Which of the following illustrates a fixed cost?: wages paid to a temporary worker website design costs insurance payments raw material expenses
Q: What are economic costs? Group of answer choices Any contractual obligation that results in a flow…
A: The economic cost is the mix of misfortunes of any merchandise that has a worth joined to them by…
Q: regarded as costs by accountants but not by economists. B. payments that a firm makes to other firms…
A: Economic profit= total revenue- total cost
Q: If a person starts their own business, one implicit cost is the loss of a steady salary from leaving…
A: This statement is True Implicit cost is the opportunity cost of the foregone alternative which is…
Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…
A: The economic cost is the sum of all losses of any goods that have a monetary value attached to them…
Q: Consider the data in the table which applies to the provision of psychological testing services.…
A: Variable Cost is the cost which depends on the amount of output. It changes with the change in the…
Q: Indicate whether each of the following is anexplicit cost or an implicit cost.a. A manager’s…
A: Explicit Costs are costs that are directly incurred by the business. They can be seen in the…
Q: Please explain whether the following statements are true or false. Question (a) if the owner of a…
A: The potential benefits that a person, investor, or company loses out on by choosing one option over…
Q: Marginal cost is the: rate of change in total fixed cost that results from producing one more unit…
A: Marginal cost by definition is the cost incurred for producing an extra unit of the good or…
Q: The opportunity cost of money that a firm’s owner has invested is an example of A Implicit costs. B…
A: Opportunity cost is by implicit costs. That is, implicit cost is the opportunity cost that arises…
Q: Jim cannot work for a week due to illness. [ Select | [ Select ] explicit cost implicit cost Norman…
A: "Since you have asked multiple parts, we will answer only first three parts for you. If you have any…
Q: Lewis contracted with the government to dredge 2 million cubic yards of silt from a ship channel.…
A: Excavate: It refers to dig a hole in the ground.
Q: Discuss the impact of cost trade-off of the following: (a) Longer production runs…
A: Part (a) Longer production runs producing syringes will lead to lower unit cost i.e., the decrease…
Q: Which of the following is an explicit cost? The opportunity cost of an owner/entrepreneur’s time…
A: An explicit cost is an out of pocket expense that is incurred in the course of production of a good…
Q: Which of the following is an example of an implicit cost? Group of answer choices A)Federal taxes…
A: Implicit cost is such a cost that shows factor cost owned by entrepreneur himself and also known as…
Q: Which of the following would be the best starting point on which to focus if an air conditioner…
A:
Q: The following is cost information for the Creamy Crisp Donut Company. Entrepreneur's potential…
A: Accounting cost =Annual lease on building +Payment to workers + Utilities cost…
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: Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He…
A: Total cost =total variable cost + total fixed cost
Q: Which of the following would increase a firm's average total costs? economies of scale an increase…
A: Average Total Cost: The average total cost (ATC) is the per-unit cost of producing goods and…
Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…
A: The sunk costs are the expenditure incurred by a firm or business that is non-recoverable or on…
Q: Identify yes or no as to whether or not each of these costs would be relevant for the decision on…
A: Business have two types of cost. fixed and variable fixed cost cannot be shifted and have to be…
Q: Which of the following is likely to be the least important factor for firms in determining…
A: Production is an activity that employs labor, capital, products, and services as inputs to generate…
Q: ABC Company issued a payment for the suppliers of raw materials they used in producing their goods.…
A: Fixed cost is the costs that needs to paid every month or year whether the production process is…
Q: Which of the following is most likely to be an implicit cost?* rental income foregone on assets…
A: NOTE: .We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: How does learning by doing affect average total costs? Short-run average total costs will remain…
A: Learning by doing is a process of achieving productivity through practice, innovations, and…
Q: A print shop wants to expand production. It currently has 20 employees and 8 copy machines and…
A: Answer: Given, Number of new employees added = 4 Output produced by 4 new employees = 80,000 Number…
Q: Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per…
A: Opportunity cost is the cost that a person faces due to his decision of giving up one good for…
Q: The following is cost information for the Creamy Crisp Donut Company LL Entrepreneur's potential…
A: Normal profit is the part of total cost which represents foregone income, that is income that could…
Q: Differentiate between explicit and implicit costs. Explain the importance of considering both types…
A: Explicit cost: It is the cost that is incurred in running the day-to-day operations of a business…
Q: TV manufacturer can produce 200 TVs in a month at a total $140000 and 400 TVs at a total cost…
A: Given the cost for production of 200 Tvs is $140,000. Therefore, the fixed cost is $140,000 as it…
Q: Which of the following sources of low costs is most popular? Group of answer choices Economies of…
A: Cost is minimized when large output can be produced with limited resources and available technology.…
Q: Opportunity cost refers to A) explicit costs+ implicit costs B) Time costs C) Money costs D) None of…
A: The total amount of money used in producing goods & services and including labor, time and…
Q: Evaluate the view that the main goal of firms will always be cost minimization. 2. You are…
A: 1. Every organization works with the primary motive of maximizing its profit. In order to maximize…
Q: of the following statements about worker productivity and labor costs are true, EXCEPT: A.…
A: Worker productivity refers to total output divided by quantity of labor employed. It is also known…
Q: MNLOGS harvested logs (with no inputs from other companies) from their property in northern…
A: Given,MNLogs harvested logs with zero input cost and sold these logs to MNLumber for $1,500. Then…
Q: A producer borrows money and starts a business. He himself looks after the Identify implicit and…
A: Answering first question as per guidelines. Explicit Costs refer to actual payments made for…
Q: Which of the following statements is correct? Multiple Choice ___ Marginal cost is the change in…
A: Marginal cost is defined as the extra coat a firm incurs by employing an extra unit of input.
Q: Which of the following is a typical example of a variable cost of production in a business firm? A.…
A: Variable Cost is that cost which keeps on changing with the change in the level of output.
Q: Which of the following statements is true? Costs are always explicit, never implicit. Costs are…
A: Cost is the expenditure incurred by the firm on purchase of factors of production for the production…
Q: Why would labor be treated as a variable cost? Question 24 options: they are costs…
A: Variable cost is that cost which changes when the output level changes. It depends on the quantity…
Q: The average fixed cost curve a. always rises with increased levels of output b. declines as long as…
A: The average fixed cost is the per unit fixed cost incurred in the production process as it is…
Q: The cost, in dollars, of producing æ units of a certain item is given by C (z) = 5x – 4/7 – 1. Find…
A: Average cost (AC) is defined as the per unit cost of producing a commodity. AC = TC/x
Q: Q15 _____ cost declines over the whole range of output. a. Average variable. b. Total variable. c.…
A: Total fixed cost (TFC): - it is the cost incurred on the fixed capital assets like land, building,…
Q: The following statement describes which source of low costs? “The more the firm has ever made, the…
A: Given : The more the firm has ever made, the better it gets at making.
Q: Opportunity cost refers to A) explicit costs+ implicit costs
A: The total amount of money used in producing goods & services and including labor, time and…
Q: Which of the following statements is FALSE? Question 6 options: Marginal cost equals average total…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Which of the following describes an implicit cost? NO opportunity cost is involved. NO outlay of…
A: Cost can be of two types, explicit cost and implicit cost.
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- How will automation affect the unskilled labor,You used the wrong elacticity of labor supply. It is .16 not 0.1Complete the missing parts in the table Working hours (input) Wage Yield in lb. (TPP) Price of basil Total Fixed Cost (TFC) TVC (Total Variable Cost) TC (Total Cost) TR (Total Revnue) AVC (Average variable Cost) ATC (Average Total Cost) MC (Marginal Cost) MR (Marginal Revenue) 0 $28 0 $14.0 10 $28 32 $14.0 20 $28 68 $14.0 30 $28 108 $14.0 40 $28 144 $14.0 50 $28 176 $14.0 60 $28 196 $14.0 70 $28 212 $14.0 80 $28 216 $14.0 90 $28 218 $14.0 100 $28 214 $14.0 110 $28 204 $14.0…
- Please show work no excelWhat do the Raw-mat materials inventory represent?An SMSE has a production process with fixed lot size A. The table below shows the total output and the number of workers: No. of Workers Total Output 0 0 1 10 2 30 3 50 4 56 5 59 6 60 7 60 8 58 (b) Show the three stages of production (c) Suppose the market price of the output Rs. 150 and the wage rate is Rs. 900, how many workers would this firm hire? What if the price decreases to Rs. 100? (d) Suppose the market price increases to Rs. 250, what is the highest wage rate the firm would be willing to pay to employ 4 units of labour?
- The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을What are the disadvantages of division of labor?When hiring a new employee, a business has to pay certain expenses on this employee including wages and nonwage expenses. These extra costs are called: Marginal Revenue Marginal Revenue Product Marginal Labour Cost Marginal Productivity of Labour Marginal Cost
