1. Why do marginal costs tend to rise, and marginal benefits tend to fall? Explain.

Q: Another important law in economics is the “law of marginal returns or the law of…

A: The law of marginal returns indicates that when the firm uses more of the same variable input to…

Q: 2). Discuss the relationship between the law of eventually diminishing marginal returns and the…

A: The law of diminishing marginal returns states that adding an additional factor of production…

Q: what is the use of production fuction in product analysis?

A: Production analysis refers to the analysis of the process in which resources categorized as land,…

Q: Question 4. Suppose that in an economy, the production function is Y = KO.7L0.3, when K is capital…

A: A production function in economics describes the technical relationship between quantities of…

Q: Say that neither labor nor machines are fixed but there is a 50 percent quick-order premium paid for…

A: Explicit costs and revenues are those financial transactions that are directly related to a decision…

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

A: The diminishing marginal returns would result in the associated with the utility and the production…

Q: Another important law in economics is the “law of marginal returns or the law of increasing costs".…

A: Marginal return refers to the additional output that obtained by increasing one more unit of input.

Q: connection with the Law of the Minimum and the Law of Diminishing Returns, describe how the…

A: Agricultural based production system refers to firms that are producing goods and services based on…

Q: eference to the table provided.  What is the average variable cost of producing three units of the…

A: This will be explained below:

Q: 7. For the following industries, state whether the long-run average cost curve has an extended range…

A: In the long run, the AC curve will be upward sloping when it exhibits to decreasing returns, it will…

Q: 2. Assume that the marginal cost of production is greater than the average variable cost. Can you…

A: Formula to calculate AVC and MC:- AVC=TVCQMC=TCn-TCn-1 where; TVC= Total Variable CostTC=Total…

Q: 27) What do we know about fixed costs?  A. They are incurred only when production is at capacity…

A: The firms operating in a market incur two types of costs, fixed costs, and variable costs. Variable…

Q: 1. Explain the Theory of Production in Microeconomics. 2. Differentiate labor-intensive and…

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

Q: Define total cost, average total cost, and marginal cost. How are they related?

A: Production prices ar the expenses incurred by a firm once it manufactures a product or provides a…

Q: Accounting Complete the table and Graph the cost curves:   Output (Q)/day Total Variable costs…

A: Output/day VC TC MC ATC AVC 0 0 635       1 50         2 100         3 150         4 200…

Q: 2. A firm requires labor and capital to produce a given output. Labor costs $8 0/6 per hour and…

A: A firm will maximize profit or minimise cost at a point where marginal rate of technical…

Q: 1)Which of the following is most likely to be a fixed cost for a firm? A) The interest payments made…

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

Q: Answer the following Questions. Include referencing where additional sources have been used a. Why…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: please help

A: Production technologies or production function defines a relationship between the output and inputs.…

Q: (a) How can you tell if these cost curves are for the short run or the long run? (b) What does the…

A: Total costs TC equals TFC plus TVC. Total fixed costs (TFC) are the total payment of the firm on…

Q: 1. How much is fixed cost (TFC)? For the following questions, first check: a) is P greater than or…

A: Hi student, thanks for posting the question. As per the guideline, we are providing answer for the…

Q: In the short term, if your friend has Rp 200,000,000 per week, how many apps is he able to produce?…

A: The production function shows the technical relationship between the inputs used and the output…

Q: Question 1 Output (Q) Total Fixed Cost (TFC) Total Variable cost (TVC) 0 100…

A: Marginal cost is the the cost incurred when an additional unit of input is hired. Mathematically, it…

Q: 22. Suppose an artist put on 5 concerts in Korea last month for an average total cost of $1 million…

A: Average Total Cost(ATC) is the total cost divided the total quantity. ATC=total costtotal quantity…

Q: 1. Factors that increase productivity and explain each

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

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

A: Profits are important as they show how productive a company's activities are. Furthermore, profits…

Q: 1. If the marginal product of an input is falling, then what must be true? Average fixed costs must…

A: Marginal product means the extra output generared by adding a unit of input.

Q: 2. A student foregoes her annual summer job (paying in total $3,200) in order to operate a sandwich…

A: Opportunity cost(OC) is the value of benefits that are sacrificed from the next best alternative as…

Q: a) Explain why Binful, Bernard, Freeman, Emelia and Anortiah as managers of Ohenewaa & Ama Group of…

A: a. An economically efficient method of production is the method that produces a given level of…

Q: Which of the following is always true? O When marginal costs are less than average total costs,…

A: Answer: A (When marginal costs are less than the average total costs, average total costs will be…

Q: Capital (K) Labor (L) Total Product (TP) Average Product (AP) Marginal Product (MP) 10 0 0…

A:

Q: (3) (2) (1) Output 10. In the above diagram curves 1, 2, and 3 represent: A. average variable cost,…

A: Cost of production is the expenditure incurred in the process of conversion of inputs into output.

Q: Q)Distinguish between explicit and implicit costs, giving examples of each. (a) What are the…

A: In common usage, cost refers to the monetary value of goods and services purchased by producers and…

Q: 3. We often work with production technologies that give rise to initially increasing marginal…

A: Production technologies or production function defines a relationship between the output and inputs.…

Q: a) Explain what is meant by the terms marginal cost and decreased cost in production theory, and…

A: a) Marginal Cost The marginal cost of production is the difference in total production costs that…

Q: Q1. The table below shows the short run cost for producing bicycles. Complete all missing values in…

A: Marginal cost Average total cost Average variable cost Average fixed cost Total cost…

Q: QUESTION 5 20 poin Match each of the following terms and descriptions Constant returns to scale when…

A: Economies of scale occurs when long run average cost falls as production increases. Diseconomies of…

Q: 2.)Do fixed costs refer to the long run or short run? Why?

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

Q: Which statement must be false? a)  When a firm has increasing returns to scale in production, its…

A: Increase return to scale : where production  increase proportionally same as input increased. .…

Q: How does fixed cost affect marginal cost? Why is this relationship important?

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

Q: 3. We often work with production technologies that give rise to initially increasing marginal…

A: Marginal Product:Marginal product refers to the change in output due to the change in inputs.…

Q: Explain the difference between explicit costs and implicit costs.

A: There are various type of cost exist in the production process.

Q: a.)Suppose that labor is the only variable input in the production process. If the marginal cost of…

A: Note: You have uploaded two questions at a time . Hence, we shall answer only the first one for you.…

Q: Problem -2: The following table gives total output or total product as a function of labor units…

A: Diminishing returns occur when after addition of certain units of input,total product starts to…