Which of the following best describes what the marginal cost means in words? A: The cost...
Which of the following best describes what the marginal cost means in words?
A: The cost of producing a given level of output.
B. The average cost of all the output and it depends on the total level of output
C It is the cost Dalia will have to pay to produce another kilo of coffee and it depends on the total level of output.
D The cost of producing more output.
E.It is the cost Dalia will have to pay to produce another kilo of coffee and this cost is always the same.
Homework Answers
Option C
Explanation: Marginal cost is the additional cost of another unit produced.
Add Answer to:
Which of the following best describes what the marginal cost
means in words?
A: The cost...
Suppose that there are no variable costs. Think about what this means. Marginal cost is the...
Suppose that there are no variable costs. Think about what this means. Marginal cost is the additional cost of producing one more unit of a good. 1) If there are only fixed costs, then what is the additional cost of producing an additional unit? 2) If a monopolist is running a business with only fixed costs what is the price elasticity of demand at the profit-maximizing level of output? 3) show that all monopolists facing positive marginal cost produce where...
Suppose that there are no variable costs. Think about what this means. Marginal cost is the...
Suppose that there are no variable costs. Think about what this means. Marginal cost is the additional cost of producing one more unit of a good. 1) If there are only fixed costs, then what is the additional cost of producing an additional unit? 2) If a monopolist is running a business with only fixed costs what is price elasticity of demand at the profit maximizing level of output? 3) show that all monopolists facing positive marginal cost produce where...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is...
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is rising for quantities higher than D because marginal cost is higher than average total cost. b. Average variable cost is declining for quantities less than B because marginal cost is lower than average variable cost. c. Marginal cost is minimized at B because at that quantity, marginal cost equals average variable cost. d. All of the above are correct. 15. When marginal cost is...
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as...
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as output increases if O Variable cost is rising. Total cost is rising Marginal physical product is rising. Marginal physical product is falling QUESTION 5 In the short run, when a firm produces zero output, total cost equals: O fixed costs. variable costs O zero. O average total cost. QUESTIO Economic cost includes: O Only the value of resources used to produce a good for...
8. , which of the following statements is (are) correct? (x) The marginal cost of the...
8. , which of the following statements is (are) correct? (x) The marginal cost of the fifth unit equals the variable cost of five units minus the variable cost of four units (y) The variable cost of 50 units equals the average variable cost of 50 units times 50. (z) If marginal cost is rising, then average variable cost is rising if marginal cost exceeds average variable cost. A. (x), (y) and (z) B. (x) and (y) only C. (x)...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B)...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
1. Marginal cost pricing means that a firm charges Group of answer choices A price that...
1. Marginal cost pricing means that a firm charges Group of answer choices A price that is marginally lower than the average total cost of production. Any price as long as average total cost is greater than marginal cost. A price that is marginally higher than the average total cost of production A price that is equal to the marginal cost of production. 2. If the government wants a natural monopolist to achieve allocative efficiency, the government should Group of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
4. A firm will begin to experience diminishing returns at the output where marginal A. cost increases B. cost decreases. C. product increases. D. both B and C 5. Marginal cost is average variable cost when A. equal to; average total cost is minimized B. less than; total cost is maximized C. greater than; average fixed cost is minimized D. equal to; average variable cost is minimized. 6. Assume Dell Computer Company operates in a perfectly competitive market producing 5,000...
14. Refer to Figure 13-8. Which of the following statements is correct? a. Marginal cost is rising for quantities higher than D because marginal cost is higher than average total cost. b. Average variable cost is declining for quantities less than B because marginal cost is lower than average variable cost. c. Marginal cost is minimized at B because at that quantity, marginal cost equals average variable cost. d. All of the above are correct. 15. When marginal cost is...
QUESTION 4 Assuming each unit of variable inputs cost the same, marginal cost will increase as output increases if O Variable cost is rising. Total cost is rising Marginal physical product is rising. Marginal physical product is falling QUESTION 5 In the short run, when a firm produces zero output, total cost equals: O fixed costs. variable costs O zero. O average total cost. QUESTIO Economic cost includes: O Only the value of resources used to produce a good for...
2 . 8) Diminishing marginal utility means that A) marginal utility decreases as consumption decreases. B) marginal utility increases as consumption increases. C) marginal utility decreases as consumption increases. D) total utility decreases as marginal utility decreases E) total utility decreases as marginal utility increases. 9) Which of the following is the best example of how the invisible hands works? A) The government places restrictions on prices of products, B) The government decides to force firms to produce more electricity....
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
Most questions answered within 3 hours.
-
Physicians add a special dimension to a governing board. What
are the important things to consider...
asked 2 minutes ago -
Mr. Smalley, who had been diagnosed as manic-depressive and had
been in and out of mental...
asked 28 seconds ago -
A circular (0.8 m diameter) footing with q=50 kN/m^2 is placed
on the ground surface. Compute...
asked 5 minutes ago -
Calculate the effective radiation dosage in rems for a 75 ‑kg
person who is exposed to...
asked 7 minutes ago -
Determine the heat of combustion (ΔH2) for propane
(C3H8) using the bond energy table. HINT: you’ll...
asked 18 minutes ago -
1 Give the host id in binary for the following IP addresses
(assuming classful):
a) 130.11.6.9...
asked 20 minutes ago -
A concert loudspeaker suspended high off the ground emits 32 W
of sound power. A small...
asked 23 minutes ago -
WRITE A JAVA PROGRAM THAT READS DATA FROM A .CSV FILE
!!
PLEASE SEE INSTRUCTIONS BELOW...
asked 28 minutes ago -
Short essay, about 500 words that is structured like the
examples from the business world you...
asked 25 minutes ago -
A billiard ball moving at 6.00 m/s strikes a stationary ball of
the same mass. After...
asked 26 minutes ago -
From past history, the scores on a statistics test are normally
distributed with a mean of...
asked 59 minutes ago -
Calculate the gravitational field strength on the highest peak
of Everest (8848 m above the Earth).
asked 59 minutes ago