What is the relationship between a firm’s total revenue, profit, and total cost?

Q: Calculate the Marginal Cost at Q 200? Calculate the Marginal Cost at Q 300? Calculate the Average…

A: the marginal cost is the change in the total cost that arises when the quantity produced is…

Q: The diagram shows the short-run cost curves of a firm. Which statement is CORRECT? costs output

A: OPTION A is correct. Curve 1 is Average Fixed Cost Curve AFC = TFC/Q Since TFC is positive at levels…

Q: After one month of operation, UCC Cafe decided to shorten its business hours and close on weekends.…

A: When UCC cafe reduced business hours and weekends holiday. It considered variable cost.

Q: Use the table to answer the question below: Quantity          Total Cost  0…

A: Marginal cost is the additional cost incurred when the additional unit of output is produced.

Q: customers there while you golf. Why do you think a miniature golf course would stay open during the…

A: *answer:

Q: What is the relationship between revenue cost and profit?

A:

Q: At level of output, average fixed costs = $20, average variable costs = $10 and total costs = $900.…

A: Average total cost = Average fixed cost + Average variable costAverage total cost = Total cost /…

Q: What are the effects of cost reduction ?

A: Answer - Cost of Reduction - Cost of reduction is method to increase productivity and reduce the…

Q: What is the difference between Economic Profit and Accounting profit?

A: Explicit Cost is the cost paid to factors of production that are hired from outsiders. Implicit Cost…

Q: What is the relationship between the marginal cost (MC) curve and marginal product MP) curve of a…

A: The marginal product is the change in the total product when an additional unit of the variable…

Q: What are Fixed Costs?

A: A company mainly faces two type of costs known as fixed cost and variable cost. These two costs are…

Q: What are examples of fixed and variable costs in a fast food restaurant?

A: Total fixed cost (TFC)is defined as those cost which a firm must pay irrespective of its level of…

Q: what tools and techniques are available to improve a firm's profits?

A: There are many tools and techniques available which is used by the firm to improve profit.Following…

Q: How can we Determine Accounting Profit?

A: Profit is the income that the fourth factor of production, i.e. enterprise, generates from an…

Q: The following graph shows the price, marginal cost and average cost curves for a t RM MC 15 ATC AVC…

A: The equilibrium occurs where the P=MC.

Q: Fixed costs can be defined as costs that

A: A fixed cost(FC) is the cost that does not change with the decrease or increase in the number of…

Q: What is meant by normal profit?

A: The total revenue earned by a firm operating in a market is the sum of payments received from the…

Q: What is the marginal cost for this product?

A: A cost function refers to the formula that is used to predict the cost that the firm will incur at a…

Q: Explain using diagrams, the law of diminishing returns

A: The rule of diminishing marginal returns is an economic theory that states that once an optimal…

Q: total revenue (TR) and total variable cost

A:

Q: Explain Fixed costs versus variable costs and give an example?

A: Fixed Cost: It is the cost that is incurred for purchasing fixed factors of production. It is…

Q: When a toy factory makes x dolls a day their total cost is C(x) = 50 + 9x + 0.02x² dollars. What is…

A: ANSAverage Cost (AC) is the per unit cost of the output. It is obtained by dividing the Total Cost…

Q: Show the effect of diminishing returns on the marginal and average cost curves of a firm in the…

A: diminishing returns is a  financial regulation expressing assuming one contribution to the…

Q: Using the Diagram above, answer the following questions: b). Suppose this firm produces 15 units of…

A: Variable cost is the cost that is closely associated with the production activity. That is, it moves…

Q: Using the figure above, what is the total cost for the firm?

A: Total cost is the summation of total fixed cost and total variable cost. The average total cost to…

Q: How do you find total fixed cost?

A: Total cost of production includes all the fixed cost of production and the variable cost of…

Q: What is the difference between economic profit and accounting profit?

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

Q: What is the economies of scale of General Motors?

A: The advantages of cost which is being obtained by the enterprises being solely due to their scale of…

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: What is the difference between decreasing returns to scale and diminishing marginal product?

A: Meaning of Law of Variable Proportions: The term law of variable proportions refers to the…

Q: How do you calculate a firm's total cost and total revenue?

A: Total cost (TC) refers to the cost of all inputs needed to produce with the given unit of output. It…

Q: How Toyota Motors operate their economies of scale?

A: In economics, the costs of production can be studied under two time periods- the short run and the…

Q: The blue line on the following graph shows a firm's daily costs for the first 90 days of the fiscal…

A: The area of shaded region will be equal to area of triangle OAB minus area of triangle OCD

Q: What is the difference between marginal product and marginal cost?

A: The marginal product is the additional output produced by an additional unit of input in the process…

Q: Differentiate between Fixed and Variable Costs?

A: Difference between fixed and variable costs Fixed Costs  Variable Costs 1. They are incurred on…

Q: We expect the marginal cost to increase as this firm produces more computers. But when the firm…

A: Marginal cost (MC) is the change in total cost or total variable cost per unit change in output.

Q: How can I construct a cost curve for ATC, AVC, MC

A: Total Cost:The sum of explicit costs and implicit costs constitutes the total cost of the production…