What is the difference between marginal product and marginal cost?
Want to see the full answer?
Check out a sample Q&A here
Related Economics Q&A
Find answers to questions asked by students like you.
Q: What is the relationship between marginal product and marginal cost?
A: The firms, and businesses tend to operate in the markets, where they supply various goods, and…
Q: What is another term for marginal costs
A: Marginal cost refers to the additional cost incurred by firm or a producer when one additional unit…
Q: What is the relationship between marginal product and marginal cost? Why do you suppose that is? Is…
A: Marginal Product: The term marginal product refers to the increase in total product due to the use…
Q: What are Fixed and Variable Costs?
A: Fixed cost: Fixed cost refers to those costs which remain the same throughout the production.…
Q: What is the relationship between marginal cost (MC) curves and average cost (AC) curves?
A: The expense that is being incurred in order to reach a specific level of output is known as the…
Q: What is the difference between fixed costs and variable costs?
A: Production function shows how the business firm can make its output from employing the physical…
Q: What is the difference between fixed costs and variable costs?
A: The costs refer to the expenditures which are incurred by the firms in order to purchase inputs, and…
Q: What are Fixed Costs?
A: A company mainly faces two type of costs known as fixed cost and variable cost. These two costs are…
Q: What are total fixed cost
A: # We know that the total fixed cost and total variable cost combined are called Total costs.
Q: What is the marginal cost for this product?
A: A cost function refers to the formula that is used to predict the cost that the firm will incur at a…
Q: How does fixed cost affect marginal cost? Why is this relationship important?
A: Fixed cost which does not change in the short run.for example rent does not change in the short run…
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…
Q: Explain the relationship between the average cost and the marginal cost?
A: Click to see the answer
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…
Q: What is the difference between sunk cost and fixed cost? Explain with examples.
A: Sunk costs and fixed costs are two kinds of expenses borne by a corporation in the different…
Q: How do we calculate each of the following: marginal cost, average total cost, and average variable…
A: The total cost(TC) is the production cost incurred on engaging various inputs i.e land, capital,…
Q: for these two graphs answer the following question what is the fixed cost?
A: Cost refers to the expenditure incurred by the producer for producing a given level of output. There…
Q: What is the difference between decreasing returns to scale and diminishing marginal product?
A: Returns to scale: Returns to scale measure the change in total output from changing all inputs of…
Q: What is the difference between decreasing returns to scale and diminishing marginal product?
A: Meaning of Law of Variable Proportions: The term law of variable proportions refers to the…
Q: Describe marginal cost in your own words.
A: Cost accounting is a method of financial management that examines a business's variable and fixed…
Q: Assume that the marginal cost of production is greater than the average variable cost. Can you…
A: The marginal cost of production is the incremental cost incurred when an additional unit of a good…
Q: What is the typical shape of the average fixed cost curve, Why is it shaped this way. Graphically…
A: Average Fixed Cost (AFC) is the cost that must be incurred in fixed quantity regardless of the level…
Q: What is Economies of Scale
A: Companies enjoy economies of scale when production becomes efficient.
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
A: Total Cost has two components in the short run 1)Total Fixed Cost and 2)Total Variable Cost . Each…
Q: What is the relationship between a firm’s totalrevenue, total cost, and profit?
A: The income earned by a producer by selling output in the market is called Revenue. The amount of…
Q: If marginal cost is less than average cost, average cost must fall when more units are produced.…
A: The marginal cost is change in total output when one additional unit of input is used.
Q: If the marginal cost is increasing, do you know whether average variable cost is increasing or…
A: Marginal cost is U shaped and average variable cost is also U shaped.
Q: Graphs must display The Marginal Cost Curve is shaped like a Nike swoosh. The Marginal Cost Curve…
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…
Q: What is theoretical relationship between Marginal Cost and Average cost
A: Costs refer to the amount of money that the firms need to give up in order to perform certain…
Q: Please answer the following questions: a. Explain how input, output and cost are interrelated. b.…
A: 1. a) The relationship between output and inputs used in the production process is given by the…
Q: Assume that for a quantity produced of 20, the total cost is 500 and the average fixed cost is 10.…
A: We will answer the first question since the exact one was not specified. Please submit a new…
Q: Comment on the relationships of Total, Marginal and Average Product
A: Production theory is very important in the determination of price theory. This is so because it is…
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?
A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…
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?
A: Total cost, in financial aspects, the amount of all expenses brought about by a firm in producing a…
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.