Costs that are independent of the firm's level of output are called fixed costs marginal costs...
Costs that are independent of the firm's level of output are called
fixed costs
marginal costs
variable costs
opportunity costs
Homework Answers
Fixed cost are independent of the firms level of production because they are going to be what they are no matter how much we produce or not produce at all.
The answer is "A".
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Costs that are independent of the firm's level of output are
called
fixed costs
marginal costs...
The relationship between a firm's level of output and level of inputs is given by... economic...
The relationship between a firm's level of output and level of inputs is given by... economic costs. a marginal cost curve. a production possibilities frontier. the production function. an average cost curve. Economics defines the "long run" as a time period where... all inputs are variable. output is variable. all inputs are fixed. fixed costs must be paid. all inputs but one are fixed. What is the marginal cost of wheat? The cost of producing the cheapest bushel of wheat....
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output...
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output level, producer surplus is Select one: a. zero because marginal costs equal marginal revenue. b. zero because price equals marginal costs. c. positive because price exceeds average variable costs. d. positive because price exceeds average total costs. e. positive because revenues are increasing faster than variable costs
A) When output is 500, a firm's fixed costs are $10,000 and its variable costs are...
A) When output is 500, a firm's fixed costs are $10,000 and its variable costs are $15,000. The firm's total costs are therefore: $ 5,000. $10,000. $15,000. $25,000. B) If fixed costs are $960, variable costs are $1,440, and output is 12, then average total cost equals: $ 80. $100. $120. $200.
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by...
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
4. If fixed costs are $100 and variable costs are $200 at an output level of...
4. If fixed costs are $100 and variable costs are $200 at an output level of 30 units, what are the average fixed costs, average variable costs, and average total costs? *Please show all work this time. Quantity Fixed Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 10 5,000 5,500 20 5,000 5,800 30 5,000 6,000 40 5,000 6,100 50 5,000 6,150 60 5,000 6,175
Assume the price of labour is $5.00 and the price of capital is $10.00 and the firm's fixed costs are $15. What production technique will be used to produce the first unit of output? The second? The third? What are the firm's total variable costs, total c
Assume the price of labour is $5.00 and the price of capital is $10.00 and the firm's fixed costs are $15. What production technique will be used to produce the first unit of output? The second? The third? What are the firm's total variable costs, total costs, and marginal costs of producing one unit of output? Two units of output? Three units of output?
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q)...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q) -3+2q. Assume that the market price of the firm's product is $9. i) What level of output will the firm produce? (2p) ii) What is the firm's producer surplus? (4p) ii) Suppose that the average variable cost of the firm is given by AVC(g)-3+q. Suppose that the firm's fixed costs are known to be $3. Will the firm be earning a positive, negative, or...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q)...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
H) Why is the level of output where marginal revenue equals marginal cost called as the...
H) Why is the level of output where marginal revenue equals marginal cost called as the profit-maximizing output? prove it in a logical way would be greatly appreciated if it is answered in 5sentences by your own
The relationship between a firm's level of output and level of inputs is given by... economic costs. a marginal cost curve. a production possibilities frontier. the production function. an average cost curve. Economics defines the "long run" as a time period where... all inputs are variable. output is variable. all inputs are fixed. fixed costs must be paid. all inputs but one are fixed. What is the marginal cost of wheat? The cost of producing the cheapest bushel of wheat....
If a competitive firm's marginal costs always increase with output, then at the profit maximizing output level, producer surplus is Select one: a. zero because marginal costs equal marginal revenue. b. zero because price equals marginal costs. c. positive because price exceeds average variable costs. d. positive because price exceeds average total costs. e. positive because revenues are increasing faster than variable costs
5. Suppose that a competitive firm's marginal cost of pro- ducing output q is given by MC(q) = 3 + 2q. Assume that the market price of the firm's product is $9. a. What level of output will the firm produce? b. What is the firm's producer surplus? c. Suppose that the average variable cost of the firm is given by AVC(q) = 3 + q. Suppose that the firm's fixed costs are known to be $3. Will the firm...
e) Suppose that a competitive firm's marginal cost of producing output q is given by MC(q) -3+2q. Assume that the market price of the firm's product is $9. i) What level of output will the firm produce? (2p) ii) What is the firm's producer surplus? (4p) ii) Suppose that the average variable cost of the firm is given by AVC(g)-3+q. Suppose that the firm's fixed costs are known to be $3. Will the firm be earning a positive, negative, or...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 3 + 2q. Assume that the market price (P) of the firm's product is $15. What level of output (q) will the firm produce? The firm will produce units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ . (Enter your response rounded to two decimal places.) Suppose that the average...
Suppose that a competitive firm's marginal cost of producing output q (MC) is given by MC(q) = 6 +29. Assume that the market price (P) of the firm's product is $18. What level of output (q) will the firm produce? The firm will produce 6.00 units of output. (Enter your response rounded to two decimal places.) What is the firm's producer surplus? Producer surplus (PS) is $ 36.00. (Enter your response rounded to two decimal places.) Suppose that the average...
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