True or false 1-If the marginal product of labor is increasing, the marginal cost of production will be decreasing. 2-When the marginal cost curve is below the average cost curve, average variable cost is increasing.

Q: The next 3 questions deal with the following situation. Jennifer has a home business selling women's…

A: Accounting profits take into account only the explicit cost into consideration and not the…

Q: You are planning to start a business. When calculating the costs. You have considered the costs of…

A: Opportunity cost refers to the best alternative foregone when choosing the other alternative.

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Diminishing Marginal product means that the increase in the output from the additional labor…

Q: What are the kinds of cost which firm face in short run. Explain theoretically and graphically the…

A: Cost is the money that is used to produce goods and services.

Q: Find Average fixed cost with the following information:- Total fixed cost = $350 Output produced =…

A: The data presented in the question above is:- Total fixed cost = $350   Output produced = $70 The…

Q: In the short run marginal cost crosses average total cost at the minimum of average total cost True…

A: According to the given question Simply a Short run period is that period in which the other factors…

Q: what is meant by the term Cost of production? Distinguish between fixed and variable cost. Why short…

A: One of the important motives for the firms operating in a market is profit. Profit is the difference…

Q: In the table, the firm's total fixed cost of production is Total Cost Output (ballo ons per hour)…

A: Answer to the question is as follows :

Q: 9. For the cost function C(Q) = 100 + 20 - 302, the marginal cost of producing 2 units of output is…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Explain every point with graph. 1. Economic and business cost . 2. Short run production analysis /…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: Prunella raises peaches where L is the number of units of labor she uses and T is the number of…

A: Slope of isocost line is the negative price ratio between the two goods.

Q: When marginal product increases, marginal cost increases. True False

A: Marginal product is the additional output produced by the additional worker or the change in the…

Q: For this cost function, Marginal Cost = MC = 10 q . (45) Fill in the table with your values from…

A: MC(marginal cost) is the slope of TC(total cost). TC is the sum of TVC(total variable cost) and…

Q: 31. Marginal cost is a Total cost per unit of output b. Average total cost divided by the quantity…

A: 31) Marginal costs are defined as a function of the total cost of production, the costs include both…

Q: The cost of producing 5-gallon water bottles is given by: C(q) = 0.005q + 2q + 1000. If 2000…

A: Given: C(q) = 0.005q + 2q + 1000. Quantity (q) = 2000 units

Q: In a short-run production process, a diminishing marginal product of labor explains why marginal…

A: Diminishing Marginal product means that the increase in the output from the additional labor…

Q: 7 A firm has this cost function: C = 4000 - 7Q + 8Q2. The firm is currently producing 5 units of its…

A: Cost Function = C = 4000 - 7Q + 8Q2  where Q = 5

Q: State two examples of the fixed cost and two examples of the variable cost in economics

A: According to the given question Fixed cost are those cost in economics which are basically and…

Q: When a firm produces one unit, the variable cost is $3. When the firm produces  two units, the…

A: Given information: Variable cost when the firm produces 1 unit = 3 Variable cost when the firm…

Q: Frank pays 50,000/year in fixed costs. If his shop sells Q cups of tea in a year, the other costs…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Why does the marginal cost of production typically increase as the amount of output produced…

A: Marginal cost is the additional cost incurred to produce an additional unit of output.

Q: True or false The unit share of fixed costs changes in a direct direction with the change in the…

A: Fixed cost: It is the cost that remains constant and does not get affected by the increase or…

Q: Table 8.5 Output Total Cost 0 15 1 25 2 33 3 40 4 48 5 58 6 70 Refer to Table 8.5. The marginal…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: (Production in the Short Run) Complete the following table. At what point does diminishing marginal…

A: Marginal product refers to the additional output that obtained by increasing one more unit of…

Q: The cost of producing 5-gallon water bottles is given by C(q) = 0.005q2 + 2q + 1000. If 2000…

A: It is given that -  C(q) = 0.005q2 + 2q + 1000 and it is given that q = 2000 units.

Q: C = 0.25q3 - 4q2 + 75q + F. The equation for average cost (AC) is: AC = (Properly format your…

A: A cost function is a formula used to predict the cost that will be experienced at a certain activity…

Q: From the information given in the table, calculate the marginal cost of the 3rd unit of output.…

A: Marginal cost measures the change in total cost due to change in output produced.  Marginal cost =…

Q: if a firm hire workers at $3 week , labour is 1 and output is 6 what is the fixed cost, variable…

A: Wages (W) is given as $3.Labor (L) is 1.Output (Q) is 6 units.

Q: Question 33 Which of the following cost curves does not have a shape that is explained by the law of…

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

Q: If the marginal cost of production is greater than the average cost, in what direction must the…

A: If marginal cost is higher than average cost it means the slope of average cost will be higher than…

Q: FIGURE 7-3 $100 90 80 70 40 30 20 10 1 2 3 4 5 6 7 8 9 10 Quantity of Output Refer to Figure 7-3.…

A: please find the answer bThe marginal cost (MC) curve is calculated by dividing the change in total…

Q: Explain the relationship between total, marginal and average cost

A: The total cost is the summation of total variable cost and the total fixed cost that a firm incurs.…

Q: Define fixed and variable costs of production. Why do you think bigger firms may have a lower…

A: 1. Variable costs tend to vary based upon the amount of output being produced. They include…

Q: Which type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost…

A: Total Cost: The sum of variable costs and fixed cost is termed as the total cost. Total Cost =…

Q: True or False The average total cost cannot equal marginal cost.

A: Average total cost It refers to the total cost per unit of production. ATC = TC/Q where ATC is…

Q: What is the fixed cost of production

A: Given, MC(q) = 6 + (9/10) * q By integrating this function, we can get Total Variable Cost (TVC)…

Q: las Production function: Q 20KL The price of one unit of capital per hour is $20 and the price of r…

A: *Answer:  To find the optimal quantity of K (capital) and L (labour), the profit maximising…

Q: What is theoretical relationship between Marginal Cost and Average cost

A: Costs refer to the amount of money that the firms need to give up in order to perform certain…

Q: Q.4 Marginal Cost is closely relate (a) Total variable cost (b) Total cost (c) Total fixed cost (d)…

A: # marginal cost measures the change taking place in the value of total cost when the quantity…

Q: Suppose a publisher faces the following costs of producing 10,000 newspapers each month: $5,500 cost…

A: In business, a variable cost is an expense that changes the amount of output or sales a company…

Q: 3. Anron Manufacturing produces a product which has 3 different costs and a relevant range between…

A: Here we calculate the cost formula , so by using the given information we calculate and choose the…