Marginal cost is defined as the change in ________ cost when output changes by one unit....
Marginal cost is defined as the change in ________ cost when output changes by one unit. In the short run, marginal cost can also be measured by the change in ________ cost when output changes by one unit.
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total; fixed |
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variable; fixed |
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fixed; variable |
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total; variable |
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Marginal cost is defined as the change in ________ cost when
output changes by one unit....
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...
Marginal cost is the change in total cost caused by a one-unit increase in output. A)...
Marginal cost is the change in total cost caused by a one-unit increase in output. A) True B) False Average total cost is equal to average variable cost plus average fixed cost. A) True B) False Diminishing marginal returns means that as you combine more units of a variable resource with a set of fixed resources, the marginal product decreases. A) True B) False
1a. Marginal cost is equal to the change in: A. variable cost divided by the change...
1a. Marginal cost is equal to the change in:
A. variable cost divided by the change in total output.
B. average total cost divided by the change in total output.
C. fixed cost divided by the change in total output.
D. average variable cost divided by the change in total
output.
(Figure: Determining Industry Cost Characteristics) Short-run
and long-run supply curves with short-run market equilibrium at
points A and B are shown in the graph. We can
conclude that the...
1 costs change when Pepsi cola’s output changes. this type of cost is referred to as...
1 costs change when Pepsi cola’s output changes. this type of cost is referred to as a: a. plan costs b. fixed cost c.variable cost d.pure costs e.one time costs 2. The total cost curve is the sum of the: a. total fixed and marginal cost curve b.average fixed cost an average variable cost curve c.total average and total marginal d marginalcost and total variable cost curve e. total fixed total variable cost curves
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...
Microeconomics multiple choice questions If implicit costs equal accounting profit, economic profit must be Select one:...
Microeconomics multiple choice questions If implicit costs equal accounting profit, economic profit must be Select one: a. negative. b. positive. c. zero. d. higher in the short run than in the long run. e. higher in the long run than in the short run. The reason the change in total cost divided by the change in output is equal to the change in total variable cost divided by the change in output, is because Select one: a. total variable cost...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: 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 Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Which of the following statements is sequentially correct? Changes in marginal physical product change marginal cost,...
Which of the following statements is sequentially correct? Changes in marginal physical product change marginal cost, which changes average variable and average total cost. Changes in marginal cost change marginal physical product, which changes average variable and average total cost. Changes in average variable cost change marginal cost, which changes average total cost, which changes marginal physical product. Changes in average variable and average total cost change marginal cost, which changes marginal physical product.
Question 3 (Mandatory) (1 point) Which of the following statements is false? a) Changes in variable...
Question 3 (Mandatory) (1 point) Which of the following statements is false? a) Changes in variable costs are reflected dollar-for-dollar in changes in total cost. b) Fixed costs exist in the short run, but not in the long run. c) Marginal cost is the cost of producing an additional unit of output. d) Since (total) fixed costs are constant as output changes in the short run, it follows that average fi- constant in the short run. Question 4 (Mandatory) (1...
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...
1a. Marginal cost is equal to the change in:
A. variable cost divided by the change in total output.
B. average total cost divided by the change in total output.
C. fixed cost divided by the change in total output.
D. average variable cost divided by the change in total
output.
(Figure: Determining Industry Cost Characteristics) Short-run
and long-run supply curves with short-run market equilibrium at
points A and B are shown in the graph. We can
conclude that the...
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) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: 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 Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Which of the following statements is sequentially correct? Changes in marginal physical product change marginal cost, which changes average variable and average total cost. Changes in marginal cost change marginal physical product, which changes average variable and average total cost. Changes in average variable cost change marginal cost, which changes average total cost, which changes marginal physical product. Changes in average variable and average total cost change marginal cost, which changes marginal physical product.
Question 3 (Mandatory) (1 point) Which of the following statements is false? a) Changes in variable costs are reflected dollar-for-dollar in changes in total cost. b) Fixed costs exist in the short run, but not in the long run. c) Marginal cost is the cost of producing an additional unit of output. d) Since (total) fixed costs are constant as output changes in the short run, it follows that average fi- constant in the short run. Question 4 (Mandatory) (1...
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