Question 5 The measure of the cost of a particular good in terms of what is given up to produce that good is called an explicit cost. an opportunity cost. a necessary cost. a dollar cost. a fixed cost.

Q: Please answer the following questions:  a. Explain how input, output and cost are interrelated. b.…

A: 1. a) The relationship between output and inputs used in the production process is given by the…

Q: Assume the following hours of cleaning work and the total cleaning cost (mixed cost) for the six…

A: Since you have asked multiple question, I am solving first question if you want other question to be…

Q: Define different types of costs. Explain Fixed and Variable costs with the help of examples.

A: Types of cost in short run Fixed Costs (FC) It is the cost of fixed factors.The costs which don’t…

Q: How does the impact of fixed costs change production decisions in the short run and in the long run?

A: A fixed cost(FC) is an expense that doesn't change with an expansion or reduction in the measure of…

Q: Question 17 The production period in which at least one input is fixed in quantity is the production…

A: Factors of production are the building blocks that are used as inputs in the production of goods and…

Q: Flat Screen Televisions Lose $126 per Unit Sold: Sony Corporation Most of the cost of a flat screen…

A: Managerial  economy is a discipline of political economy involved with the employment of economic…

Q: If the total cost curve gets flatter as output increases (reaching the top of the hill), the firm is…

A: Total cost is the sum of fixed cost and variable cost. Marginal product refers to change in total…

Q: Question 24.24.  Variable costs are  sunk costs.        costs that change every day.        costs…

A: Total variable cost (TVC) is the cost of variable inputs, such as raw material and labor. To produce…

Q: FILL IN THE BLANKS The increase in total cost from producing one more unit __________________ Total…

A: Cost(C) is an important component of production. There exist various types of cost(C) that are used…

Q: QUESTION 4 (Theory of Production and Cost) a. Define and illustrate Total, Marginal and Average…

A: Since you have posted multiple questions, we are answering the first one for you. If you want a…

Q: The amount of money that a firm pays to buy inputs (resources) is called a. fixed cost b. total cost…

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: The following is cost information for the Creamy Crisp Donut Company Entrepreneur's potential…

A: Explicit Costs or the Accounting Costs refer to the actual monetary payments made during course of…

Q: Question 21.21.   Which would be an implicit cost for a firm?  The cost         of worker wages and…

A: In the market, when an individual makes a decision, he needs to choose one product over another due…

Q: The difference between total cost and total fixed cost

A:

Q: Question 2 a) A producer borrows money and starts a business. He himself looks after the business.…

A: An ‘implicit cost’ is a cost that not recorded for accounting purposes. ‘Implicit costs’ represent…

Q: Which one of the following is a fixed cost for a handmade furniture manufacturer?   The cost of…

A: The total costs of any firm in the short run comprise the firm's fixed costs and its variable costs.…

Q: The measure of the cost of a particular good in terms of what is given up to produce that good is…

A: The costs reflect the amount of dollars that a business firm must use to carry out its production…

Q: ART II:        True/False and Multiple Choice   In economics, implicit costs refer to the…

A: 1.Implicits costs are those that have been occurred but are not recorded or reported as an…

Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…

A: Explicit costs are the actual out of pocket expenditures of a firm while implicit costs are the…

Q: Question 3 If a firm is able to double output when it doubles input, it has... Group of answer…

A: "Returns to scale refers to the rate at which output produced changes when all inputs in the…

Q: _________ refers to the additional cost spent to produce one more unit of the product. a. Marginal…

A: Money cost is the nominal cost and the cost that is spent by the firm in producing the commodity.…

Q: Average variable cost is always increasing as output increases whenever... Group of answer choices…

A: Variable cost refers to the cost that changes as output or production changes. Average variable cost…

Q: What happen when you add Total Fix Cost and Total Variable cost that is divided by their quantity.…

A: Production cost is the monetary value that is used to acquire factor of production to produce goods…

Q: The marginal cost of producing a product is the cost of producing one more unit. If you produce n…

A: Answer: Given: Total cost function: Cx=10,000+5x+0.01x2 Calculation: (a). The marginal cost of a…

Q: QUESTION 13 The short term is a period of time: O of one year or less where a firm can finish one…

A: Hi! thanks for the question but as per the guidelines, we answer only one question at one time.…

Q: QUESTION 18 An input that cannot vary in the short run is called, a. Fixed input b. variable input…

A: In short run the firm adjust theirs variable cost and labour as they required as a output increase…

Q: Question 3 If a firm's production exhibits diseconomies of scale then which of the following is…

A: Option D

Q: Explain the concept of total revenue and total cost

A: Total revenue (TR) is the total amount of money received from selling total goods and services. It…

Q: Question 3 Discuss the relationship between Long-Run Average Cost and Short-Run Average Cost for a…

A: The short run average cost would result in the change in the cost with the change in output in the…

Q: 1.  Marginal cost is calculated for a particular increase

A: We have found what is marginal cost.

Q: The cost that cannot be recovered if a firm goes out of business is known as __________. a. Cost of…

A: If a firm goes out of business then some of the costs can not be recovered such as Advertising…

Q: Question 24.24  Variable costs are                 sunk costs.        costs that change every day.…

A: Variable costs are those costs that change in proportion to the level of production. This implies…

Q: In the short run, Boeing cannot

A: In short run production all the factories are not variable.

Q: What is the term for what you give up to obtain an item?   Question 4 options:   opportunity cost…

A: Implicit Cost:- The expenditure which have already incurred which isn't shown or acknowledged as a…