In the short run, the marginal cost of the first unit of output is $25, the marginal cost of producing producing the third unit of output is $14. The firm's total variable cost of producing three units of O a. $39. O b. $25 O c. $33.. O d. $57.
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In the short run, the marginal cost of the first unit of output is $25, the marginal cost of producing
producing the third unit of output is $14. The firm's total variable cost of producing three units of
O a. $39.
O b. $25
O c. $33..
O d. $57.
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- $ 90- 70- 40- 30 50 MC 100 ATC AVC Q Figure shows a firm's marginal cost, average total cost, and average variable cost curves. The firm's total fixed cost is: O A. $4.500. O B. $7,000. O C. $2,800. O D. $3,000.S 90 70 40 30 50 MC 100 ATC AVC Figure shows a firm's marginal cost, average total cost, and average variable cost curves. When Q = 50, the total cost will be: O A. $2,800. O B. $4,500. O C. $6.300. O D. $2,100.In the short run, when marginal product is positive and increasing the firm is in a. stage 1 production O b. stage 2 production O c. stage 3 production O d. stage 4 production
- What is the law of diminishing returns? Why does marginal product eventuallydiminish?b. Explain the relationship between marginal product and average product. Lin’s makes fortune cookies. Anyone can make and sell fortune cookies, so thereare dozens of producers. All fortune cookies are the same and buyers and sellersknow this fact. In what type of market does Lin’s operate? What determines theprice of fortune cookies? What determines Lin’s marginal revenue?d. What is the shape of the AFC curve and why does it have this shape?If a firm produces nothing, which of the following costs will be zero? Select one: a. variable cost O b. fixed cost c. opportunity cost O d. total costIf a firm will produce an additional unit of good or services, determine what will happen to their costs? a. The total cost will decrease O b. The total cost will be the same O . The total cost will be equal O d. The total cost will increase
- Bob produces candles. The average total cost reaches its minimum at a quantity O A. the same as the quantity at which the average variable cost reaches its minimum. O B. lower than the quantity at which the average variable cost reaches its minimum. O C. the same as the quantity at which the marginal cost is at a maximum. O D. the same as the quantity at which the marginal cost is at a minimum. O E. greater than the quantity at which the average variable cost reaches its minimum.Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the average variable cost per unit of production when the firm produces 90 lanterns? O A. $7.67 B. $5.45 OC. $490 OD. $33.67 Quantity Variable of Fixed Cost lanterns Cost (Dollars) (Dollars) 75 170 80 230 90 100 115 117 120 200 200 200 200 200 200 200 810 1264 1480 Total Cost Average Total (Dollars) Cost (Dollars) 370 430 1464 4.93 5.36 7.67 11.8 12.5Which of the following does not change with the level of output? O Marginal cost O Total fixed cost O Total variable cost Average fixed cost
- The formula for total fixed cost is Select one OA. TFC TVC-TC B. TFC TC/TVC C. TFC-TC-TVC. O D TFC-TC+TVCMaria's sandwich shop finds that when it caters 45 meals a week, its total cost is $8,500. If Maria has total variable cost of $6,500, what is Maria's total fixed cost? Select one: O a. $1,500 O b. $6,500 O c. $2,000 O d. $8,500QUESTION 2 When the article said that Bird was making 19% gross margin profit, this is O A. Accounting profit O B. Economic Profit O C. Neither accounting nor economic profit. D. Cannot tell from the article what kind of profit с