Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…
A: A. Opportunity cost refers to the value of something that must be given up to get the other goods…
Q: QUESTION 6 The basic difference between the short run and the long run is that O A. all costs are…
A: A short-run alludes to that time-frame, in which the establishment/installation of a new plant and…
Q: he marginal cost of driving a mile is $0.33. (Round your response to two decimal places) an deciding…
A: The answer is as follows:-
Q: 9. The cost of one thing in terms of the alternative given up is called A. O Real cost B. O…
A: The cost of one thing in terms of the alternative given up is known to be as the Option(d) is…
Q: What you give up to obtain an item is called: Select one: O a. variable cost O b. direct cost OC.…
A: The monetary value that a business has expanded to manufacture something is referred to as cost. The…
Q: The expenses incurred on the variable factors are called O a. Fixed cost O b. Variable cost O c.…
A: Economics is a discipline that is associated with the economic principles of production,…
Q: rkers) Output TFC ($) TVC ($) Total Cost ($) 0 0 50 0 1 8 50 40 90 2 20 50 80 3 28 50 120 170 4…
A: Given TFC = 50 TVC at 20 units = 80 TC = TFC + TVC = 130
Q: oth in the short - run and the long - run , average cost curves are U - shaped for different reasons…
A: Average cost is the per unit cost incurred in the production of a commodity. It is obtained by…
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: Which of the following would be an implicit cost of operating a golf course? O the cost of not…
A: The price paid for products and services produced or given is referred to as the cost. There are…
Q: Which of the following does not change with the level of output? O Marginal cost O Total fixed cost…
A: Marginal cost is the change in total cost with respect to change in output. Average Fixed cost is…
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: a. (A-Marginal Cost, B-Average Variable Cost, C-Average Total Cost) O b. (A-Average Total Cost,…
A: Total fixed cost divided by output gives the average fixed cost. Average variable cost equals total…
Q: If Mr. White decides to open his sporting goods store, what is the opportunity cost of this…
A: If Mr. White opens a sporting goods store in the building then he is using the place for himself…
Q: What you give up to obtain an item is called: Select one: O a. variable cost b. opportunity cost O…
A: Variable costs are the portion of total cost, which rise (fall) with a rise (fall) in output.…
Q: In the short run, when marginal product is positive and increasing O a. stage 1 production O b.…
A: Decreasing but still positive marginal returns characterise Stage II's short-run production. The…
Q: Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is…
A: A firm is said to be technically efficient when it uses few inputs as possible for production and…
Q: What is the diference between total cost and vaiable cost in the long nun? In the long run A. the…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: You own a nice landed house near Xiamen University Malaysia campus. In Jan 2021, you decide to lease…
A: Opportunity cost refers to foregone income that could have been earned if resources were invested…
Q: Quèstion 25 Opportunity cost is considered as: O Implicit cost O Explicit cost O Accounting cost…
A: Opportunity Cost is the value of next best alternative (which is available after choosing the…
Q: From the table below, if you know that each labor price (Wage) = (5$) and each capital price = (2$):…
A: Production technology signifies the method used by a firm in carrying out its production activity.…
Q: Meanings: TFC TVC - Total Variable Cost TC - Total cost - Tatal Fixed cost AFC average Fixed Cast…
A:
Q: The economic resource that organizes the use of other economic resources is called Select one: a.…
A: An economic resource aids in carrying out various economic activities of production and consumption.…
Q: Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of…
A: Hours of operation depend on profit-maximizing situation. here we calculate the given by following…
Q: 3. After graduation, Mitul went back to his village and started a commercial fishery. The…
A:
Q: Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two…
A: Average total cost is the cost per unit. It is the ratio of total cost and output
Q: A graph that shows all the combinations of labor and capital that can be used to produce a given…
A: Cost minimization is done when isoquant is tangent to isocost curve.
Q: a) Using the definition Q x AC = TC where Q = output, TC = the total cost of production and AC = the…
A: The average cost of production is calculated by dividing the total cost (TC) by the total output…
Q: c) Why Marginal cost curve is U-shaped?
A: Marginal cost is additional cost or increase in total cost as a result of one unit increase or in…
Q: Marginal cost is the one more unit of a good and opportunity cost of producing increases as…
A: Marginal cost refers to additional cost that is incurred by pricing one more unit of a good.
Q: If production increases, what happens to average fixed cost (AFC), does it increase only, decrease…
A: The average fixed cost (AFC) decrease only if the production increases.
Q: Other things being equal, an increase in the average product of labor in steel production will…
A: The total output amount which could be produced by a firm with the given labor quantity is being…
Q: et opened a candy store. He rented a building for $30,000 a year. During the first year of…
A: Total Revenue = $135,000Explicit Costs = Rent on building +Salary to employees + Utilities +…
Q: The concept of opportunity cost is that the economic cost of using a factor of production is the…
A: An opportunity cost shows the possible gains that a person, buyer, or organization lacks by…
Q: Which arrow reflects the tuition that Andrea pays for this Which arrow reflects the money that a…
A: The circular flow of income is a model to understand the flow of income and factors of production…
Q: An example of innovation rent is: Select one or more: U a. The cost of opening a new factory. O b.…
A: Innovation Rent can be defined as the profits that exceed economic profits, received by an innovator…
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: If the firm is operating in a high wage country, where capital cost $150 per unit and labor cost…
A: Production cost is the cost associated with both labor and capital cost where labor cost is the wage…
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: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…
A: Opportunity cost refers to the value of something that must be given up in order to get the other…
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: How does fixed cost affect marginal cost? Why is this relationship important?
A: Total fixed cost and total variable cost are the part of total cost. Total cost = Total fixed Cost +…
Q: What are the items that make opportunity cost differ from the accountant's measure of cost? A firm's…
A: A firm's opportunity cost is the cost foregone in terms of the next best alternative to pursue the…
Q: . Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year…
A: As the resources are limited and have alternative uses, people always have to trade off one thing to…
Q: c. What is the average and marginal cost of gumball production (again, measure output in thousands…
A: Total cost is the sum of total fixed cost and total variable cost. The average cost is the total…
Q: In the use of the resources, it is important to any the concept of opportunity cost . Define…
A: Meaning of Economics: The term economics refers to the situation under which there remain…
Q: Jane’s Juice Bar has the following cost schedules:a. Calculate average variable cost, average total…
A: The fixed cost is the cost that is associated with the fixed factors of production (factors that…
Q: a) Complete the following table by filling in the fixed cost (FC), variable cost (VC), total cost…
A: Total Cost (TC) = Fixed cost (FC) + Variable cost (VC) or Variable cost (VC) = Total Cost (TC) -…
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- Refer to Figure: The vertical distance ABis Select one: A. total cost. B. marginal cost. C. total fixed cost D. average fixed cost.This chapter discusses many types of costs:opportunity cost, total cost, fixed cost, variable cost,average total cost, and marginal cost. Fill in the typeof cost that best completes each sentence:a. What you give up in taking some action is calledthe _________.b. _________ is falling when marginal cost is below itand rising when marginal cost is above it.c. A cost that does not depend on the quantityproduced is a(n) _________.d. In the ice-cream industry in the short run,_________ includes the cost of cream and sugarbut not the cost of the factory.e. Profits equal total revenue minus _________.f. The cost of producing an extra unit of output isthe _________.Amjad takes twenty minutes to travel from his home to his work using his car; however, he chose to take a bus, for which he consumed thirty minutes to reach his office. What type of cost is presented in the scenario? a. Nominal cost b. Alternative cost c. Social cost d. Implicit cost
- The cost of any activity measured in terms of the vaule of the next best alternative forgone is called? a. sunk cost b. opportunity cost c. Attained cost d. fixed costIn economics, what is the term for the highest-valued alternative that must be sacrificed when making a decision? A. Marginal cost B. Opportunity cost C. Sunk cost D. Average costDefine economies of scale and explain why they mightarise
- Refer to the table below. How will the marginal cost curve look like if you draw it? Units of Output Total Cost 10 20 20 40 30 60 40 80 50 100 60 120 Select one: a. upward sloping b. downward sloping c. horizontal d. verticala. Define economies of scale and explain why they might arise. Definediseconomies of scale and explain why they might arise. b. Explain the relationship between total product, marginal product, and averageproduct.c. How does fixed cost affect marginal cost? Why is this relationship important?while taking decisions there are different kinds of constraints related to resources, time,rules,physical realityetc leads to the matter of choice.how will you explain the whole situation in terms of cost
- c. How does fixed cost affect marginal cost? Why is this relationship important?1. Find the total cost if marginal cost MC = 4 q+ 15 and fixed cost FC = 100.a. Complete the following table and answer two questions about costs. Instructions: Enter your responses rounded to the nearest whole dollar. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Rate of Output Total Cost Marginal Cost Average Cost $ 60 65 $ 75 $ 105 $ 1 $ 5 $ 65 2 $ 10 $ 62 3 $ 30 $4 20 4 $ 140 $ 35 2$ 5 5 180 $ 40 $ 5 b. What output has the lowest per-unit cost equal to marginal cost? units c. What is the value of fixed costs?
