Which of the following is an explicit cost? The opportunity cost of an owner/entrepreneur’s time invested in the firm.   The opportunity cost of the money the business owner/entrepreneur has invested in the firm.   The wages paid to workers.   None of the above

Q: In the long run, a profit maximising firm produces any given level of output by choosing the…

A: In the long run, the firm produces any output based on the long-run average total cost curve. The…

Q: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this…

A: A small company use various combinations of capital and labor in production. These combinations are…

Q: The long run is different from the short run in that, in the long run, a. Resources prices are…

A: The SR {"short-run"} is described as a concept in which one input factor is fixed and the other…

Q: If a firm uses labor to produce output, the firm’s production function depicts the relationship…

A: Answer- the number of workers and quantity of output.

Q: suppose Jack produces chocolate with two inputs : factory and labor.  If the workers become more…

A: Labor productivity has increased. Labor productivity and cost of production (except fixed cost) are…

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: Explain why using opportunity cost as a measure of the “cost” of something is better than using a…

A: Trade-off:The term trade-off refers to sacrificing one commodity in order to buy the other…

Q: Which of the following is a cause of diminishing marginal productivity? a.In the long run, labor…

A: Marginal Productivity  Marginal productivity or marginal product is the additional output, return,…

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…

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A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: you increase the production to infinitely higher level , the average variable cost and average total…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: Imagine that you are considering starting your own business. Please share what you think would be…

A: The potential advantages that an individual, investor, or organization foregoes by choosing one…

Q: Distinguish between economies and diseconomies of scale, ensuring to differentiate between internal…

A: The difference between economies and diseconomies of scale: In both the enterprises: public and…

Q: Solve the attachment.

A: Opportunity cost is termed as alternative cost. It is the lost gain which can be acquired from the…

Q: Marilyn opens an insurance brokerage. Which of the following is an example of her implicit cost?…

A: Opportunity cost: - opportunity cost is a forgone benefit that we could have earned by applying all…

Q: You are a manager of an advertising company. The company is running short of funds, so you decide to…

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

Q: all possible combinations of labor and capital inputs at a given budget and prices of labor and…

A: We have to found following question.

Q: (9) The short run is a time period in which: (a) all resources are fixed. (b) the level of output is…

A: As you have not mentioned the exact question as per our policy I am answering first three questions.

Q: Which of the following examples represents the relationship between division of labor and…

A: The relationship between the division of labor and production refers to when the different tasks are…

Q: Introduction to Calculus in Economics: Calculus is a powerful tool used in economics. One of the…

A: The Average Cost is the per unit cost of production acquired by separating the total cost (TC) by…

Q: what instances will the economists/managers use short run and long run production. Give actual…

A: In financial aspects, short run alludes to a period during which somewhere around one of the…

Q: The measure of the cost of a particular good in terms of what is given up to produce that good is…

A: The costs reflect the amount of dollars that a business firm must use to carry out its production…

Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…

A: The economics as a study is based upon the idea that the resources with the economies have a limit…

Q: __________ refers to the expenditures incurred by a firm to obtain the factors of production that…

A: Factors of production are the main pillars for producing output in the economy. All the inputs of…

Q: Discuss the impact of rational self-interest on each of the following decisions. Whether to attend…

A: the question and specify the other subparts you’d like answered. It is believed and assumed in…

Q: Think about running a restaurant. It is likely the case that:   a.  cooks and hosts are variable…

A: Variable cost means the cost which occurs due to the employment of variable inputs/resources while…

Q: It takes you 3 hours to make a sweater which you can sell online and make a $60 profit for the…

A: A market is a place where the buyers and sellers exchange their commodities and services between…

Q: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

A: 1) When a firm pays the annual allowance of $10,000to the accountant, is an economist cost. This is…

Q: Which of the following represents the optimal combination of Capital and Labor under the goal of…

A: The marginal rate of technical substitution is the rate at which one factor must decrease when an…

Q: Joe's House of Birds produces bird houses. Evaluate each of the following statements to determine…

A:

Q: The law of diminishing marginal returns explains why the short run average total cost curve and the…

A: Correct answer a) Why the short run average total cost curve and the short run average variable…

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: Labor (workers) Output (scooters) Total fixed costs (dollars) Total variable cost (dollars) Total…

A: From the given table, we can write that the fixed cost is $200 Wage rate of each worker =$100 per…

Q: the main difference between the short run and the long run

A: Short run is a time period in which there are fixed costs and variable cost Fixed cost means the…

Q: Con Co. produces a collectible card game. Currently, the price of capital is at $50 and the price of…

A: Marginal product of labor is the output produced when an additional unit of labor is hired in the…

Q: QUESTION 2 Match each of the following terms and descriptions Explicit Cost A. the opportunity cost…

A: There are two type of cost- implicit cost and explicit cost. Explicit cost includes payment of money…

Q: The marginal cost curve passes through the minimum point of the average variable cost curve but not…

A: ATC(Average total cost), MC(Marginal cost) and AVC(average variable cost) are U shaped curves. This…

Q: Question 2 In the short run, a firm that produces and sells widgets is able to... Group of…

A: "In the production process with two inputs capital and labor, short run is defined as a period in…

Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…

A: Sunk cost is the cost which cannot be recovered as ticket cost of the movie  in the case. Because if…

Q: What best describes the long run? a period of time that labor can change a period longer than six…

A: The long run is a span of time during which all production parameters and costs are subject to…

Q: Which of the following is part of a firm's opportunity costs? I. wages II. utility costs III.…

A: Hey, Thank you for the question. According to our policy we can only answer 1 question per session.…

Q: In the long run, firms try to decide which combination of technology, capital, labor and other…

A: The firm's main objective is to maximize profit and minimize costs and the firm decides on the best…

Q: Multiple choices    One reason why in the short run, the marginal product of labor might increase…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: which of the following best describes marginal product? A.)Left over output- the loaves a bakery…

A: Total product refers to the total output produced with the given inputs. Marginal product refers to…

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: The long run is defined as A) the period of time when all resources are variable. B) any time after…

A: The long run is defined as the period of time when all resources are variable. Firm can change all…

Q: What is the term for what you give up to obtain an item?   Question 4 options:   opportunity cost…

A: Implicit Cost:- The expenditure which have already incurred which isn't shown or acknowledged as a…

Q: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this…

A: Labor: It is the measure of physical, mental, and social exertion used to create products and…