Question

What of the following is considered "sunk cost" in the short run?

Variable cost. (VC, or TVC)

Marginal cost. (MC)

Fixed cost. (FC, or TFC)

Average total cost. (ATC)

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Economics

Cost of production

Business Economics

Related Economics Q&A

Find answers to questions asked by students like you.

Q: GIVE 10 ASEAN NATION AND ITS CURRENCY

A: ASEAN is an association of south-east Asian countries, that joined hands together to promote busines...

Q: Diluted Happiness: Consider a relationship between a bartender and a customer. The bartender serves ...

A: As while solving for part (a), Nash equilibria for customer is to not buy and Nash equilibria for ba...

Q: Advantages of Centralized/Center-led PurchasingStructures

A: Centralized purchasing is a system in which all sorts of inputs and services are provided through a ...

Q: 2.what is one of the core propostions underpinning an istitution-base viewbof global business

A: Globalization is explained as an international business that will provide its facilities all across ...

Q: Assessment 1.4 1. Explain What is the connection between natural capital, natural income, and an ...

A: Hey, thank you for the question. Since there are multiple questions posted, we will answer the first...

Q: What Is Managing Currency Risks?

A: Managing risks associated with currency are the ways/ strategies which help a person or firm to save...

Q: A technological advance that increases the marginalproduct of labor shifts the labor- _________ curv...

A: Supply is the volume of products that sellers are willing to sell in the market, at a given price.

Q: Some government grants of monopoly power aredesirable if theya. curtail the adverse effects of cut-t...

A: Monopoly explains a type of market where a single firm serves some specific products or services to ...

Q: What Is Trade Journals?

A: Trade journals or trade magazines are the periodic releases which cover the specific trade group or ...

Q: Item Value (thousands of persons) Unemployed 11,777 Employed 145,407 Not in labor force 108,773 Pris...

A: Civilian labour includes individuals which are either employed or unemployed. Retired and military p...

Q: Briefly discuss the major causes of income inequality. With respect to income inequality, is there a...

A: Income inequality can be referred as the difference or gap between the payment to individuals or amo...

Q: In the taste-for-discrimination model, an increase in employer prejudice against African-American wo...

A: In labor economics, discrimination is mainly associated with the employer and employee relationships...

Q: Determine how a competitive firm selects its optimal combination of resources.

A: In a perfectly competitive market, there will be a large number of firms. Firms are small enough not...

Q: Explain the principles relating to tax shifting, tax incidence, and the efficiency losses causes by ...

A: Tax shifting refers to the transferring some or all burden of tax of an entity to another. The real ...

Q: Give an quantitative example of marginal and average cost.

A: Average cost is the equivalent of total fixed cost (TFC) and total variable costs (TVC) divided by t...

Q: Using the Producer Price Index to Manage Price?

A: Producer Price Index (PPI) represents the production and average movement of selling the goods in do...

Q: a. An economy is initially at the natural level of output. There is an increase in government spendi...

A: IS-LM Model: Economist like, Hicks and Hansen have explained the integration of the real and money m...

Q: Explain whether each of the following statements describes a change in demand or a change in quantit...

A: The change in the quantity demanded and the change in demand are two different terms. The change in ...

Q: Define depreciation,

A: An important factor of production that is used in the production of goods and services is capital.  ...

Q: What is offshoring of white-collar service jobs and how does that practice relate to international t...

A: Offshoring jobs are jobs which were performed by domestic workers and have changes in status from hi...

Q: 1. Current tuition at Benedict College is around $24, 000 a year. Show what would likely happen to d...

A: Hello, thank you for the question. But since there are multiple questions posted here, as per the ho...

Q: Imagine any number of visitors can enter Umstead Park at no charge. The value of a trip (V) as a fun...

A: Given: marginal value (MV) = 52 − 8N Each visitor's travel costs to the park (C) = $4 (The social ma...

Q: True or False. The MB = MC level of immigration is likely to be achieved if we simply let in every p...

A: False, the MB = MC level of immigration is not likely to be achieved if we simply let in every perso...

Q: Why might a central bank choose to monetize the debt,knowing that it could lead to higher inflation?

A: Debt monetizing refers to the sponsoring of government expenditures by the monetary authority of the...

Q: When to Use the Learning Curve?

A: Learning Curve: The learning curve is an important concept in economics. According to K. J. Arrow, t...

Q: Consider two firms with the following marginal abatement costs (MAC) as a function of emissions (E):...

A: MAC1 = 33 -3E1 MAC2 = 8 - 2E2  Marginal external damages (MED) = 2*(E1 + E2 )

Q: Two goods have a cross-price elasticity of demand of 1.2:                                          ...

A: Cross elasticity of demand measures the responsiveness or sensitivity in the quantity purchased of a...

Q: Describe the three attributes of monopolisticcompetition. How is monopolistic competition likemonopo...

A: Different forms of market structures differ in their level of competitiveness, ranging from highly c...

Q: We see quite a bit of international trade in the real world. And trade is driven by specialization. ...

A: Option C is correct Option C is correct because specialization in one commodity cannot occur, a coun...

Q: Define property depreciation

A: Depreciation (Dep) is the loss in the actual worth of an asset either because of its excessive use (...

Q: Distinguish between a carbon-tax and a cap-andtrade strategy for reducing carbon dioxide and other s...

A: A carbon fee is a carbon emission pricing tool. It is considered to be one of the most pivotal and e...

Q: Why is a quota more detrimental to an economy than a tariff that results in the same level of import...

A: "Since you have asked multiple questions, we will answer only first question for you. If you have an...

Q: You are planning to spend Saturday working at your part- time job, but a friend asks you to go skiin...

A: Opportunity cost, in economics, represents the potential benefits that one has to give up while choo...

Q: Do you need suppliers to be more responsive to your needs?

A: To determine: Suppliers to be more responsive to the needs of consumers.

Q: Which of the following best describes the United States’ level of health care spending as compared t...

A:   Option E) it is highest from all the nations is correct. Normal 0 fal...

Q: What types of products do the DVCs typically export? How do those exports relate to the law of compa...

A: Industrially advance countries are known IACs and developing countries are DVCs. IACs are high incom...

Q: what is the advantage of and disadvantage of globalization and its impact on the economy

A: Globalization is the process in which the businesses operate in an international scale. 

Q: To save money, some fast food chains are now having their customers place their orders at computer k...

A: The introduction of the computer kiosks and the people ordering food using those kiosks only will ma...

Q: Why would a booming economy affect the demand for money?

A: In a booming economy, it means the GDP, a low level of unemployment(U), and high inflationary gap- i...

Q: Draw the supply and demand curve for TVs. Doctors discover that watching HD TV prevents cancer. What...

A: Demand curve shows the relation between quantity demanded and price. It has an inverse relation.  Su...

Q: Suppose the French suddenly develop a strong taste for California Coca-Cola. Answer the following qu...

A: a) If the French suddenly develops a strong taste for California’s Coca-Cola, so the demand for the ...

Q: Suppose the equation for the demand curve for some product X is P = 8 − 0.6Q and the supply curve is...

A: Demand curve: Supply curve: At equilibrium, Now, substituting Q=6 in the demand curve, we get,...

Q: Describe major criticisms of the price-support system in agriculture.

A: Price support in the field of agriculture is in the form of a subsidy,  production quotas or price f...

Q: Complete the following table by indicating whether each of the statements is an example of a price c...

A: Price floor is a minimum price at which a seller can sell a commodity. The government uses a price f...

Q: According to the quantity theory of money, what isthe effect of an increase in the quantity of money...

A: Quantity theory of Money says that there are significant relationship between Money supply, velocity...

Q: Define ratio analysis

A: Ratio analysis is referred to as the financial analysis of maintain and analyzing the company’s liqu...

Q: Discuss how unions increase wage rates by pursuing the demand-enhancement model, the craft union mod...

A: A labor union or a trade union is an organization that is formed by the collectivization of workers ...

Q: Salma earns $1000 divided from the stocks she has, does this happens in the market for good and serv...

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

Q: Suppose the following demand and supply function of a commodity.                                    ...

A: 1. Qd = 55 - 5P Price 0 11 Quantity 55 0 Qs = -50 + 10P Price 0 5 Quantity -50 0 Equ...

Q: Japan generally runs a significant trade surplus.  Do you think this is most related to high foreign...

A: Answer: Correct option: High Japanese saving rate relative to Japanese investment.