Explain the difference between implicit and explicit costs. Give two examples of when an explicit cost is different from an implicit cost.

Q: Define different types of costs. Explain Fixed and Variable costs with the help of examples.

A: Types of cost in short run Fixed Costs (FC) It is the cost of fixed factors.The costs which don’t…

Q: Determine whether it is true or false The difference between economic profit and accounting profit…

A: According to given question In simple words economic profit is gradually referred to as in general…

Q: A firm faces the following costs: total cost of capital = $4,000; price paid for labor = $20 per…

A: Given : Total fixed cost = $4000 Price paid for labour= $20 per unit  price paid for raw materials=…

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: Suppose a firm manufactures coffee makers and sells them for $75$75 each. The costs incurred for…

A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…

Q: Rising short-run average variable costs of production for a firm indicate that   Question 4 options:…

A: Average variable costs are the costs incurred on variable factors or inputs per unit of output. The…

Q: Cost, Revenue & Profit For these problems, xx will represent the number of items and yy will…

A: Slope intercept form: Y=AX + B

Q: What are some key fixed and variable costs for this business? Remember fixed costs do not change…

A: Variable costs will be costs that change as the quantity of the great or service that a business…

Q: 1. The firm's fixed costs are $2,000, and the firm's total costs of producing 100 units is $4,000.…

A: TVC = TC - TFC = 4,000 - 2,000 = $2,000

Q: Economist describe short run decisions as constrained decisions while long run decision are…

A: In the short run, few costs are fixed and few are variable but in the long run their will be no…

Q: Why will firms in most markets be located at or close to the bottom of the longrun average cost…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: Marginal Product Variable Cost Labor Output Fixed Cost so $5 1. 100 100 $5 $5 2 250 $10 $5 3 350 $15…

A: First, we will calculate Total Cost by adding Fixed Cost+Variable Cost. Then, we can calculate…

Q: Question 24.24.  Variable costs are  sunk costs.        costs that change every day.        costs…

A: Total variable cost (TVC) is the cost of variable inputs, such as raw material and labor. To produce…

Q: Why can the distinction between fixed costs and variable costs be made in the short run? Classify…

A: There are some costs that will not change as the level of output changes. If the firm wants to…

Q: Given the Total Product indicated in Table 2, complete MFMI’s cost schedule including variable…

A: The variable cost can be calculated by using the following formula as follows: Variable cost=Total…

Q: What is the formula to calculate profits?

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: 1. The firm's fixed costs are $2,000, and the firm's total costs of producing 100 units is $4,000.…

A: Total cost is the sum total of fixed cost and variable cost.

Q: Define explicit costs and implicit costs.      b. Assume the following: * A firm buys a unit of…

A: Explicit cost is the cost that is incurred for paying external expenses like wages to employees,…

Q: Shown are the related cost curves: 550 110 (0) 500 100 450 90 400 (A) 80 (D) 350 70 300 60 (F) * 250…

A: Total cost refers to the sum of all cost incurred for producing the particular level of output from…

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: Break-Even Point The break-even point for a company is where costs equal revenues. Therefore the…

A: In short run, each and every firm focus to recover variable cost and ready to bear fixed cost .

Q: Suppose that a business incurred implicit costs of $400,000 and explicit costs of $3 million in a…

A: Here we calculate the economic and accounting profit by using the given data and choose the correct…

Q: What is the relation between fixed costs and total costs?   Question 5 options:   Two of the other…

A: Fixed cost is a component of total cost and is defined as the cost of production that does not…

Q: Minimum efficient scale occurs at an output of 10000 d. 35000 22000 e. 43000 c. 28000   At which…

A: We are going to find the production level responsible for minimum efficient scale and diseconomies…

Q: The gap that exists in a graph between total costs and fixed costs represents the variable costs of…

A: Total cost is the sum of variable and fixed costs. TC = TVC + TFC

Q: Economic costs of production differ from accounting costs in that Select one:   a. economic costs…

A: There are many associated costs of production in the process of production. These costs can be of…

Q: Differentiate between explicit and implicit costs. Explain the importance of considering both types…

A: Explicit cost: It is the cost that is incurred in running the day-to-day operations of a business…

Q: Suppose a particular firm exhibits constant returns to scale as it increases its output over any…

A: Returns to scale refers to proportional change in total cost in response to proportional change in…

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: Exhibit 11-4 Units of Output Variable Cost Total Cost Marginal Cost (dollars) (dollars) (dollars) 80…

A: We know, Average Fixed cost (AFC) = (TC-VC)/q When the output = 4 units, at that point Total cost…

Q: Which would be an implicit cost for a firm?  The cost        of worker wages and salaries for the…

A: In economics, there are two types of cost, the one is explicit cost and other is implicit cost.…

Q: Q45 When a factory is operating at the level of output where its short-run average total cost is at…

A: Short-run average expense (SRATC/SRAC) approaches average fixed expenses in addition to average…

Q: A firm has a fixed production cost of $4000. For the first 100 units of production, the firm has a…

A: Given Information: Fixed cost = $4000 For the first 100 units, the marginal cost = $50 per unit…

Q: Quest manufacturing incurs the following costs per unit: labor $100/unit, materials $50/unit, and…

A: Total cost is the sum of fixed cost and variable cost.

Q: Distinguish between/among The short run total fixed cost, total variable cost and total cost.

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…

Q: The total cost (CT) of Holdins-up is CT = 4q2 + 4q + 16CT = 4q2 + 4q + 16. Get the fixed cost (CF)…

A: Total cost function: CT = 4q2 + 4q + 16 Total cost is the sum of variable cost and fixed cost.

Q: Total Output 0 cases of books 1 2 3 4 Total Variable Cost $0 100 150 250 450 Total Cost $200 300 350…

A: Marginal cost (MC) measures the change in the change in total cost due to a change in quantity. MC =…

Q: .Which of the following is an example of a fixed cost? A. cost of employees who work overtime B.…

A: In general, a firm incurs various costs in the daily business and these costs can be classified as…

Q: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory…

A: Fixed Cost refers to the cost that remains constant over a period of time irrespective of the amount…

Q: wheel making company has the following data related to cost: Total Cost = $ 15000 + 1000X and Total…

A:

Q: Exhibit 21-3 Marginal Physiçal Product of Total Total Fixed Variable Input Fixed Variable Marginal…

A: In economics, it is assumed that firms work towards achieving their objective of…

Q: Assume that in the short run a firm is producing 1,000 units of output, has average total costs of…

A: Here, total output given is 1,000 units. Average total cost is $100. Average total cost is defined…