What is the relationship between marginal product and marginal cost? Why do you suppose that is? Is this relationship the same in the long run as in the short run?

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: Explain why the fixed cost has no influence at all on marginal cost.

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

Q: What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?

A: According to the law of diminishing marginal returns, after a certain level adding additional units…

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: 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: Why can the distinction between fixed costs and variable costs be made in the short run?

A: Understanding the difference between fixed costs and variable costs is important for settling on…

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: Marginal product curve, mathematically is the slope of which curve?

A: # Marginal product is referred to be as the change in total inputs used divided by the change in…

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 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 the difference between production in the short run and production in the long run? Explain…

A: The short-run is a notion that states that at least one input is fixed while the others are variable…

Q: Which of the following is not a variable cost at the sandwich shop? O Cost of labor

A: We have to find which is not a variable cost at the sandwich shop.

Q: What is the total cost when the marginal product of labor is 15? What is the total variable cost…

A: The marginal product of labour can be calculated by dividing change in output by change in labor.…

Q: Distinguish between the fixed costs and the variable costs?

A: Cost represents the value of goods and services which are charged by the producers and the amount…

Q: hat is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why…

A: Marginal product refers to an addition to the total production by producing an extra unit of output.…

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: Assume that the marginal cost of production is less than the average variable cost. Can you…

A: Average Variable Cost refers to the variable cost per unit of output. It can be calculated by…

Q: Give two examples of variable costs

A: Variable costs are those costs which vary with the production level and thus gets changed as the…

Q: What are two examples of variable costs?

A: Variable costs depends on the level of output being produced by the firm.

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: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant,…

A: Here, an improvement in the technology used, would decrease the cost and will shift the cost curve…

Q: Marginal cost curve always cuts the lowest point of the average total cost curve. Do you agree?…

A: Marginal Cost:Marginal cost refers to the additional cost of producing the additional unit of…

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: You are told that the marginal cost of production is increasing. Is it possible to determine whether…

A: Marginal cost of production refers to the additional cost of producing one extra unit of output,…

Q: Why is the short run marginal cost curve U- Shaped?

A:

Q: Can total cost of the firm be zero? if yes what's the production point at this level

A: Total cost of the firm is the combination of fixed cost of the firm such as rent of the workplace…

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: Explain the relationship between the average cost and the marginal cost?

A:

Q: Why might marginal product be increasing at lower levels of output and decreasing at higher levels…

A: Marginal product (MP) is the extra output produced by one additional unit of input or raw material…

Q: Explain what is meant by and what causes "Diminishing Marginal Product". Why is it only relevant in…

A: Marginal product refers to the increase in outpit resulting from employing additional units 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: Give some examples of the variable costs?

A: Variable Costs(VC) are those costs that varies with the quantity of output produced. If Q is the…

Q: What is the difference between marginal product and marginal cost?

A: The marginal product is the additional output produced by an additional unit of input in the process…

Q: how do you find total fixed cost?

A: Sellers must incur costs while producing goods and services by making a variety of factor payments…

Q: Differentiate between Fixed and Variable Costs?

A: Difference between fixed and variable costs Fixed Costs  Variable Costs 1. They are incurred on…

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…

Q: Nimbus,Inc.,makes brooms and then sells door to door.Here is the relationship between the number of…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…