Q1. Which cost increases continuouslywith the increase in production?(a) Average cost. (b) Marginal cost.(c) Fixed cost.(d) Variable cost.

According to the given question The cost in economics are usually defined as the amount of the…

Answered: Which cost inc with the increase in…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

See similar textbooks

Similar questions

Concert Opportunity Cost 2 You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?
What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?
Which cost concept is used to determine the most cost-efficient level of production? a) Average cost b) Total cost c) Marginal cost d) Variable cost
a. What is true about output levels 350, 700, 1,050, 1,400, and 1,750?Choices below. (Economic capacity ,Maximum cost, Economies of Scale b. What is the right size of a plant to produce an output of 875? (Plant1,Plant 2, Palnt 3, Plant 4, Plant 5) c. Between what plant sizes does the firm experience economies of scale? (Between plant1 and 3 ,Between plant 3 and 4, Between plant 3 and 5)
30- A graph represented by a straight line parallel to the output of the X-AXIS is an image of which classification of cost? a. Marginal cost b. Production cost c. None of these d. Total fixed cost
what is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short run average cost and marginal cost curve generally U-Shaped?
2b statements is true or false and explain If marginal cost is larger than average cost, average cost will fall as output increases.
For each term, explain the definition or calculation, and explain this concept to someone who is unfamiliar with it (try to use a real life example). a. Fixed cost b. Variable cost c. Total cost
Costs that do not vary with output are Question 8 options: a) fixed costs b) variable costs c) marginal costs d) explicit costs
Which cost concept helps firms assess the additional cost of producing one more unit beyond the current level? a) Total cost b) Sunk cost c) Marginal cost d) Average cost
Costs that change with the level of per unit of production are referred to as ________. Fixed costs (FC) Variable costs (VC) Target costs (TC) Total costs (TC) Overhead costs (OC)
Output AFC AVC ATC MC 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 9 33 138 171 290 10 30 160 190 360 Refer to the chart above. The total fixed costs are what?

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Microeconomics

Economics

ISBN:

9781337617406

Author:

Roger A. Arnold

Publisher:

Cengage Learning

Economics (MindTap Course List)

Economics

ISBN:

9781337617383

Author:

Roger A. Arnold

Publisher:

Cengage Learning

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

SEE MORE TEXTBOOKS

Which cost inc with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost. (d) Variable cost.