Which of the following is the extra, or additional, cost of producing one more unit of output? Select one: a. Marginal cost Ob. Average fixed cost Oc. Total variable cost Od. Average variable cost

Q: If marginal cost is above average variable cost, then Select one A average variable cost is constant…

A: Marginal Cost (MC) is the change in total cost for an additional unit of output produced. Average…

Q: As output increases, total fixed cost A. increases; decreases B. does not change; decreases C.…

A: total cost is the cost which is incurred by producer for production by using all fixe and variable…

Q: Using the numbers representing short run costs in the chart below, calculate the number that belongs…

A: We have blank for MC at q=5.

Q: Calculate average variable costs, average total cost, and marginal cost for each quantity. Please…

A: The firm produces various goods and services. The firm would result in the producing the goods and…

Q: Based on the above information, fill in the following COST TABLE for Green Berry Farms Berry…

A: Formula: Total cost=Total fixed cost+Total variable costTotal variable cost=Quantity of farmworkers…

Q: E AFC Q Quantity Refer to the above diagram. At output level Qtotal fixed cost is:

A: The total cost refers to expense obtained in reaching a particular level of goods and services. It…

Q: Which of the following is true at the output level where average total cost is at its minimum? OA…

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

Q: Question 4 Use the following table for the (i),(ii) and (iii) questions.   Quantity Total…

A: (i)The marginal cost is the additional cost incurred to the firm while producing an additional unit…

Q: A D Quantity (units per day Curve C represents which type of cost curve? O A. marginal cost (MC) B.…

A: Average total cost is the sum of average Fixed cost and average variable cost. Average Fixed cost…

Q: Alejandro is one of the leading ceramic vase producers in the country. His total costs (TC) amount…

A: Average total cost = Total cost/ Output.

Q: Which of the following does not change with the level of output? O Total variable cost O Total fixed…

A: There is an inverse relationship between output and average fixed cost. When an increase in output…

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

A: Answer: Fixed cost: it refers to the cost that is constant in the short run and it does not change…

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: Explain and identify the relationship between total cost, average cost and marginal cost using…

A: Total cost is defined as the total expenses that a company or firm has to incur in order to produce…

Q: Use the following information to answer the question Quantity (number ofFixed Variable Total…

A:

Q: bath the marginal cost and the average variable cost curves are U-shaped, at the minimum point of…

A: Average total cost is the sum of average Fixed cost and average variable cost. It is referred as…

Q: e) In the following diagram of cost curves, how many short runs have been created? State and explain…

A: Average short run curve: It refers to the curve which is a U shaped curve. It decreases the average…

Q: In long run production, which of the following does NOT fluctuate? OA All costs can fluctuate in…

A: Money has been evolved since the ages and everyone uses money for number of purposes. There are…

Q: Which of the following is a correct statement about the relationship between average cost (AC) and…

A: The relationship between MC and AC can be stated as under: (i) When AC falls with increase in…

Q: Which of the following is correct with respect to economic profit? PLEASE EXPLAIN THANKS!   A.…

A: The main objective of any firm is profit maximization and a firm maximizes its profit by producing…

Q: Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total…

A: Total Cost (TC) is the sum of Total Variable Cost (TVC) and the Total Fixed Cost (TFC). Therefore,…

Q: a. Calculate and fill in the column of marginal products. What pattern do you see? How might you…

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

Q: Government imposes higher tax on tobacco production. Which cost curves will be affected and why of…

A: When the government imposes a higher tax on tobacco production or the output. With this tax…

Q: The government imposes a $1,000 per year licensefee on all pizza restaurants. As a result, which…

A: Costs are the expenses incurred by a firm in the production of its output. In production, there are…

Q: .The output at which average product is a maximum is the same output at which is a minimum اختر أحد…

A: Total physical output or total product divided by the quantity of input employed gives the average…

Q: Q1. If fixed cost (FC) is $50, variable cost (VC) is $100, and output (quantity) is 3, what is…

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

Q: Use the following information to answer the question Quantity (number ofFixed Variable Total Margina…

A: Cost refers to all the expenditure and expenses that incur in a production process of goods and…

Q: In the short run, if marginal product is at its maximum, then A) average cost is at its minimum B)…

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

Q: Mention and explain the cost components certainly do not exist in the long run?

A: The cost components include fixed costs and variable costs.  Variable costs are the costs which vary…

Q: At the minimum-cost output OA. average variable cost must equal marginal cost. B. average fixed cost…

A:

Q: Complete the table as below: Where, TC= TOTAL COST, TFC = TOTAL FIXED COST, TVC= TOTAL VARIABLE…

A: The table requires various formulas which are listed below.  TVC= TC- TFC Where TFC remains constant…

Q: Using the numbers representing short run costs in the chart below, calculate the number that belongs…

A: Total fixed cost is the addition of fixed cost and variable cost. Fixed cost is cost which remains…

Q: The concept of marginal cost is best described by which of the following? O Mr. Creosote meets a…

A: Marginal cost refers to those cost that firm incurs when it decides to produce an additional unit of…

Q: a) What is marginal cost? b) What is average variable cost? c) How much output is being produced?

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: The concept of marginal cost is best described by which of the following? Mr. Creosote meets a wafer…

A:

Q: Now fill in the column for marginal cost. (Recall that MC = ATC/AQ). What pattern do you see? %3D

A: Marginal product is defined as the output contributed by an additional unit of worker. It is…

Q: Answer the question on the basis of the followng cost data. Average Fixed Cost Average variable Cost…

A: Answer to the question is as under:

Q: Which of the following is not a variable cost at the sandwich shop? Cost of labor O Cost of tomatoes…

A: Definition: Variable costs are costs that depend on the number of goods or services it produces. An…

Q: Which of the following does not change with the level of output? O Total fixed cost O Marginal cost…

A: Total fixed cost (TFC): - it is the cost incurred on the fixed capital assets like land, building,…

Q: 8. Which one of the following cost can never become zero? (A) (B) (C) (D) Average cost Fixed cost…

A: Answer according to the given question Option(B) is correct that it is the fixed cost which cannot…

Q: (c) Long-run average total cost curve is a curve that shows the lowest (Unit) cost at which the firm…

A: When a fixed cost is set to minimize average total cost for each level of production, the long-run…

Q: a. Construct a diagram of the cost function, where you have the quantity on the X-axis and the cost…

A: Answer;   PART A QUANTITY(q)  cost(C) Fixed (FC) Variable. (VC) Marginal. cost (MC) Average T.…

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…