Which of the following illustrates a fixed cost?: wages paid to a temporary worker website design costs insurance payments raw material expenses
Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…
A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…
Q: regarded as costs by accountants but not by economists. B. payments that a firm makes to other firms…
A: Economic profit= total revenue- total cost
Q: If a person starts their own business, one implicit cost is the loss of a steady salary from leaving…
A: This statement is True Implicit cost is the opportunity cost of the foregone alternative which is…
Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…
A: The economic cost is the sum of all losses of any goods that have a monetary value attached to them…
Q: Consider the data in the table which applies to the provision of psychological testing services.…
A: Variable Cost is the cost which depends on the amount of output. It changes with the change in the…
Q: Indicate whether each of the following is anexplicit cost or an implicit cost.a. A manager’s…
A: Explicit Costs are costs that are directly incurred by the business. They can be seen in the…
Q: Please explain whether the following statements are true or false. Question (a) if the owner of a…
A: The potential benefits that a person, investor, or company loses out on by choosing one option over…
Q: Marginal cost is the: rate of change in total fixed cost that results from producing one more unit…
A: Marginal cost by definition is the cost incurred for producing an extra unit of the good or…
Q: The opportunity cost of money that a firm’s owner has invested is an example of A Implicit costs. B…
A: Opportunity cost is by implicit costs. That is, implicit cost is the opportunity cost that arises…
Q: Jim cannot work for a week due to illness. [ Select | [ Select ] explicit cost implicit cost Norman…
A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…
Q: Lewis contracted with the government to dredge 2 million cubic yards of silt from a ship channel.…
A: Excavate: It refers to dig a hole in the ground.
Q: Discuss the impact of cost trade-off of the following: (a) Longer production runs…
A: Part (a) Longer production runs producing syringes will lead to lower unit cost i.e., the decrease…
Q: Which of the following is an explicit cost? The opportunity cost of an owner/entrepreneur’s time…
A: An explicit cost is an out of pocket expense that is incurred in the course of production of a good…
Q: Which of the following is an example of an implicit cost? Group of answer choices A)Federal taxes…
A: Implicit cost is such a cost that shows factor cost owned by entrepreneur himself and also known as…
Q: Which of the following would be the best starting point on which to focus if an air conditioner…
A:
Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…
A: Accounting cost =Annual lease on building +Payment to workers + Utilities cost…
Q: The amount of money that a firm pays to buy inputs (resources) is called a. fixed cost b. total cost…
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…
Q: The following is cost information for the Creamy Crisp Donut Company Entrepreneur's potential…
A: Explicit Costs or the Accounting Costs refer to the actual monetary payments made during course of…
Q: Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He…
A: Total cost =total variable cost + total fixed cost
Q: Which of the following would increase a firm's average total costs? economies of scale an increase…
A: Average Total Cost: The average total cost (ATC) is the per-unit cost of producing goods and…
Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…
A: The sunk costs are the expenditure incurred by a firm or business that is non-recoverable or on…
Q: Identify yes or no as to whether or not each of these costs would be relevant for the decision on…
A: Business have two types of cost. fixed and variable fixed cost cannot be shifted and have to be…
Q: Which of the following is likely to be the least important factor for firms in determining…
A: Production is an activity that employs labor, capital, products, and services as inputs to generate…
Q: ABC Company issued a payment for the suppliers of raw materials they used in producing their goods.…
A: Fixed cost is the costs that needs to paid every month or year whether the production process is…
Q: Which of the following is most likely to be an implicit cost?* rental income foregone on assets…
A: NOTE: .We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: How does learning by doing affect average total costs? Short-run average total costs will remain…
A: Learning by doing is a process of achieving productivity through practice, innovations, and…
Q: A print shop wants to expand production. It currently has 20 employees and 8 copy machines and…
A: Answer: Given, Number of new employees added = 4 Output produced by 4 new employees = 80,000 Number…
Q: Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per…
A: Opportunity cost is the cost that a person faces due to his decision of giving up one good for…
Q: The following is cost information for the Creamy Crisp Donut Company LL Entrepreneur's potential…
A: Normal profit is the part of total cost which represents foregone income, that is income that could…
Q: Differentiate between explicit and implicit costs. Explain the importance of considering both types…
A: Explicit cost: It is the cost that is incurred in running the day-to-day operations of a business…
Q: TV manufacturer can produce 200 TVs in a month at a total $140000 and 400 TVs at a total cost…
A: Given the cost for production of 200 Tvs is $140,000. Therefore, the fixed cost is $140,000 as it…
Q: Which of the following sources of low costs is most popular? Group of answer choices Economies of…
A: Cost is minimized when large output can be produced with limited resources and available technology.…
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: Evaluate the view that the main goal of firms will always be cost minimization. 2. You are…
A: 1. Every organization works with the primary motive of maximizing its profit. In order to maximize…
Q: of the following statements about worker productivity and labor costs are true, EXCEPT: A.…
A: Worker productivity refers to total output divided by quantity of labor employed. It is also known…
Q: MNLOGS harvested logs (with no inputs from other companies) from their property in northern…
A: Given,MNLogs harvested logs with zero input cost and sold these logs to MNLumber for $1,500. Then…
Q: A producer borrows money and starts a business. He himself looks after the Identify implicit and…
A: Answering first question as per guidelines. Explicit Costs refer to actual payments made for…
Q: Which of the following statements is correct? Multiple Choice ___ Marginal cost is the change in…
A: Marginal cost is defined as the extra coat a firm incurs by employing an extra unit of input.
Q: Which of the following is a typical example of a variable cost of production in a business firm? A.…
A: Variable Cost is that cost which keeps on changing with the change in the level of output.
Q: Which of the following statements is true? Costs are always explicit, never implicit. Costs are…
A: Cost is the expenditure incurred by the firm on purchase of factors of production for the production…
Q: Why would labor be treated as a variable cost? Question 24 options: they are costs…
A: Variable cost is that cost which changes when the output level changes. It depends on the quantity…
Q: The average fixed cost curve a. always rises with increased levels of output b. declines as long as…
A: The average fixed cost is the per unit fixed cost incurred in the production process as it is…
Q: The cost, in dollars, of producing æ units of a certain item is given by C (z) = 5x – 4/7 – 1. Find…
A: Average cost (AC) is defined as the per unit cost of producing a commodity. AC = TC/x
Q: Q15 _____ cost declines over the whole range of output. a. Average variable. b. Total variable. c.…
A: Total fixed cost (TFC): - it is the cost incurred on the fixed capital assets like land, building,…
Q: The following statement describes which source of low costs? “The more the firm has ever made, the…
A: Given : The more the firm has ever made, the better it gets at making.
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: Which of the following statements is FALSE? Question 6 options: Marginal cost equals average total…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Which of the following describes an implicit cost? NO opportunity cost is involved. NO outlay of…
A: Cost can be of two types, explicit cost and implicit cost.
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- What is an example of a fixed cost? Group of answer choices Expenditures for raw materials. Wages for unskilled labor. Shipping charges. Property insurance premiums.Which of the following is a typical example of a variable cost of production in a business firm? A. Property insuranceB. Property taxC. Raw materialsD. Wages paid to salaried employeesThe wages paid to workers employed by a firm are an example of an explicit cost. a. True b. False
- If output per per person is .25 and the wage rate is 10,what is the average variable cost?The following is cost information for the Creamy Crisp Donut Company Entrepreneur's potential earnings as a salaried worker - $60.000 Annual lease on building = $30,000 Annual revenue from operations = $250,000 Payments to workers = $100,000 Utilities (electricity, water disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 If, other things equal, Creamy Crisp's revenue rose to $284.000 A. its implicit costs would exceed its economic costs B.it would earn a normal profit but not an economic profit C. it would suffer an economic loss D. it's accounting profit would fall to $0The opportunity cost of money that a firm’s owner has invested is an example of A Implicit costs.B Direct production costs.C Sunk costs.D Accounting costs.E Explicit costs.
- jimmy hires only labor and capital at his service shop. The price of labor is $100 per worker per week and the price of capital is $10 per unit per week. The fixed cost of production equals: a)$0 b)$100. c)$110. d)5001 Mzanzi-Ndizvo (Pty) is a vaccine manufacturing company that has the following costs of production. Cost of capital is R50 000, labour cost is R30 000, and the total cost the firm is willing to pay is R300,000. Identify the type of this production function and Illustrate it with a 2D graph.The cost, in dollars, of producing x yards of a certain fabric is C(x) = 1100 + 13x − 0.1x2 + 0.0005x3. (a) Find the marginal cost function. C'(x) = (b) Find C'(500) and explain its meaning. What does it predict? C'(500) = and this is the rate at which costs are increasing with respect to the production level when x = . C'(500) predicts the cost of producing the ---Select--- 499th 501st 401st 599th 500th yard. (c) Compare C'(500) with the cost of manufacturing the 501st yard of fabric. (Round your answers to four decimal places.) The cost of manufacturing the 501st yard of fabric is C(501) − C(500) = − 45,100 ≈ , which is approximately C'(500).
- Define the term Manufacturing Costs?Suppose Larry's Lariats produces lassos in a factory, and uses nine feet of rope to make each lasso. The rope is put into a machine that automatically cuts it to the right length, then seals the ends to prevent fraying. The rope is then hand tied, dipped, and wound before being placed in a packaging machine to prepare it for retail sale. Which of the following would be considered a variable cost for this company? Question 1 options: a The cost of the factory b Employee wages c The rope-cutting machine d All of these expenses would be included in variable costs.What are economic costs? Group of answer choices Any contractual obligation that results in a flow of money expenditures from an enterprise to resource suppliers. All costs exclusive of payments to fixed factors of production. A payment that must be made to obtain and retain the services of a resource. Any contractual obligation to labor or material suppliers.
