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Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Question
Chapter 11, Problem 14SQ
To determine
The extra cost of obtaining each additional unit of a factor of production.
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Students have asked these similar questions
Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain.
Answer must correct. Describe it step by step. Don,t copy from anywhere. Use word file for answer. Use graph. word limit minimum 350 .
Which of the following is considered an implicit cost? PLEASE EXPLAIN.
A. Use of your labor services in manning your business without paying yourself
B. Converting your existing warehouse to a store without charging any cost
C. The assistance provided by a relative without receiving a payment
D. All are examples of implicit cost
E. No correct answer
a. Define economies of scale and explain why they might arise. Definediseconomies of scale and explain why they might arise. b. Explain the relationship between total product, marginal product, and averageproduct.c. How does fixed cost affect marginal cost? Why is this relationship important?
Chapter 11 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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Similar questions
- a. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.arrow_forwarda. A producer borrows money and starts a business. He himself looks after the business. Identify implicit and explicit costs from this information. Explain. b. List and explain which of the following is a fixed cost or a variable cost for Caribbean Airlines. The cost of fuel used in its planes. The rent on its Piarco headquarters. The lease payments on its current inventory of jets. The cost of peanuts it serves to passengers. The salary paid to the Chief Executive Officer. i. ii. iii. iv. V. c. How is the difference between average total cost and average variable cost impacted by an increase in output?arrow_forwardIf a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal product of capital equals 7 tons of output and the cost of capital is $14 per unit, then A. The cost of labor must be $1/7 B. The cost of labor (wage rate) must be $2 C. The cost of labor must be $7 D. The cost of labor must be $14 as wellarrow_forward
- Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain. Answer must correct.Describe it step by step. Don,t copy from anywhere.arrow_forwardAverage total cost, average variable cost marginal cost and marginal product b. The relationship between marginal product and marginal cost is reciprocal or opposite. Why is it so? Explain.arrow_forwardWhy does the marginal cost of production typically increase as the amount of output produced increases? a.A fixed factor of production causes diminishing marginal product b.Increasing returns to scale c.There are no fixed factors of production d.Decreasing returns to scalearrow_forward
- When marginal cost exceeds average total cost, a marginal cost must be rising. b average total cost must be falling. c average total cost must be rising. d average fixed cost must be rising.arrow_forwardWhich type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost 4.all of the abovearrow_forwardA cost that changes with the level of production is called a(n)____cost a.variable b.average total c.marginal b.fixedarrow_forward
- A production process uses two inputs, labor and capital. If the marginal product of labor per dollar is higher than the marginal product of capital dollar, what should the firm do to lower costs? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Increase output b Decrease output C Increase the amount of capital d Increase the amount of laborarrow_forwardChoose all answers that are correct: the marginal cost is the slope of the... a. The variable cost curve b. The total cost curve c. The average cost curve d. The average product curve e. The marginal product curvearrow_forward
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