4) Explain the relationship between total, marginal, and average product. 5) Distinguish between fixed, variable and...
4) Explain the relationship between total, marginal, and average product.
5) Distinguish between fixed, variable and total costs.
6) Explain the difference between average and marginal costs.
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4) Explain the relationship between total, marginal, and average
product.
5) Distinguish between fixed, variable and...
Please help with these questions, thanks 1) Distinguish between explicit and implicit costs, and between normal...
Please help with these questions, thanks 1) Distinguish between explicit and implicit costs, and between normal and economic profits. 2) Explain why normal profit is an economic cost, but economic profit is not. 3) Explain the law of diminishing returns. 4) Explain the relationship between total, marginal, and average product. 5) Distinguish between fixed, variable and total costs. 6) Explain the difference between average and marginal costs.
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0...
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0 0 200 0 200 1 20 20 200 100 300 300 5.00 2 50 30 200 200 400 200 3.33 3 90 40 200 300 500 166.67 2.50 4 120 30 200 400 600 150 3.33 5 140 20 200 500 700 140 5.00 6 150 10 200 600 800 133.33 10.00 7 155 5 200 700 900 128.57 20.00 a. Fill in the...
Distinguish between fixed and variable costs. Explain common misapplications of costs in decision making. Employ marginal...
Distinguish between fixed and variable costs. Explain common misapplications of costs in decision making. Employ marginal analysis to make a rational decision (define an example) Conduct a breakeven analysis to make a business decision. (define an example) The response needs to be at least 200 words
Labor Marginal Product Quantity Produced Fixed Cost Variable Cost Total Cost Marginal Cost Average Total Cost...
Labor Marginal Product Quantity Produced Fixed Cost Variable Cost Total Cost Marginal Cost Average Total Cost Average Variable Cost (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) 1 0 $50 $0 2 10 $50 $20 3 25 $50 $40 4 45 $50 $60 5 60 $50 $80 6 70 $50 $100
b. Average variable cost, average fixed cost, marginal cost and average cost are necessary for the...
b. Average variable cost, average fixed cost, marginal cost and average cost are necessary for the analysis of the cost structure of the firm. Define each of these terms and show how they are calculated c. Describe the relationship between the marginal product and the total product of a firm
- 4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Question 23 1 pts Average Variable Marginal Average Fixed Costs Average Total Costs Costs Total Costs...
Question 23 1 pts Average Variable Marginal Average Fixed Costs Average Total Costs Costs Total Costs Output (Q) Fixed Costs Variable Costs Costs $500 $200 1 $800 2 $875 $75 3 $925 4 $100 5 $625 What is the total cost of producing five units of the good? $1,050 $1,025 $825 $1,000 $950
please explain question 2 . rmation on fixed and variable costs in 1(b) please fill in...
please explain question 2
.
rmation on fixed and variable costs in 1(b) please fill in the table below. The numbers olumns should be identical to the last two columns in your table in number 1 in the last two columns should be identical to above. Average Average Fixed Variable Workers Output Cost Cost Average Total Cost Marginal Cost 155 Using the numbers in your table above graph average fixed costs, average variable costs, average total costs, and marginal costs....
Falculate marginal costs, total costs, average fixed costs, average variable costs and average to...
Falculate marginal costs, total costs, average fixed costs, average variable costs and average total costs, given the following table. Fixed Costs are $100 (even when there is no production). Round to the nearest whole number. AverageAveraze Variable MarinalalixedVariable Arverage Total Cost Cost Cost OutputCost Cost Cost 60 90 110 150 230 350 510 710
Falculate marginal costs, total costs, average fixed costs, average variable costs and average total costs, given the following table. Fixed Costs are $100 (even when there...
Explain the graphical relationship between Total Fixed Cost, Total Variable Cost, and Total Cost.
Explain the graphical relationship between Total Fixed Cost, Total Variable Cost, and Total Cost.
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
Question 23 1 pts Average Variable Marginal Average Fixed Costs Average Total Costs Costs Total Costs Output (Q) Fixed Costs Variable Costs Costs $500 $200 1 $800 2 $875 $75 3 $925 4 $100 5 $625 What is the total cost of producing five units of the good? $1,050 $1,025 $825 $1,000 $950
please explain question 2
.
rmation on fixed and variable costs in 1(b) please fill in the table below. The numbers olumns should be identical to the last two columns in your table in number 1 in the last two columns should be identical to above. Average Average Fixed Variable Workers Output Cost Cost Average Total Cost Marginal Cost 155 Using the numbers in your table above graph average fixed costs, average variable costs, average total costs, and marginal costs....
Falculate marginal costs, total costs, average fixed costs, average variable costs and average total costs, given the following table. Fixed Costs are $100 (even when there is no production). Round to the nearest whole number. AverageAveraze Variable MarinalalixedVariable Arverage Total Cost Cost Cost OutputCost Cost Cost 60 90 110 150 230 350 510 710
Falculate marginal costs, total costs, average fixed costs, average variable costs and average total costs, given the following table. Fixed Costs are $100 (even when there...
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