Which of the following statements is false? If marginal cost is rising, then average variable cost must be rising. The marginal cost of the fifth unit of output equals the total cost of five units minus the total cost of four units. The total variable cost of seven units equals the average variable cost of seven units times seven. The marginal cost of the fifth unit of output equals the total variable cost of five units minus the total variable cost of four units.

Q: For the firm whose production function and costs are specified in the table, which of the following…

A: Here the incorrect is “from 250 units of output through 430 units marginal product is rising so the…

Q: Using your knowledge of cost formulas and calculations for a firm producing in the short run, redraw…

A: Total fixed cost is the cost of all fixed inputs and expenses required to produce output during a…

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

Q: Rising short-run average variable costs of production for a firm indicate that   Question 4 options:…

A: Average variable costs are the costs incurred on variable factors or inputs per unit of output. The…

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A: It is given that, the total cost of production of 1st unit = $100. The total cost of production when…

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A: Average Total Cost is calculated by dividing the total cost with units of output. Average Cost =…

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: Order the following components of a long run average cost curve as output expands based on which…

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A: Fixed costs incorporate quite a few costs, including rental rent installments, compensations,…

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A: Hey, Thank you for the question. According to our policy we can only answer up to 3 sub parts per…

Q: The total cost of producing one unit is $50. The total cost of producing two units is $75. At a…

A: Given information: Total Cost  to produce 1 unit = $50 Total Cost  to produce 2 unit = $75

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A: ANS Profit is given by subtracting Total Cost (TC) from Total Revenue (TR). Mathematically it is…

Q: What is the critical point of the total cost function TC=1/3Q3+6Q2-640Q ? A) Q = 32 B) Q = 16 C)…

A: The total cost function refers to the mathematical expression of the cost that is incurred during…

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A: Total cost per unit if production is 100 units per week = $70 Total cost of 100 units per week =…

Q: Average cost curves (except for average fixed cost) tend to be U-shaped, decreasing and then…

A: Total Costs  = Variable costs + Fixed costs AC = AFC + AVC

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A: (b) - False

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A: ATC = TC/Q AFC = TFC/Q AVC = TVC/Q   TC = TFC + TVC TFC = TC – TVC AFC = AC - AVC

Q: Since marginal cost is the reciprocal of marginal product times the input price, it decreases as…

A: The marginal cost refers to the additional cost incurred on production of an additional unit of…

Q: QUESTION 3 Match each of the following terms and descriptions Fixed Cost Total Cost A. fixed cost…

A: Fixed cost is that cost which are not changed as output changed its remains constant. That means if…

Q: Which of the following best describes total fixed cost?a.The change in total cost when one…

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A: Marginal cost is the cost of producing an additional unit. With the increase in production, till a…

Q: q3- The average total cost curve is increasing when marginal cost is:   Select one: a.…

A: The relationship between ATC and MC is: When the MC curve is above the ATC curve then the ATC…

Q: Explain the following statement by using a graphical analysis: “Shape of the short-run cost curves…

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Q: Economic cost is equal to the sum of the explicit and the implicit costs True False

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Q: Refer to Table 8.2. If Sherry produces one pair of earrings, her total variable costs are A) $50.…

A: Total cost of production is the sum of total fixed cost and total variable cost. Total fixed cost is…

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A: Average Total Cost (AC): - it is the average value of total cost by producing a specific unites of…

Q: The economies-of-scale curve is a long-run average cost curve, because       it allows all factors…

A: Basics:- Short run:- It is a period of time in which fixed cost remains constant because all factors…

Q: Graphically, the marginal cost curve and the average total cost curve intersect where

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A: (a) Ike’s Bikes is currently producing 450 bikes per month in its only factory. From the table, it…

Q: In the table, the average variable cost at 2 units of output is

A: Answer to the question is as follows :

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

A:

Q: Which of the following is always true?A) When marginal costs are less than average total costs,…

A: Below are the cost curves: (Sorry it’s a free hand diagram so it is not very neat)

Q: How do you solve this and can you show me step by step?

A: The cost function of two plants can be expressed as follows.

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A: Average variable cost (AVC) The average variable costs (AVC) are calculated by dividing total fixed…

Q: Average variable cost and average total cost get closer as output increases because a) productivity…

A: ATC = AVC + AFC So, AFC = ATC - AVC (= distance between ATC and AVC curves) Also, AFC = TFC / Q As Q…

Q: Marginal cost equals None of the above are correct. total cost divided by quantity of output…

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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…