Q: True or false 1-If the marginal product of labor is increasing, the marginal cost of production…

A: 1)Due to increase in marginal product,efficiency would increase,therefore cost would decrease.…

Q: A manufacturer believes the function C(x) = 0.25x² 20x + 950 - where 0≤x≤ 100 approximates the…

A: Marginal cost refers to additional cost that is incurred from producing one more unit of output. It…

Q: Define economies of scale and explain why they might arise. Define diseconomies of scale and explain…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: The data below shows a tabulation on the production of a hypothetical product Output (Q) Total…

A: Production function refers to the functional relationship between input and output.

Q: Quantity Total Fixed Cost 0. 60 60 60 115 4 60 130 6. 60 160 8. 60 200 10 60 250 Using the above…

A: Fixed costs (FC) are costs incurred during production that are not dependent on the quantity of the…

Q: Assume that the marginal cost of production is increasing. Can you determine whether the average…

A: AVC is the cost which is measured by dividing average cost by the quantity of output produced.  MC…

Q: Max​ Shreck, an​ accountant, quit his​ $80,000-a-year job and bought an existing tattoo parlor from…

A: a). MC of operating the tattoo parlor means the additional cost occurring when one more unit of…

Q: The fixed costs of a firm are $100. When the firm produces one unit the total cost is $150. The…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

Q: QUESTION 18 Use the data in the following table to answer the question. Output Total cost (Units)…

A: Question 18 TFC = TC at 0 level of output TVC = TC - TFC AVC = TVC/Output ATC = TC/Output Now,…

Q: QUESTION 3 Match each of the following terms and descriptions Fixed Cost Total Cost A. fixed cost…

A: Fixed cost is that cost which are not changed as output changed its remains constant. That means if…

Q: ($/Unit) Marginal Cost Q1 Quantity (Units per time period) A) In the above diagram, marginal cost…

A: There is inverse relationship between marginal cost and marginal product due to applicability of law…

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

A: (1.) A producer borrows money and starts a business. He himself looks after the business. Identify…

Q: The gap that exists in a graph between total costs and fixed costs represents the variable costs of…

A: Total cost is the sum of variable and fixed costs. TC = TVC + TFC

Q: 1. If the average cost of a plant to produce a "q" unit is explained by the functions below this: C…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one question at a…

Q: curve II is the

A: In this figure there are three curves they are Total cost, Total fixed cost and Total variable cost.

Q: The table below represents incomplete information on the short-run production costs for a firm,…

A: Cost refers to the monetary payment made by a business in order to produce any good or service. It…

Q: The following incomplete table describes the costs faced by a firm as it produces an increasin,…

A: fixed cost is independent of output produced.

Q: The following incomplete table describes the costs faced by a firm as it produces an increasing…

A: Marginal cost is the cost incurred in making or procuring an additional unit of output.  For…

Q: When a firm produces one unit, the variable cost is $3. When the firm produces two units, the…

A: The variable cost of the first unit = $3 The variable cost of the two units = $6

Q: What is the term for the change in total cost resulting from a one-unit increase in production?…

A: please find the answer below.

Q: From the information given in the table, calculate the marginal cost of the 3rd unit of output.…

A: Marginal cost measures the change in total cost due to change in output produced.  Marginal cost =…

Q: Use the table below to answer the following question. Units Total Fixed Cost Total Variable of…

A: In the short run, a firm will have two types of cost: fixed cost and variable cost. Total fixed cost…

Q: Question 33 Which of the following cost curves does not have a shape that is explained by the law of…

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

Q: Which of the following statement is correct? a. Marginal cost will equal average total cost when…

A: Let's first understand what's the meaning of marginal cost. The cost which is incurred on the…

Q: Use the table below to answer the following question. Units Total Fixed Cost Total Variable of…

A: Marginal cost eventually we can say that it is the actual change in the value of the total cost…

Q: Which of the following is a typical example of a variable cost of production in a business firm?  A.…

A: Variable Cost is that cost which keeps on changing with the change in the level of output.

Q: wheel making company has the following data related to cost: Total Cost = $ 15000 + 1000X and Total…

A:

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: The average fixed cost curve a. always rises with increased levels of output b. declines as long as…

A: The average fixed cost is the per unit fixed cost incurred in the production process as it is…

Q: Water World Water Park has the following cost function: TC = 500 + 125q and MC = 125 a) Determine…

A: Given: TC = 500 + 125q MC = 125

Q: According to the information below, which of the following is (are) true? Units of variable input…

A: The total cost of production is the summation of all the fixed cost as well as the variable costs in…

Q: The following equation represents the cost structure of a firm: C= 10 + 3q. The average cost of…

A: Cost function of the firm, C= 10 + 3q   The average cost of production =  Total cost/ Quantity…

Q: Marginal cost can be calculated both from total cost and total variable cost and is not affected by…

A: According to the given question The marginal cost is basically or initially considered as the slope…

Q: The additional cost of producing one more unit of output is called Variable cost. b. Total cost. C.…

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…

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…