Which expression is another way of saying "marginal cost"?                Scarce resources        Additional cost        Opportunity cost        Unrecognized cost

Q: You are planning to start a business. When calculating the costs. You have considered the costs of…

A: Opportunity cost refers to the best alternative foregone when choosing the other alternative.

Q: his refers to the ratio of a small increment of cost and a small increment of output. a. Increment…

A: Below is the formula for marginal cost:

Q: The total cost of production equals Select one: a. average total cost + average variable cost b.…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: If the law of diminishing returns did not hold, we can produce a the food the world needs in one…

A: In economics, diminishing returns is the decrease in marginal output of a production process as the…

Q: Define the term Variable-cost behavior?

A: Variable cost is the cost that varies according to the level of output.

Q: The 50th worker produces fewer additional units of output than the 49th worker does.’ Based on the…

A: The Marginal cost is the change in total cost when one additional unit of input is used. The average…

Q: Is this a good example of opportunity cost? “In 2019, I started my small business by selling prints…

A: Opportunity cost is the cost or the value of the next best alternative that is given up.

Q: Consider the table below that describes the costs associated with producing a good (Q). Total…

A: Marginal cost refers to the additional cost of producing one more unit of output.

Q: At Dana's dairy farm, the average total cost of producing 19 liters of milk is $10, while the…

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: True or false 1-If the marginal product of labor is increasing, the marginal cost of production…

A: 1)Due to increase in marginal product,efficiency would increase,therefore cost would decrease.…

Q: 73. In the video, the acceleration of Total Cost beyond output Q1 is the result of ? Select one: a.…

A: Labor specialization refers to the process that each employee focus on the particular production…

Q: Q6. - a term referring to the fact that for many goods, as the level of production increases, the…

A: Taking each option one by one  Skills: it is the specific or special way to do some work.…

Q: In the short run marginal cost crosses average total cost at the minimum of average total cost True…

A: According to the given question Simply a Short run period is that period in which the other factors…

Q: The following table gives total output or total product as a func- tion of labor units used. LABOR…

A: Given Labor Total Output Marginal Output 0 0 0 1 5 5 2 9 4 3 12 3 4 14 2 5 15 1

Q: Assume the average cost when producing 4 units is 10, the average cost of producing 6 units is 8,…

A: The table shows output and AC:

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: Rather than have all the tasks in a production setting being done by the same person, but by…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Define Fixed Cost and provide an example.

A: A company's fixed expenses are critical. Profit forecasting and calculating the break-even point are…

Q: Discuss the impact of long run on cost of doing business.

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Distinguish between explicit and implicit costs, giving examples of each. Why does the economist…

A: Externalities: It occurs in the economy when the production of goods and services and the…

Q: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and…

A: Implicit Cost: Implicit cost is due to the factors which are entrepreneur himself owns and employs…

Q: [How does the impact of fixed costs change production decisions in the short run and in the long…

A: An increase (decrease) in fixed cost does not change MC or AVC, but increases (decreases) AFC, which…

Q: Marginal analysis (a.k.a. thinking at the margin) Multiple selects     assumes dimishing marginal…

A: Marginal analysis is the process of comparing additional benefits accrued to the additional costs…

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: 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: State two examples of the fixed cost and two examples of the variable cost in economics

A: According to the given question Fixed cost are those cost in economics which are basically and…

Q: Microeconomics divides costs in to “short-run costs” and “long-run costs”. Can “long-run” differ…

A: The short run is defined as the time frame during which wages and prices of other production inputs…

Q: Expalin the law of diminishing returns or diseconomies of scales ?

A: In an economy, the law of diminishing returns and diseconomies of scale are two different concepts,…

Q: example a(n): A. sunk cost B. out-of-pocket cost C. opportunity cost D. incremental cost

A: Marginal cost is the cost that the manufacturer spends to manufacture one more unit of the good. The…

Q: Which of the following is considered an implicit cost? PLEASE EXPLAIN.   A. Use of your labor…

A: Implicit Cost is self owned cost not need to pay to other or a cost has already occurred not…

Q: Opportunity cost refers to A) explicit costs+ implicit costs B) Time costs C) Money costs D) None of…

A: The total amount of money used in producing goods & services and including labor, time and…

Q: The concept of opportunity cost is that the economic cost of using a factor of production is the…

A: An opportunity cost shows the possible gains that a person, buyer, or organization lacks by…

Q: True or false. In general, production can display diminishing returns in all variables but still…

A: Diminishing returns are defined as a decrease in output due to an increase in the input after an…

Q: The concept of marginal cost is best described by which of the following? O Mr. Creosote meets a…

A: Marginal cost refers to those cost that firm incurs when it decides to produce an additional unit of…

Q: The concept of marginal cost is best described by which of the following? Mr. Creosote meets a wafer…

A:

Q: Define economies of scale and explain why they mightarise

A: Economics of scale are the result of production efficiency. It can be a reason for a larges firms to…

Q: Is it true that if a firm’s technology exhibits the decreasing return to scale, then average…

A: Introduction The scale of production in two factor production function means a given amount of labor…

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: Opportunity cost refers to  A) explicit costs+ implicit costs

A: The total amount of money used in producing goods & services and including labor, time and…

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…