Which of the following would be an implicit cost of operating a golf course? O the cost of not developing houses on the property O the cost of property insurance O the cost of fertilizers and water O the cost of groundskeepers
Q: 39. What do you call that COST which is nat usually thought of at a coST? A. Explicit Cost B.…
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Q: 2. Suppose the wage rate for labor is S30 an hour and the rental rate for capital is $50 per hour.…
A: Answer a. The isocost line is as follows: Amount of labor firm can purchase= 1500/30…
Q: 13.03 Homework • Answered If the average variable cost of producing 4 jeans at Jerry's factory is…
A: We know that, Total Cost(TC)= Total Fixed Cost(TFC)+Total Variable Cost(TVC),Average Variable…
Q: a cost but accountants would not? O the interest income given up by the firm's owner because the…
A: For the most part, implicit expenses should be assessed and are not straightforwardly quantifiable,…
Q: An example of a variable cost is O a lease payment O the cost of labor O administrative overhead O…
A: Costs refers to the amount of money spent by the production units to produce the goods and services.…
Q: What is the variable cost of production ( per month)
A: Variable Cost = Labour Cost+Ingredients+electricity Variable Cost =4.00+2.00+0.20 Variable Cost…
Q: Answer the next four questions after completing the cost table below: Quantity TC MC AFC AVC ATC 0 1…
A: The measure that depicts expenses incurred by business for carrying out day to day expenses is known…
Q: l in the column for marginal cost in the previous table. (Hint: MC = 4) l in the column for average…
A: In economics, the marginal price is the alternate withinside the overall price that arises whilst…
Q: If you have the data of Total cost (TC)= 15, 25, 30, 40, 55, 75, 100 against units of output (Q) =…
A: Marginal cost is the cost which incurred by producer when they produce one or more additional unit .…
Q: Lake Charles Seafood makes 500 wooden pack-ing boxes for fresh seafood per day, working in two…
A: Productivity is represented as the ratio between the amount of output and the number of inputs. In…
Q: Consider the following cost information for a pizzeria: a.What is the pizzeria's fixed cost?…
A: The total cost is the total expenditure incurred to the business during the production process of a…
Q: 7. Ahmed's Pizza House sells extra-large deluxe pizzas at OMR 9.000 per pizza. The cost of…
A: Given, Selling Cost of extra-large deluxe pizza = OMR 9 per pizza Cost of ingredients = OMR 2 per…
Q: Suppose a pizza parlor has the following productions cost $4.00 in labor per pizza $2.00 in…
A: Profit is the key motive of firms operating in a market. Profit refers to the difference between the…
Q: Consider the following cost information for a pizzeria: a. What is the pizzeria’s fixed cost?b.…
A: Meaning of Cost: Cost refers to the situation under which a firm occurs various expenses during the…
Q: ane's Juice Bar has the following cost schedules: n the following table, complete the marginal cost,…
A: We have given that Cost in dollars Quantity Variable cost Total Cost Marginal Cost Average…
Q: See the cost information in the table below. The marginal cost of the 6th unit is Quantity…
A: The marginal cost of a good refers to the increment in the total cost when an additional unit of a…
Q: Which of the following statements is true? a. If the marginal cost curve is above the AFC curve, the…
A: The AFC curve continues to fall with rise in output. The AFC curve is in decreasing shape. Average…
Q: a. How many barrels of oil will the firm extract in the first year? million barrels b. Suppose the…
A: The company will extract that quantity (Q) at which the price of extracting and the price of selling…
Q: 42. What is the shape of the average fixed cost (AFC) curve? A. O U-shape Horizontal up to a point…
A: The Answer if given below
Q: The objective of this activity is to test students understanding of the various components of the…
A: Note:- Since we can only answer one question at a time, we'll answer the first one Please repost the…
Q: Output TFC TVC TC MC ATC A 25 25 ---- -- 1 25 25 50 25 50 C 2 25 40 65 32.5 D 3 25 70 95 E 4 25 110…
A: The marginal cost is the cost of producing an additional one unit of output. Marginal cost (MC) is…
Q: Quèstion 25 Opportunity cost is considered as: O Implicit cost O Explicit cost O Accounting cost…
A: Opportunity Cost is the value of next best alternative (which is available after choosing the…
Q: Which of the following is an implicit cost? i. wages paid to workers ii. the normal profit iii. the…
A: Implicit cost is that cost in which there is no exchange of cash and is not recorded for accounting…
Q: Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent…
A: "Implicit costs refer to the opportunity costs i.e. the cost of resources which the business owns…
Q: Why does the marginal cost of production typically increase as the amount of output produced…
A: Marginal cost is the additional cost incurred to produce an additional unit of output.
Q: An Accountant would say that total costs equal out-of-pocket costs plus opportunity cost. O True O…
A: Economic cost is the sum of out of pocket expenses and opportunity cost Accounting cost is out of…
Q: If the average variable cost of producing 5 costumes in Kira’s Costume Shop is $50, and the fixed…
A: Total cost is the sum of total fixed cost and total variable cost. Total fixed cost is fixed and it…
Q: Which graph correctly represents the relationship between all three cost curves? O Cost MC Cost АТС…
A: The relationship between curves: The MC curve cuts the ATC and AVC at the minimum and ATC>AVC.
Q: Question: How does the average hourly manufacturing salary in Australia affect cost efficiency? How…
A: Cost efficiency: The act of saving money by modifying a product or process to perform more…
Q: Give the formulas for and plot average fixed cost, AFC, marginal cost, MC, average variable cost,…
A:
Q: 22. Suppose an artist put on 5 concerts in Korea last month for an average total cost of $1 million…
A: Average Total Cost(ATC) is the total cost divided the total quantity. ATC=total costtotal quantity…
Q: Total cost Labor (workers)| Output (frijoles) (dollars) 1,000 1,000 3,000 10 3,000 5,000 15 4,000…
A:
Q: The following is a table of cost for a toy manufacturing firm. The variable input is labor. Use this…
A: We are going to find the average variable cost to identify the value of B.
Q: Which of the following illustrates explicit and implicit costs? O A. Ned pays an hourly wage of $18…
A: Explicit cost is the amount paid to someone outside. Implicit cost is the cost of using own…
Q: The concept of marginal cost is best described by which of the following? O Mr. Creosote meets a…
A: Marginal cost refers to those cost that firm incurs when it decides to produce an additional unit of…
Q: The table below shows the prices of the inputs and outputs for the production of a road bike. Ianuf…
A: a) The value added by supplier of raw materials is the sum of raw materials value ie…
Q: Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The…
A: Total cost (TC) at zero level of out is the total fixed at cost at each level of output. Thus, fixed…
Q: 7. The cost per computer produced at a factory depends on how many computers the factory produces in…
A: The cost function of a firm consists of two types of cost- fixed cost and variable cost. The fixed…
Q: 4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units?
A: The above table can be filled in as follows: Quantity FC VC TC MC 0 10 0 10 - 1 10 5 15 5…
Q: alculate and plot the following: No of Units Total Cost 0…
A: In microeconomics, there are different types of costs, like total cost, average cost, marginal cost,…
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: Which of the following is the best example of a transactions cost? O the price of labor and…
A: Cost is the expenditure of producing goods and services. It is the sum total of the total fixed cost…
Q: . A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is…
A: Marginal revenue: It refers to the increase in the organization's revenue, which increases from the…
Q: The table below shows the maximum output levels for Here and There. Cloth 110 Computers 60 120 Here…
A: Opportunity cost of production of an item alludes to the expense which the maker needs to forfeit…
Q: Complete the third column of the following table by calculating the marginal cost per dozen pizzas…
A: A change in the total cost of producing various quantities of a product is divided by a change in…
Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…
A: Total cost refers to the total expenditure incurred by a person in producing a good or providing a…
Q: Jane’s Juice Bar has the following cost schedules:a. Calculate average variable cost, average total…
A: The fixed cost is the cost that is associated with the fixed factors of production (factors that…
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- A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Fish (pounds) 0 0 1 10 2 18 3 24 4 28 5 30 The fisherman has a fixed cost of $10 (his pole) and the opportunity cost of his time is $5 per hour. What is the total cost of capturing 28 pounds of fish? Question 7 options: 30 40 20 10ia is considering whether to go out to dinner at a restaurant with her friend. The meal is expected to cost $40, Jia typically leaves a 20% tip, and an Uber will cost $5 each way. Jia values the restaurant meal at $25. Jia enjoys her friend’s company and is willing to pay $30 just to spend an evening with her. If Jia does not go out to the restaurant, she will eat at home, using groceries that cost her $8 Calculate Jia’s costs associated with going out to dinner with her friend. Calculate Jia’s benefits associated with going out to dinner with her friend. Based on the information, Jia should...11.2 The cost, in thousands of dollars, of airing x television commercials during a sports event is given by C(x) = 20 + 3,000x + 0.01x2. (a) Find the marginal cost function C'(x). HINT [See Example 1.] C'(x) = Use it to estimate how fast the cost is increasing when x = 4. thousand dollars per television commercialCompare this with the exact cost of airing the fifth commercial. The cost is going up at the rate of $ per television commercial. The exact cost of airing the fifth commercial is $ . Thus, there is a difference of $ . (b) Find the average cost function C, and evaluate C(4). HINT [See Example 2.] C(x) = C(4) = thousand dollars per television commercial What does the answer tell you? The average cost of airing the first four commercials is $ per commercial.
- Quilts alters, reconstructs and restores heirloom quilts. Cassie has just spent $800 purchasing, cleaning and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished. After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is the marginal cost of completing the task? $200 $500 $1,000 $1,000 plus the value of her timePlease ASAP. Thank you. QUESTION Economics is the discipline that deals with the consequences of resource scarcity.TrueFalse Owners of for-profit hospitals expect a return on their investments. These expenses and profits are included in various fees, these fees are called? A. Risk shifting B. Premiums C. Profits D. Average lossesPlease awnser following questions and tell me which multiple choices are correct only please thank you 16 "Creative destruction" is the name given to: Select one or more: a. The process of destroying technology as in the case of the Luddites. b. The process by which new technologies are introduced to replace older, less profitable technologies. c. Increasing competition in a market as the number of firms increases. d. The process of preserving old technologies to protect disappearing ways of life. 17 A profit-maximising firm considers its marginal revenue (MR) and marginal cost (MC) functions. Which of the statements below is correct? Select one or more: a. If MR > MC, increase output to raise profits. b. If MC > MR, increase output to raise profits. c. If MC = MR, raise output to increase profits. d. If MC < MR, lower output to raise profits.
- Assume the following: (1) three people go to a restaurant, (2) each person orders a soda for P2 and the group of three orders a large pizza to share for a price of P12 and (3) a fourth person joins the group and orders one soda and is invited to share in eating the pizza. Which of the following statements is false? a. The cost of the fourth person’s soda will be P2. b. The total cost of the four sodas consumed by the group is P 8. c. When the fourth person joined the group the total cost of the large pizza increased to P 16. d. When the fourth person joined the group the average pizza cost per person dropped to P3.Ray bought two WVU football tickets for $100 each. However, he has won a free vacation and won’t be able to attend the game. A ticket scalper offers him $40 for each ticket before he leaves town. Calculate the opportunity cost. $0 $80 $200 $100 $120Numbers and Graphs: Chapter 01 MARGINAL COST, MARGINAL BENEFIT ($ per hour of reading per w 10 5 A 2 0 5 10 15 20 25 30 35 READING (Hours per week) 40 MC MB 45 50 Now assume that the marginal costs of reading have decreased. MC + Initial Efficient Point New Efficient Point A On the graph, shift the marginal-cost curve (an orange line) to reflect the change in the marginal costs of reading. Then use the gray point (a star symbol) to plot the new efficient point after the shift in the marginal-cost curve. Finally, use the tan area (rectangle symbols) to shade the area representing the change in net benefits associated with this decrease in the marginal cost of reading. After the decrease in the marginal cost of reading, the new efficient level of reading is benefits associated with the efficient level of reading have than it was previously. Furthermore, the net Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer…
- 1. April quit her job as an accountant at Ernst and Young, where she was paid $45,000 per year. She started her own landscaping business. She rents machines and tools for $50,000 and pays $10,000 as wages to her help. These are her only costs. April earned total revenue of $100,000. a. Her accountant calculates her profit as $50,000. b. Both answers A and B are correct. c. She has an economic loss. d. Her explicit cost is $105,000. 2. Which of the following does NOT influence the price elasticity of demand? a. the price of the good relative to total income b. the number of substitutes available to consumers c. the amount by which the demand curve shifts when the price of another good changes d. the time period buyers have to respond to a price change 3. If the price of a six-pack of Pepsi falls from $4 to $3 and the quantity purchased increases 80 percent, then demand is a. inelastic. b. unit elastic. c. elastic. d. perfectly inelastic. 4. Goods that can be produced at a…for each of the following situations involving marginal cost (MC) and marginal benefit (MB), indicate whether it would be best to produce more, fewer, or the current number of units. a. 3,000 units at which MC = $10 and MB = $13. b. 11 units at which MC = $4 and MB = $3. c. 43,277 units at which MC = $99 and MB = $99. d. 82 units at which MC < MB e. 5 units at which MB < MCComplete the cost schedule below for the Ozzie Ugg Boot Co. Total product (Q) Total fixed cost (TFC) Total variable cost (TVC) Total Cost (TC) Marginal Cost (MC) Average fixed cost (AFC) Average variable cost (AVC) Average total cost (ATC) 0 $50 $50 C 1 $80 D 2 B $95 E 3 A $105 F 4 $110 I G 5 $130 H 6 $160 J List the values that you obtained for the letters A to J in your answer (no more than 2 decimal places). What is the most efficient level for the company to produce its product? Why?
