What are fixed costs?  What are variable costs?

Q: Use the graph to answer the question Between points C and D, the long-run average total cost curve…

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

Q: Distinguish among accounting profit, economic profit, and normal profit. Does accounting profit or…

A: The difference between the revenue earned from the sale of a product and the total cost of…

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

A: The amount of all costs brought about by a firm in creating a specific degree of result.

Q: Distinguish between implicit and explicit costs and give examples of each. In addition, explain how…

A: Explicit Costs are those costs that are directly observed like the cost involved in hiring labor or…

Q: Bob's lawn mowing service is a profit maximizing, competitive firm. Bob mows lawns for $27 each. His…

A: Total Revenue=$27*10=$270   Total Explicit Cost=Total Cost-Fixed Costs Total Explicit Cost=$280-$30…

Q: When do firms decide to shut down production in the short run? Explain it. How is the short-run…

A: Since you have posted multiple questions, we will solve the first answer for you. If you want any…

Q: g. What is the marginal cost of producing the 10th high-end meal box? h. Find the quantity of output…

A: g) Cost function is given as   MC at the 10th high-end meal box will be

Q: Danielle decides to withdraw her savings of $70,000 and invest in starting her own clothing…

A: Accounting profit is a company's net income, which is revenue minus expenses. Economic profit is…

Q: 4. Which of the following is considered when calculating economic profit but not accounting profit?…

A: Cost is the amount incurred by the producer or manufacturer for the production of goods and…

Q: Quantity Total Revenue Total Cost $0 $10 1 $9 $14 2 $18 $19 3 $27 $25 4 $36 $32 $45 $40 $54 $49 7…

A: Marginal cost is the addition to the total cost for producing an additional unit of output. Marginal…

Q: Suppose you run a small business in your building and you act also as a manager of your business. If…

A: In order to answer this question we need to understand the concept of explicit cost and implicit…

Q: QUESTION 11 If you have the following table that shows the costs of certain firm Quantity Fixed cost…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Use the variable cost information in the following table to caleulate average variable cost and…

A: 1.   Total Cost = Fixed Cost + Variable Cost   Average Total Cost = Total Cost Quantity   Average…

Q: QUESTION 1 Match each of the following terms and descriptions Accounting Profit A. total revenue…

A: 1. Accounting Profit: It is the difference between revenue and cost. The cost includes only explicit…

Q: Imagine that you own your own business, or you are the manager of a company. Please provide an…

A: Sunk cost is a cost that has been paid and cannot be recovered in the future.

Q: 18. Which of the following are short-run decisions and which are long-run decisions? a. General…

A: (a) is short-run decision Because only second shift is added and no long term planning is there.

Q: Consider the concepts of accounting profit and economic profit.  Suppose you are a consultant and…

A: Profit is the surplus value that is generated in a process of production, which usually accrues to…

Q: Question 1: Shown below are the graphs of the firm's marginal cost, average variable cost, and…

A: Marginal cost graph tells about the additional cost incurred with one additional unit of production.…

Q: With the help of an example explain the difference between accounting and economic profit. Building…

A: The term perfect t competition refers to a theoretical market structure. during a perfect…

Q: Directions: Fill in the table.Units of Output Total Costs Total Fixed Costs Total Variable Costs…

A: Cost can be defined as a monetary valuation of efforts, material, resources, time and utilities…

Q: Answer the following: ○ a. If TVC 5 $80 and AVC 5 4, then what does quantity (Q) equal? ■   ○ b. If…

A: Total cost is the total expenditure dome by the producer in the production process. It includes both…

Q: What is the difference between accounting profit and economic profit? Select one: a. Accounting…

A: Firms earn revenue with the help of the sale of the products that it produces. On the other hand, it…

Q: Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table: Output…

A: The costs and the revenues are essential for the firms to look up to because without it the firms…

Q: Jeremy worked at a bank with a monthly salary of $1,500. He decided to quit his job and open a…

A: As we answer 3 subparts and the question has more than 3 subparts, we would be answering the first 3…

Q: 3. In one diagram, draw marginal cost, average cost, average variable cost and average fixed cost…

A: The total cost of production is defined as the amount in monetary terms a firm incurs when it…

Q: Which of the following is why the total cost (TC) curve does not start at the origin?     a) TC…

A: Total cost curve is the sum total of fixed cost and variable cost.

Q: Suppose that you and your roommate have started a Doughnut delivery service on campus. List some of…

A: Total Fixed Cost (TFC) : It refers to that part of the total cost that does not depend on output. In…

Q: A) What should a firm do if it realizes that its marginal revenue is more than its marginal cost? b)…

A: The marginal revenue refers to the additional revenue earned on selling an additional unit of…

Q: If you have the following table that shows the costs of certain firm Fixed cost Variable costs Total…

A: The formula for the following are: FC = Cost when Q=0 TC = FC +VC MC = TCn -TCn-1

Q: Quantity Total Fixed Costs Total Variable Costs (Dollars) (Dollars) 0 180 0 1 180 80 2 180 140 3 180…

A: 1) Variable Cost is the cost when nothing is produced therefore when output is zero variable cost is…

Q: Farmer McDonald gives banjo lessons for $20 an hour. One day, he spends 10 hours planting $100 worth…

A: Accounting profit is the difference between total revenues and explicit costs where explicit costs…

Q: This chapter discusses many types of costs: explicit costs, implicit costs, total cost, average…

A: The questions given are based on different types of cost and are quite self explanatory.

Q: 7) What is the relationship between AFC, AVC & ATC? How are these calculated? 8) A firms produces an…

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

Q: Three college students are considering operating a tutoring business in economics. This business…

A: A) $9,000 (facility rent + insurance) B) $0.50 per hour (materials & supplies)

Q: 8. Which of the following are short-run decisions and which are long-run decisions? a. General…

A: Short run refers to the time period which does not allow changes in the capital to adjust with the…

Q: How is it possible to have positive accounting profit and negative economic profit concurrently?

A: Answer: Let us first understand the difference between accounting profit and economic profit.…

Q: Question 13 Refer to Figure 6-1 What are total costs for Dough!, given that it maximize profits?…

A: "A monopoly firm maximizes profit when marginal revenue (MR) intersects marginal cost (MC)."

Q: The difference between economic profit and accounting profit is?   Average cost Direct costs…

A: Cost is the expenditure incurred by firms on the production of goods and services. The cost can be…

Q: The Wacky Widget company has total fixed costs of $100,000 per year. The firm's average variable…

A: Average fixed cost (AFC)=Total fixed costQ AFC=10000010000=10