Which of the following are true? (check all that apply) a. AC=MC at the minimum of the AC b. the AFC is always decreasing c. AVC=MC at the minimum of the AVC d. AFC=MC at the minimum of the MC
Q: Demand Factor Initial Value Average American household income $40,000 per year Round trip airfare…
A: Demand refers to the quantity that c consumer wishes to purchase at a given price in a given period…
Q: Blake decides to spend a spring day in the field planting wheat with some help from some workers he…
A: The Accounting profits is calculated as Total Revenues - Total cost (explicit cost) being incurred…
Q: 1. Medical care is the process of combining certain inputs to yield an output.TrueFalse
A: Healthcare is dissimilar from other services because the definition is not clear. Every customer in…
Q: CENGAGE MINDTAP omework(Ch 13) 1. Definition of economic costs Sean lives in Detroit and runs a…
A: Explicit cost refers to the cost which is incurred for running a business. It includes the payments…
Q: en to salaries and wages when you are in a production/manufacturing business that you want to…
A: 1a. .In long run as part of more than one business cycle, all cost become variable. In short run…
Q: At Stacy's current production level, an extra bunch of hats adds 20 extra scarves. Each bunch of…
A: Marginal cost is the additional cost of producing an additional unit of output.
Q: Explain the relationship between AC , AVC and the AFC theoritically. ( I don't need diagram )
A: # We know that the sum of TFC and TVC gives us the Total cost. TC = TFC + TVC Also the average…
Q: Alyssa runs a "Dessert of the month" delivery service. To operate her business each year, she spends…
A: Explicit costs are the expenditures incurred by an individual or a business out of its own pockets.…
Q: Jake is planning to expand his economic consulting services for the next month. He can do this by…
A: Introduction Jake is planning to expand economic consulting services. Given: If he hires one more…
Q: a. What is the MRP? What is the MRC? MRP = $ %3D MRC = $ Should the firm add this delivery vehicle:…
A: Marginal revenue product refers to the additional revenue earned by using an additional unit of a…
Q: The average total cost of producing shoes will, as businesses increase production. Select an answer…
A: Total cost: Total cost can be defined as the sum total of the cost that is incurred in the cost of…
Q: You run a school in Florida. Fixed monthly cost is $5,524.00 for rent and utilities, $5,671.00 is…
A: In economics, a firm maximizes its profit by producing at an output level where the marginal revenue…
Q: Paragraph Styles Answer All Questions. All Questions Carry equal marks. Q#1. Last year, M.Hamed left…
A: An economic profit is the difference between the revenue received from the sale of an output and…
Q: 0. If all inputs are trebled and the resultant output is doubled, this is a case of
A: Returns to scale refers to the extent of change in output level when all the inputs are raised by…
Q: Eva runs a hot dog cart at the sports stadium. Eva has no skills, no job experience, and no…
A: explicit costs are the cost which are incurred by the producer in order to run the bussiness. In…
Q: The firm tries to maximize the production of P = 12MC. The company reserves a budget of Rp 500 to…
A: Production function shows the functional relationship between the output and input. The condition…
Q: 2 22 37 4 55 5 69 77 7 80 8 81 9. 81 10 80 B. Application of the Law of Diminishing Marginal Returns…
A: The production functions refers to the mathematical representation of the technical relationship…
Q: Question 6 A carpenter quits his job at a furniture factory to open his own cabinetmaking business.…
A: A rational person work where they get higher income so here we calculate the cost and profit of the…
Q: Exercise 21.1 A firm has weekly production function q(k, 1) = k/471/2, and the unit weekly costs for…
A:
Q: What equation shows the relationship of MC to AVC when AVC is rising?
A: Marginal Cost It refers to the change in the total cost due to one unit change in output. Variable…
Q: Alyssa runs a "Dessert of the month" delivery service. To operate her business each year, she spends…
A: Explicit cost = 30,000+50,000+5000 = 85,000 Implicit cost = 50,000+15,000+2000 = 67,000
Q: Last year, Jarod left a job that pays $60,000 to run his own bike repair shop. Jarod's shop charges…
A: Given: Jarod leaves a job that pays = $60,000 to run his bike shop For a repair, he charges = $65…
Q: Blake decides to spend a spring day in the field planting wheat with some help from some workers he…
A: The accounting profit is the profit which is represented on the income statement of the company. The…
Q: 7. Which of the following are true? (check all that apply) a. AC=MC at the minimum of the AC b.…
A: All the cost curve of a firm is related to each other except fixed cost as it is fixed at each unit…
Q: Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has…
A: Marginal gain is the addition to the total gain by employing an additional unit of input. Time spend…
Q: 12. The number of repairs produced by a computer repair shop depends on the number of workers as…
A: Hi, thanks for the question, as per the guidelines we are allowed to attempt first three subparts in…
Q: Poornima is a hard-working college junior. One Saturday, she answered 100 practice problems for her…
A: Poomima is a hard-working junior college .one Saturday ,she decides to work nonstop until she has…
Q: A firm produces good Y with just 2 factors: Capital which is fixed in supply and labour which is…
A: Given: labor 1 2 3 4 5 6 7 8 9 TP 8 15 24 30 35 37 38 38 36 Note: Due to multiple subparts…
Q: C(x) = Use your function to answer the following questions. (a) What is the cost of renting two…
A: Total cost is the cost that includes variable as well as a fixed cost of the production process.
Q: S-Curve. Clearly draw and label the curve with a working example.
A: The supply curve could be a graphic representation of the correlation between the price of a decent…
Q: Jake is planning to expand his economic consulting services for the next month. He can do this by…
A: Costs are the expenses that the firms incur on their production activities. Firms incur variable…
Q: Sam decides to quit his job as a corporate accountant, which pays $11,000 a month, and goes into…
A: Accounting profit is the profit which is known as net income which is earned after the reducing all…
Q: Isovalue lines are lines along which the utility is constant. lines along which the value of input…
A: Isovalue lines are the lines along which the value if output is constant. The slope of the line…
Q: Julius builds dining chairs that he sells for $200 a chair. His fixed costs are $1,000 (for workshop…
A: Given:P = $200, FC=$1000, VC= $50 + $25.Total cost = FC+ VC*q + 25 (q-1) = 1000 + 50q + 25q- 25TC=…
Q: The marginal, or additional, gain from Sam's second hour of work, from 9:00 AM to 10:00 AM, is -…
A: Marginal Gain is calculated by Total problem or TPn - TPn-1 so we can solve this as follow-
Q: Requirements: a. Compute for MP in each unit labor employed. b. Compute for AP in each unit…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Larry is opening a new laundromat in the city of St. John's. His rent is $1500 per month, and he…
A: Fixed costs are the costs which are not related to the activity level, i.e. fixed costs are those…
Q: Refer to the figure below:
A: The given graph shows the consumption and the investment in different years and in some years the…
Q: 0.7 The Cobb-Douglas production function for a particular product is N(x,y) = 80xyo, where x is the…
A: Production function: N (x,y) = 80x0.7y0.3 Wage per labor (w) = $80 Rent per capital (r) =…
Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…
A: The foundation of economics as a discipline is the notion that resources used by economies have a…
Q: Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of…
A: Marginal expense alludes to the expansion or decrease in the expense of producing another unit or…
Q: A computer-products retailer purchases laser printers from a manufacturer at a price of $500 per…
A: The total cost incurred by a firm includes fixed costs and variable costs. Fixed costs do not change…
Q: Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that…
A: Pats accounting profit=34,000 Revenue=50,000 Cost(explicit)=12,000+1000+3000=16000…
Q: Sam quit his job and started his own business. He made a $100,000 salary at his old job. The company…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Blake decides to spend a spring day in the field planting wheat with some help from some workers he…
A: Total revenue of Blake = $870 Blake incurred renting cost of tractor = $50 Fertilizer cost = $150…
Q: Question 1.Find the optimal input bundle, (L ,K), when r = $11a, w = $38, F(L,K) = L 2/4K 1/4 and…
A: A production function in economics describes the technological relationship between the quantities…
Q: 34. An iso-quant gives: S Combinations of output that can be produced using different levels of…
A: An Iso-quant is a position of points indicating all the efficient ways of mixing the different…
Which of the following are true? (check all that apply)
a. AC=MC at the minimum of the AC
Step by step
Solved in 3 steps
- The best example of a marginal change is A change in anybody's income for a long time A change that happened a year ago and can happen this year again A change that is large and permanent A small incremental or decremental change from one step to the next A change that happens multiple timesManagerial Economics What is the answer to the following questions (7-10)? 7. What happens to TPP when MPP is zero? 8. What happens to TPP when MPP increases? 9. Explain the relationship between TPP and MPP. 10. What is the relationship between APP and MPP?Give typing answer with explanation and conclusion You have opened your own word-processing service. You bought a personal computer, and paid $5,000 for it. However, due to the cost changes in the computer industry, the current price of an equivalent machine is $2,500. You could sell any used machine for $1,000. If you were not word processing, you could earn $20,000 per year at an alternative job. Assume that the interest rate is 10%. You can also hire an assistant who can do everything that you can do for $20,000 per year (you would still continue to do word processing). One person using one computer can produce 11,000 typed pages per year, and the price per page for your service is $2. You are considering three options: (A) expand your business by hiring an assistant; (B) leave your business the way it is; (C) shut down. Fill in the Blank For Option B, economic profit is $_______.
- • Sam enjoys leisure time and money, which comes from working. • Sam has 16 non-sleeping hours in a day to work with. • Sam earns $10 per hour while working. Sam gets 1 unit of utility out of each dollar earned. • Sam gets 20 units of utility from the first hour of leisure, 18 units from the second, 16 units from the third, etc. What kind of budget constraint should we draw to analyze Sam's decision of how much to work? How many hours should Sam work to get as much utility as possible? How many hours should Sam devote to leisure to get as much utility as possible?Dr. Farida is planning for her requirement. Suppose she can consume her salary of Rs. 100,000 while she is in service or save her salary to consume it after retirement. When she saves her salary she will get 10% interest on it. Draw Dr. Farida’s budget constraint, her indifference curve and her optimum. ?Explain very much in detail, using graphs you draw on your own, but also proper English reasoning and math, why the optimum consumption point is defined by the tangent to the indifference curve having the same slope as the budget constraint. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- If labor costs are 60 percent of production costs, then a 15 percent increase in wage rates would increase production costs by: A. 60 percentB. 45 percentC. 15 percentD. 9 percentWhich of the following statements accurately describes typical indifference curves? a. The slope of an indifference curve indicates the marginal rate of transformation. b. Indifference curves are down-sloping due to the diminishing average product. c. An indifference curve traces combinations of production inputs which yields the same level of production cost. d. Indifference curves represent the constraints that individuals face in their decision-making process. e. Further away from the origin an indifference curve is located, the higher level of utility it represents.Barney sells fruits and vegetables at an outdoor market stand. He pays $20 in rent per day for the stand, and he pays 8% of the total sales (x) to an employee. Barney and his employee use the following methods to figure out the amount, in dollars, Barney has left after paying for the rent and his employee for one day. Barney takes the total sales after he pays his employee and subtracts 20. The employee takes the total sales, subtracts the amount of pay she will receive, and then subtracts 20. Which equation correctly shows why both their methods produce the same result?
- Jennifer faces a (non-monetary) fixed cost of work: she spends a substantial amount of time commuting to work on a daily basis. Which of the following diagrams best reflects the daily budget constraint with such a fixed time cost? (blue = budget constraint with fixed time cost, black = budget constraint without fixed time cost)Rick always likes to consume a cup of tea with a serving of noodles at any given time of the day. He earns a monthly allowance of 150. A cup of tea cost him Rs5 and serving of noodles cost Rs 10. Given this what will be Rick’s optimal consumption bundle?Refer to the labor–leisure budget constraint shown to answer the questions. This curve shows trade-offs between income and leisure that must be made over the course of one day. How much does this person earn per hour? $ At point A, how many hours of labor are selected? hourshours At point A, how many hours of leisure are selected? hours