Which type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost 4.all of the above

Q: Define different types of costs. Explain Fixed and Variable costs with the help of examples.

A: Types of cost in short run Fixed Costs (FC) It is the cost of fixed factors.The costs which don’t…

Q: Marginal cost intersects average total cost at minimum average total cost. True False

A: The price curve always intersects the typical total cost curve at its lowest point because the…

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Marginal Product of Labor:  The term marginal product of labor shows that how much additonal or…

Q: Distinguish between/ among a.  The short run total fixed cost, total variable cost and total cost…

A: Cost refers to the value of the resource(s) that gets exhausted in the process of production or…

Q: Average total cost, average variable cost marginal cost and marginal product b. The relationship…

A: Average Total Cost or Average Cost is the total cost (TC) divided by the number of units produced…

Q: When marginal cost is greater than average variable cost, average variable cost i v (Click for List)…

A: Marginal cost is defined as the extra coat a firm incurs by employing an extra unit of input.

Q: Discuss some of the difficulties encountered in applying these economic concepts in practical…

A: The fixed cost is the cost which remains the same even when the firm produces nothing as output.…

Q: Chapter 11 Production and Costs – Units of Total Marginal Product Total Variable АТС AVC MC Labor…

A: The total production process of a firm/company is an amalgamation of various costs, the optimum…

Q: Betty's Bakery Quantity of cakes 1 2 3 4 5 6 7 8 Fixed Cost Variable Cost $13 $28 $64 $108 $133…

A: Marginal cost refers to the increase or decrease in the cost of producing one more unit or serving…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A:

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A:

Q: alculate average variable cost and marginal cost from the following table. Units of Output Total…

A: Answer in step 2.

Q: Use the following information to answer the question Quantity (number ofFixed Variable Total…

A:

Q: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…

A: Marginal cost is the measurement of change in the total cost with the increment of one unit of…

Q: The shape of the Total Product curve on the production side gives us the shape of which curve on the…

A: The cost of producing a firm's output depends on the number of labor and physical capital which are…

Q: 66. Which of the following cost curves is never U-shaped? A. O Average cost curve В. Marginal cost…

A: Which of the following cost curves is never U - shaped.

Q: Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and…

A: Implicit Cost: Implicit cost is due to the factors which are entrepreneur himself owns and employs…

Q: 31. Marginal cost is a Total cost per unit of output b. Average total cost divided by the quantity…

A: 31) Marginal costs are defined as a function of the total cost of production, the costs include both…

Q: a. Calculate and fill in the column of marginal products. What pattern do you see? How might you…

A: Marginal product of labor refers to the amount of additional output that obtained by increasing one…

Q: Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it…

A: Marginal cost refers to the additional cost of producing an extra unit of output. Average variable…

Q: What happens to marginal cost if a business's average total cost is decreasing? Marginal cost must…

A: Marginal cost (MC) is the change in total cost when one more unit of a good is produced.Average…

Q: Total cost divided by quantity of output is Select one: a. average variable cost b. average total…

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

Q: Average total cost intersects marginal cost at minimum marginal cost. True False

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Q: Which of the following is the extra, or additional, cost of producing one more unit of output?…

A: While producing the output, the producers majorly incur two kinds of costs, for example, the…

Q: When examining the costs faced by a business, explain how economists distinguish between the short…

A: First part The contrast between the short and long runs is critical in economics. It turns out that…

Q: Marginal cost curve always cuts the lowest point of the average total cost curve. Do you agree?…

A: Marginal Cost:Marginal cost refers to the additional cost of producing the additional unit of…

Q: The government imposes a $1,000 per year licensefee on all pizza restaurants. As a result, which…

A: Costs are the expenses incurred by a firm in the production of its output. In production, there are…

Q: Use the following information to answer the question Quantity (number ofFixed Variable Total Margina…

A: Cost refers to all the expenditure and expenses that incur in a production process of goods and…

Q: Mention and explain the cost components certainly do not exist in the long run?

A: The cost components include fixed costs and variable costs.  Variable costs are the costs which vary…

Q: Question 4 Copy the table below into your answer booklet and fill in the missing figures: Output…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: find 5 problems related to variable cost, total cost, and marginal cost  and Solve problems.

A: Answer: Introductions: Variable cost: Variable cost refers to the cost of the inputs that vary with…

Q: Total Marginal Cost (using total cost) Quantity Variable Marginal Cost Cost Cost (using variable…

A: Fixed cost of production is that portion or part of firm's costs which remains same at each level of…

Q: A producer borrows money and start a business . He himself looks after the business. Identify the…

A: # In a business if we consider the assets of the firm and its opportunity cost then this is counted…

Q: QUESTION 10 Table 13-5 The Flying Elvis Copter Rides Quantity Total Cost 10 1 $50 $150 G M Fixed…

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Q: when marginal cost is less than average total cost is falling true False

A: Answer (21). True, Explanation: When the marginal cost is less than the average total cost, the…

Q: Question 33 Which of the following cost curves does not have a shape that is explained by the law of…

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

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

A: Ans.  Quantity (number of units) Fixed costs       ($) Variable Costs           ($) Total…

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: Fill in the blanks with: (a: rising) (b: at a minimum) (c: at a maximum) (d: falling) (e: constant)…

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

Q: Which cost inc with the increase in production? (a) Average cost. (b) Marginal cost. (c) Fixed cost.…

A: According to the given question The cost in economics are usually defined as the amount of the…

Q: marginal cost (MC) and average total cost (ATC) f

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: When marginal cost equals average toal cost, average total cost, (Click for List) rising at a…

A: Marginal cost is change in total cost divided by change in output. Average cost is the cost per unit…

Q: A cost that changes with the level of production is called a(n)____cost a.variable b.average total…

A: Ans. The cost is the expenditures that are incurred during the production of the goods and services.…

Q: Which of the following is not a variable cost at the sandwich shop? Cost of labor O Cost of tomatoes…

A: Definition: Variable costs are costs that depend on the number of goods or services it produces. An…

Q: This chapter discusses many types of costs:opportunity cost, total cost, fixed cost, variable…

A: Cost is the expense incurred when a good or service is produced.

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 difference between economic profit and accounting profit is?   Average cost Direct costs…

A: Cost is the expenditure incurred by firms on the production of goods and services. The cost can be…

Q: Marginal cost curve is _______  1) Straight line  2) U shaped

A: Marginal cost refers to the cost associated with generating one more unit of output. It is the cost…

Q: Q.4 Marginal Cost is closely relate (a) Total variable cost (b) Total cost (c) Total fixed cost (d)…

A: # marginal cost measures the change taking place in the value of total cost when the quantity…