At what level of production does the marginal cost have the least value? What is the marginal cost at this level of production?

Q: Why the average cost curve is a U shaped curve?

A: # The total cost per unit of output is reffered to be as the average costs.

Q: How does a cost behave in response to a change in activity? Give an example?

A: Cost also changes with the change in the activity. There are two types of costs- fixed costs and…

Q: What is marginal product, and what does it mean if it is diminishing?

A: The marginal product is determined by the change in total output as one additional input is used in…

Q: How can we predict cost behavior?

A: Cost behaviour shows the relation between the total cost and activities level. We can predict the…

Q: What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?

A: According to the law of diminishing marginal returns, after a certain level adding additional units…

Q: The optimal level of production for any company is the level of production that either maximizes…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: What is meant by Explicit and Implicit costs?

A: Cost is characterized as the monetary value of both producers and customers' purchased goods and…

Q: If the marginal cost is $33 and the marginal income is $56, what is the value of the marginal profit

A: Given, The information in the question above is: Marginal cost = $33 Marginal revenue = $56…

Q: how can i calculate net cost if i have an equation for marginal cost and marginal benefit?

A: Net Cost (NC) is generally used to do cost-benefit analysis. Hence, it is a measure to determine the…

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

A: The firms, and businesses tend to operate in the markets, where they supply various goods, and…

Q: how is the slope of the total cost and marginal cost related?

A:

Q: What is marginal cost? Fixed cost?

A: Costs refer to the expenditures which are incurred by the firms in order to purchase various factors…

Q: What explains the shape of the average and marginal cost curves?  Is it linked to any production…

A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…

Q: The most efficient scale of production is where at which point?

A: According to the given question In simple words we can say that scale of production basically or…

Q: What happens to fixed cost as the quantity produced increases?

A: In the market, when a firm makes production activities, there are various costs incurred during this…

Q: Is it possible to avoid Diminishing Marginal Return? Why? Explain

A: Law of diminishing returns postulates that as more units of a variable input are used with a fixed…

Q: What must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence…

A: An entrepreneur should always remember that its revenue should be higher than its cost in order to…

Q: Using an example , explain the production proces

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: Marginal cost is ?

A: Microeconomics deals with the several components of a single firm or an individual. The subject’s…

Q: Why is the short run marginal cost curve U- Shaped?

A:

Q: C(x) = 0.01x-0.3x + 10x gives the cost, in thousands of dollars, to produce x thousand items. (a)…

A: We are going to find the Marginal Cost and Minimum marginal Cost and output required to answer this…

Q: We know there is a link between productivity and costs. For example, recall the link between the…

A: In an economist's terms, when we talk about productivity, then we are talking about the marginal…

Q: 0:54:02 Peter's Pancakes sells various flavoured pancakes. To produce 1,000 pancakes, the firm…

A: Factors of production are needed to produce final goods. The factors of production used to make…

Q: Explain how firms can maximize profits using marginal analysis.

A: Profit increase could be a method that companies bear to ensure that they need the most effective…

Q: Why is a normal profit considered an economic cost?

A: Why is a normal profit considered an economic cost?  Normal profit is an economic term, refers to a…

Q: How would you derive marginal cost from total cost?

A: Marginal cost is defined as the cost which is incurred by the producer in order to produce one more…

Q: Is fixed cost always smaller than total cost ?

A: The question talks about the two terms i.e., fixed cost and total cost.

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: The following is a total cost curve. Sketch the corresponding marginal cost curve. If the price of…

A: ‘Marginal cost’: ‘Marginal cost’ is the change in ‘total cost’ in respect to change in per unit of…

Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…

A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…

Q: what is the different between average production and marginal production?

A: The average production is the total production divided by the variable input and it is production…

Q: total cost of producing T-shirts can be represented as TC = 50 + 2Q. a) What is the marginal cost of…

A: Total cost represents the entire expenditure that a firm incurs in its daily production and…

Q: What is the difference between Analytical and Synthetic process of production? Give examples.

A: Analytical process of production deals with parts of production. Synthetic process of production…