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What is the difference between marginal product and marginal cost?

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Q: How does fixed cost affect marginal cost? Why is this relationship important?

A: Total fixed cost and total variable cost are the part of total cost. Total cost = Total fixed Cost +…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

A: Fixed cost is the cost which does not change with the change in the output. Marginal cost is the…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

A: Fixed cost(FC) is the cost(C) of output(Y) which remains constant in the long-run like the cost…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

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

Q: How does fixed cost affect marginal cost? Why is this relationship important?

A: Fixed cost refers to the cost that remains constant irrespective of number of units produced while…

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Q: What is the marginal cost of producing an additional unit:

A: Definition of Marginal cost.Marginal cost refers to the additional cost incurred by a producer or a…

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Q: What is the difference between decreasing returns to scale and diminishing marginal product?

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Q: Describe marginal cost in your own words.

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Q: What is marginal product, and what does it mean if it is diminishing?

A: The marginal product is determined by the change in total output as one additional input is used in…

Q: statements is true or false and explain If marginal cost is larger than average cost, average cost…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: What is fixed cost? How would you calculate Fixed cost in a graph

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A: The marginal cost is change in total output when one additional unit of input is used.

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A: Marginal cost is U shaped and average variable cost is also U shaped.

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A: 1. The marginal cost is the cost that is caused to the firm through the increased production of the…

Q: What are diminishing marginal returns as they relate to costs?

A: Diminishing marginal returns refers to the situation in which adding more variable inputs to the…

Q: What are diminishing marginal returns as they relate to costs?

A: Diminishing marginal returns refers to the situation where percentage of increasing additional…

Q: What are the average total cost, average variable cost, average fixed cost, and marginal cost of…

A: Q=4 TC=140 TFC=50 ∆TC=140-110         =30 ∆Q =4-3       =1

Q: What are the variable costs?

A: Variable cost refers to those costs that are changed along with the changes in the production. In…

Q: Give an example of a fixed cost and a variable cost.

A: Variable and Fixed costs in economics are those two types of costs that a firm incurs during the…

Q: What does average fixed cost fall with increase in output?

A: Fixed cost per unit of output is known as average fixed cost. Because the same amount of fixed costs…

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Q: Assume that for a quantity produced of 20, the total cost is 500 and the average fixed cost is 10.…

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Q: Comment on the relationships of Total, Marginal and Average Product

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Q: Describe the Fixed and Variable Costs?

A: A company mainly faces two type of costs known as fixed cost and variable cost. These two costs are…

Q: Define total cost, average total cost, and marginal cost. How are they related?

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Q: Define total cost, average total cost, and marginal cost.  How are they related?

A: Total Cost (TC) is the cost of production of a good and it includes both the variable cost i.e. the…

Q: Define total cost, average total cost, and marginal cost.How are they related?

A: Costs refer to the expenses incurred by the producer to purchase services and goods. Wages, rent,…

Q: Define total cost, average total cost, and marginal cost. How are they related?

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Q: Graph the following:  The Marginal Cost Curve crosses the Average Total Cost curve and Average…

A: The figure illustrates the MC, ATC and AVC.

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