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- Which of the following is an implicit cost to a firm that produces a good or service? A. Labor costsB. Costs of operating production machineryC. Foregone profits of producing a different good or serviceD. Costs of renting or buying land for a production siteQUESTION 4 Marginal cost is the: A. rate of change in total fixed cost that results from producing one more unit of output B. change in total cost that results from producing one C. change in average variable cost that results from producing one O D.change in average total cost that results from more unit of output more unit of output producing one more unit of output0 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue Profit
- Economics Question: Marginal cost is defined as the change in total cost when: a) Total fixed cost increases b) Total variable cost decreases c) One more unit of output is produced d) Average cost decreases Don't use chatgpt please provide valuable answer otherwise be ready for disupvote1. Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output during a given day: Workers e) f) g) 0 1 2 3 4 5 6 7 Output (Brooms) 0 20 50 90 120 140 150 155 Marginal Product (Brooms) Total Cost ($) Average Total Cost ($) Marginal Cost ($) column for marginal cost. What pattern do you se Compare the column for marginal product with the column for marginal cost. Explain the relationship. Compare the column for average total cost with the column for marginal cost. Explain the relationship. What is Nimbus's efficient scale?To make a decision about opening a restaurant, what is the relevant cost for Aram? $50 thousand has been spent to date on renovating the place. Aram could be earning $ 100 thousand a year as a chef. Additional labor and other costs necessary to open the restaurant equal $ 60 thousand a year. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. $ 160 thousand a b. $ 60 thousand $ 210 thousand $ 110 thousand $ 50 million
- 27. If a firm will produce an additional unit of good or services, determine what will happen to their costs? a. The total cost will decrease b. The total cost will increase c. The total cost will be the same d. The total cost will be equalMarginal cost tells us a. the amount fixed cost rises when output rises by one unit b. the marginal increment to profitability when price is constant c. the value of all resources used in a production process d. the amount total cost rises when output rises by one unitFigure: Short-Run Costs Cost curves (dollars) $200 150 100 50 total cost F: 0 1 2 3 D average total cost average variable cost marginal cost A 4 C Please, look at the above figure, which represents short run costs curves. Curve A represents the curve. B 5 6 7 8 9 10 11 Quantity of output (per day)
- 1. Marginal cost is calculated for a particular increase in output by A) multiplying the change in total cost by the change in output. B) multiplying the total cost by the change in output. C) dividing the total cost by the change in output. D) dividing the change in total cost by the change in output.If the marginal cost is above the average cost at a certain level of production and the firmdecides to increase output, then:a. The average cost will increase but the marginal cost will decrease.b. Both the average and the marginal cost will increase.c. The average cost will increase but the average cost will decrease.d. Both the average and the marginal cost will decrease.Quantity Produced (Q) 1 2 345 1 2 75 (² Show Transcribed Text 3 Quantity Produced (Q) Average Cost (AC) 100 1. Determine the Total Cost (TC) and Marginal Cost (MC) from the given schedule. 2. Construct the Average Cost (AC) and Marginal Cost (MC) curves based on the information obtained. 3. Illustrate the relationship between AC and MC using the graph and the schedule. 4 60 5 60 70 Quantity Produced (Q) 1 2 345 Average Cost (AC) 100 75 60 60 70 1. Determine the Total Cost (TC) and Marginal Cost (MC) from the given schedule. 2. Construct the Average Cost (AC) and Marginal Cost (MC) curves based on the information obtained. 3. Illustrate the relationship between AC and MC using the graph and the schedule.