Homework Answers
Answer:
Correct option is "Marginal cost, Average cost, and average variable cost".
Explanation:
Marginal cost curve remains below the Average cost curve till average cost is falling and remains above it when average cost curve is increasing this relation can be seen in curve 1 and curve 3. Whereas Average variable cost is always lower than average cost because AC=AVC+AFC. Average variable cost is shown by curve 2.
Correct option is "change in total revenue associated with the sale of one more unit of output".
Explanation:
Marginal revenue is the additional revenue obtained from sale of one more unit. For example, If Total revenue from sale of 10 units is 100 and Total revenue from sale of 11 units is 109, then marginal revenue is 9(109-100).
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(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and...
Consider the following cost curves. (1) $ per unit of output (2) (3) Quantity In this...
Consider the following cost curves. (1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: 0 average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced...
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
#1 Product #2 Variable input #3 In this diagram, curves 1, 2, and 3 represent the:...
#1 Product #2 Variable input #3 In this diagram, curves 1, 2, and 3 represent the: O marginal, total, and average product curves respectively marginal, average, and total product curves, respectively total, marginal, and average product curves, respectively average, marginal, and total product curves, respectively total, average, and marginal product curves, respectively
Costs per unit $22 - - 10 Quantity of output Answer the following questions referring to...
Costs per unit $22 - - 10 Quantity of output Answer the following questions referring to Q = 10 1. Identify the curves in the diagram. (a) Curve A - Curve B Curve C - 2. What is average fixed cost? 3. What is variable cost? 4. What is total cost? 5. On the graph, identify the area that represents the total variable cost and total fixed cost when the quantity of output =10.
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the additio...
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
Marginal cost is defined as: the change in total costs from producing one more unit of output. the change in fixed c...
Marginal cost is defined as: the change in total costs from producing one more unit of output. the change in fixed cost from producing one more unit of output. total cost divided by total output. total variable cost divided by total output. The marginal cost curve often decreases at first and then starts to increase. This is explained by: the law of diminishing returns. economies of scale. increasing ATC. From the information given in the following table, calculate the marginal...
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the...
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the Variable Input long-run average cost curve. total cost curve. total product curve. marginal cost curve. supply curve. In the graph below, point C illustrates the range of с Quantity of Output B A Quantity of the Variable Input increasing marginal returns. constant marginal returns. decreasing marginal costs. diminishing marginal returns.
curves). The diagram need not be to scale. 2. The following data show the total output...
curves). The diagram need not be to scale. 2. The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital. When answering the questions, you are to assume that the wage per unit of labour is $25, price of capital is $10 per unit and capital is fixed at 10 units. Labour per unit of time Total output 10 25 0 3 75 175 250 305 a) What...
Consider the following cost curves. (1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: 0 average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost
Question Completion Status: QUESTION 38 Marginal cost equals total cost divided by the quantity of output produced total output divided by the change in total cost the slope of the total cost curve the slope of the line drawn from the origin to the total cost curve QUESTION 39 wa firm produces nothing which of the following costs will be zero? - total cost faxed cost opportunity cost variable cost QUESTION 40 A production function is a relationship between Inputs...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
#1 Product #2 Variable input #3 In this diagram, curves 1, 2, and 3 represent the: O marginal, total, and average product curves respectively marginal, average, and total product curves, respectively total, marginal, and average product curves, respectively average, marginal, and total product curves, respectively total, average, and marginal product curves, respectively
Costs per unit $22 - - 10 Quantity of output Answer the following questions referring to Q = 10 1. Identify the curves in the diagram. (a) Curve A - Curve B Curve C - 2. What is average fixed cost? 3. What is variable cost? 4. What is total cost? 5. On the graph, identify the area that represents the total variable cost and total fixed cost when the quantity of output =10.
20. Refer to Table 13-3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker? a. The third worker. b. The fourth worker. c. The fifth worker. d. The sixth worker. Average total cost equals a. 21. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. (fixed costs+ variable costs) divided by quantity produced. c. d. (fixed costs + variable costs) divided by change in...
Marginal cost is defined as: the change in total costs from producing one more unit of output. the change in fixed cost from producing one more unit of output. total cost divided by total output. total variable cost divided by total output. The marginal cost curve often decreases at first and then starts to increase. This is explained by: the law of diminishing returns. economies of scale. increasing ATC. From the information given in the following table, calculate the marginal...
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the Variable Input long-run average cost curve. total cost curve. total product curve. marginal cost curve. supply curve. In the graph below, point C illustrates the range of с Quantity of Output B A Quantity of the Variable Input increasing marginal returns. constant marginal returns. decreasing marginal costs. diminishing marginal returns.
curves). The diagram need not be to scale. 2. The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital. When answering the questions, you are to assume that the wage per unit of labour is $25, price of capital is $10 per unit and capital is fixed at 10 units. Labour per unit of time Total output 10 25 0 3 75 175 250 305 a) What...
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