QUESTION 3 Explicit costs are and implicit costs are O Paid in money; incurred when a firm gives up an alternate action O Paid in money; paid in interest costs Not measurable; measurable O Used to maximize profits; used to minimize costs

Q: Distinguish between implicit and explicit costs and give examples of each. In addition, explain how…

A: Explicit Costs are those costs that are directly observed like the cost involved in hiring labor or…

Q: company manufactures two ballpoint pens, silver and gold. The silver requires 3 min in a 19) grinder…

A: Let x,y denote, respectively, the number of silver and gold pens the company manufactures in a week.…

Q: QUESTION 8 Select all that are true regarding marginal profit: O When marginal revenue exceeds…

A: Marginal profit is the profit procured by a firm or person when one extra or marginal unit is…

Q: Which of the following are examples of indirect costs for a company that makes photograph frames and…

A: Indirect costs are those costs that are not directly included or considered for the production of…

Q: QUESTION 9 The slope of the iso-cost curve O a. Depends on the marginal productivity of the inputs…

A: Iso-cost curve: It can be defined as the combination of labors and capital used for production of…

Q: A firm experiences falling average costs over the range of production q=1,000 to q=10,000. Given…

A: Diseconomies of scale means that the Average cost curve is upward sloping as we increases the…

Q: Given information: Fixed factory overhead costs: $60,000 Fixed selling overhead costs: $12,000…

A: Introduction We have given cost and profit of the firm. Then we have to calculate the equilibrium…

Q: QUESTION 10 If a Cobb Douglas technology (with factors having strictly positive marginal product)…

A: Cobb Douglas's production function depicts the technological relationship between the amount of…

Q: 1. Economies of scale exist over the range of output to units. Does the firm experience diseconomies…

A: Economies of Scale  This describes the cost savings that occur as a company expands its scale of…

Q: Suppose ATC (Q=500) = $300 per unit & ATC(Q=501) = $301 per unit, where Q denotes output level, ATC…

A: GIVEN     Suppose ATC (Q-500) = $300 per unit  ATC(Q=501) = $301 per unit where Q denotes outout…

Q: Cost £ AC Quantity per week Q Figure 3 Short run average cost curve for a firm Figure 3 shows the…

A: Cost refers to the value of all the inputs that are used up in the production of a good or in the…

Q: A house cleaning business operates using a car. All data in $s. Monthly costs of car lease is 345,…

A: Total variable cost is the aggregate amount of all variable costs associated with the cost of goods…

Q: The Lawn Ranger, a landscaping company, has total costs of $5,000 and total fixed costs of $3,000.…

A: Total cost is the cost incurred by the producer for producing the goods and services and its include…

Q: SCENARIO 1: You are the owner and only employee of a company that writes computer software that is…

A: Answer - Need to find - Economic cost in a year  Given in the question - Revenue is $90,000. Cost…

Q: ii) Listed in the table is the short-run total cost for Firm C. Output 1 2 3 4 Cost 20 39 57 74 90…

A: The diminishing return means the marginal cost should increase as the output increases.

Q: LR-ATC Q2 Q3 Q4 Output In the above figure, between Q3 and Q4 units, the firm experiences O a.…

A: In a market, economies of scale refers to the economic concept to explain a situation when a firm…

Q: SCENARIO 1: You are the owner and only employee of a company that writes computer software that is…

A: Accounting profits are the profits made by the firm by producing and selling products. It is the…

Q: Exhibit 7.5 Cost per unit q Refer to Exhibit 7.5, which shows four short-run average cost curves for…

A: Average total cost refers to total cost per unit of Output. It is a U shaped curve. It initially…

Q: 7. Product & Cost Curves: Numerical Cobb-Douglas Case > Continue with the general functions from the…

A:

Q: Corinne is offered a job with a salary of $70,000, which she turns down to start her own business.…

A: There are two types of profit: Economic Profit Accounting Profit The economic profit can be…

Q: Question 4. (a) Explain how the long-run average cost curves will differ between a private hospital…

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

Q: 5. Suppose the short run total cost function is TC = Q° -8Q² +240Q+200 , then at Q=10 A) What are…

A: Total cost is the combination of fixed cost as well as the variable cost of the production process.

Q: In the short run at Q=0,a firm's fiuxed cost is 30. At Q-1, marginal cost is $25. What is the…

A: Given information, Fixed cost at Q=0: $30 Marginal cost at Q=1: $25 To find: variable cost and…

Q: Suppose that a business incurred implicit costs of $300,000 and explicit costs of $1,300,000 over…

A: Accounting profit can be defined as a profit, which a firm gets after paying only the explicit cost.…

Q: A company has cost and revenue functions, in dollars, given by C(q) = 6000 + 10g and R(q) – 12q .…

A:

Q: 8. The total cost C(Q) of a firm is C(Q) = Q- 12 Q? + 40 Q+ 500 where Q denotes the output.…

A: We have formulas for each part as AC = TC/ Q MC = dTC/dQ AVC = TVC/Q Using these formulas we can…

Q: (Long-run costs,) Carmela's pasta factory employs workers and pasta machines according to the lowing…

A:

Q: Economic costs are the sum of costs and costs O sunk; implicit O explicit; implicit O explicit; sunk…

A: Implicit Cost is the imputed cost, which is also referred to as opportunity cost that is given up by…

Q: Refer to the figure below. What can we conclude from this figure? Graph of Per Unit Costs What is…

A: The creation of additional output due to the result of additional input being placed into the…

Q: A young chef is considering opening his own sushi bar. To do so, he would have to quit his current…

A: The difference between implicit and explicit cost is important to understand the difference between…

Q: Consider the three figures below, depicting possible cost functions for a firm. The horizontal axis…

A: The summation of all of the costs being incurred in the production for a specific output level by a…

Q: Consider a firm with fixed costs of production (F). Which FOUR of the following statements are…

A: To select the correct options, let's try to understand the relationship between the two curves with…

Q: Which of the following is true of effective employee evaluation and feedback? O It should be…

A: When we are considering the evaluation of employees then it is very necessary to evaluate the…

Q: 5. Problems and Applications Q10 Consider the following table of long-run total costs for three…

A: Economies of scale are a term that describes when the cost per unit drops as production volume…

Q: 9. At an output level of50 units per day a firm has average total costs of $60 and averagevariable…

A: here we can find the total fixed cost as follow

Q: What is the averge total cost at which this firm reaches its break even point b) what is the average…

A: In the short run, the firm has to incur fixed cost even if it produces zero units. The shut down…

Q: Optimisation of one-variate function 2. The company's profit function is n= 140Q 202-70 2.1 What is…

A: As you mention, subpart 2.4 and 2.5 need to be solved. Given  Company's profit function…

Q: If AFC is $18 at a quantity of output of 200 units, and ATC is $27 at the same quantity of output,…

A: Total Cost is the total expenses incurred by producer when they produce goods and services , it…

Q: The difference between accounting profit and economic profit is O total revenue. O marginal product.…

A: Profit is the income earned after deducting the total costs or expenses from the total revenue of…

Q: Economic profits differ from accounting profits because O a all of the mentioned Ob. the former is…

A: Economic and accounting profits differ due to the concept of accrual of cost.

Q: (ii) The total cost C(Q) of a firm is C(Q) = Q² - 6 Q? + 10 Q +100 where Q denotes the output. (a)…

A: ii)a) Variable cost is the cost which depends on output while fixed cost is independent of level of…

Q: 1. The value of the inputs owned and used by a firm is an explicit cost. O a. True O b. False

A: When a firm makes production activities, there are different type sof cost associated with this…

Q: Accounting profits are: Select one. O a. equal to total revenues minus implicit costs. O b. the…

A: Explicit costs are those cost that is incurred out-of-the-pocket by the firms. This implies explicit…

Q: Tom runs a shoe-shine stand at the airport. Tom has no skills, no job experience, and no alternative…

A: Explicit cost is the direct out of pocket expense for a firm for example wages and salaries, rent,…

Q: Economic profit or loss is equal to total revemnue mulls O all explicit costs O all implicit costs O…

A: When we say economic profit that means we incorporate opportunity cost in the total cost in…

Q: Quantity Total Revenues Explicit Costs Implicit Costs 4. 50 40 10 75 67 15 6. 100 100 20 7. 125 132…

A: Accounting profit = Total Revenue - Explicit costs

Q: Total Cost Function is TC(q)=2q 2 + 20q +50   I. Show that MC is less than AC, where AC is falling.…

A: AC=TCq=2q2+20q+50q=2q+20+50qMC=dTCdq=4q+20 AC is the per unit cost and found by taking the ratio of…

Q: Tex has a small plant that produces storm windows. Its total revenue function is ?? = 5.4?, and the…

A: As we answer only 3 subparts and the question has more than 3 subparts, so we would be answering the…

Q: Choose the implicit cost. O a. Dividends paid out to stockholders b. The uncompensated services of…

A: Generally two types of costs that mainly exists are Explicit and Implicit cost. Explicit cost is…