Which of the following is an implicit cost of production?   16:   A)  the utility bill paid to water, electricity, and natural gas companies   B)  the loss in the value of capital equipment due to wear and tear   C)  the salary you pay yourself for running your business   D)  the interest you pay your mother for the money she loaned you to start your business

Q: Which of the following is true:     A. Long Run Average Total Costs are always smaller or equal…

A: The first statement is True. This is because in long run, all factors of production are variable and…

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: Which of the following statements is false?     a. The long-run average-total-cost curve does not…

A: Total cost

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: Given the following cost function, determine the underlying production function. 1 2C(m, w, y) =…

A: The cost function shows the functional relationships between factors payments and outputs. It shows…

Q: A firm uses two inputs in production: capital and labor. In the short run, the firm cannot adjust…

A: A) The estimated gross cost curve of the business goes up as the cost of renting capital changes,…

Q: Consider the following two systems of production, which produce the same quantity.   A (assemble…

A: Given information Assemble by hand system A: 35 workers and 1 robot Assemble by robot system A: 5…

Q: Refer to the graph shown above. Based on the information illustrated in the graph, which of the…

A: Answer - Need to find- Correct option - Given in the question-

Q: Select choices which are true about Total Costs.  (Select all that apply.)   Question 38 options:…

A: Total cost is defined as the total expenses that a company or firm has to incur in order to produce…

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: Economists describe short-run decisions as "constrained" decisions, while long-run decisions are…

A: The factors of production are the factors that are being used in the process of production by the…

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 scenarios does not illustrate a long-run adjustment? BMW builds a new…

A: The short run is a period when at least one factor of production is fixed. These factors include…

Q: A firm with decreasing returns to scale can expect to produce       [a. more than, b. less than,…

A: Returns to scale Returns to scale is a metric for determining how efficient a production function is…

Q: The change in the optimal capital-labor ration if both inputs are perfect complements in production…

A: Perfect complements are those products, items, or inputs that are always used together and also are…

Q: Modified True or False: State whether each statement is true or false. If the statement is false,…

A: The diminishing returns occurs in the short run. All factor of production are not variable in the…

Q: Which of the following statements is true?    (a) If a firm is experiencing decreasing returns, it…

A: Production Possibility curve refers to graphical representation that shows all the combination of 2…

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: rising with output increase Long Run Average Total Costs are decreasing with output increase  Long…

A: Increasing returns to scale occurs when the output tends to increase in a greater proportion as…

Q: Donny, of Donny's Doughnuts, bakes and sells 100 dozen doughnuts a day using one mixer and one…

A: Both the firms produce the same products and the exact same machinery as well as method of…

Q: Which of the following statements is the least likely to be true? A) Automation requiring…

A: Automation alludes to the course of naturally delivering products using robots, control frameworks…

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: Continuing to refer to Table 7.9 and Figure 7.7, compute the average total cost, average variable…

A: * SOLUTION :-    Given that ,

Q: Which of the following is NOT true regarding static and flexible budgeting? Static budgets force…

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

Q: Question 3 If a firm is able to double output when it doubles input, it has... Group of answer…

A: "Returns to scale refers to the rate at which output produced changes when all inputs in 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: Determine whether the following production functions exhibit constant, increasing, or decreasing…

A: When increase in all inputs results in same proportional increase in output, production function…

Q: Which of the following is true in the short run?   Question 15 options:   at least one factor of…

A: Variable factors are those factors which tend to change as output changes. Fixed factors refer to…

Q: Which of the following is a fixed cost or a variable cost for Toyota motor corporation ? Explain. a)…

A: Fixed Cost remains same at all levels of output. Variable Cost varies as the output increases or…

Q: Which of the following statements about direct and indirect costs is/are likely to be true? Note:…

A:

Q: What is an example of a fixed cost? Group of answer choices Expenditures for raw materials. Wages…

A: A business generally incurs two types of costs:1-Fixed costThis type of cost does not depend on the…

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: Q3, A firm operates with the following Cobb-Douglas production function where Q is output, L is…

A: Given information Production function Q = 5(L1/3K2/3) Wage rate= $ 40 per hour Rent=$10 per hour The…

Q: What do a firm's opportunity costs of production amount to?   Question 13 options:   explicit…

A: Opportunity Cost is the value of next best alternative sacrificed.

Q: Question 21.21.   Which would be an implicit cost for a firm?  The cost  of worker wages and…

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

Q: Which of the following statements is CORRECT?   Question 17 options:   Short-run decisions are not…

A: There are various factors that affect the production. Some factors are variable and some are fixed.

Q: Firms are facing a lot of challenges when dealing with their costs of production. Analyze a fixed…

A: Fixed cost refers to the cost of production that the firm has to incur irrespective of output. This…

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: The AC curve is U-shaped because of the declining AFC and the effects of the diminishing marginal…

A: The average cost is the per-unit cost that is equal to the total cost divided by the number of units…