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Q: e. When output is 5, marginal cost is
A: Marginal Cost(MC)= change in total cost(∆TC) ÷ change in quantity(∆Q)
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- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?
- What shape of a long-run average cost curve illustrates economies of scale, constant returns to scale, and diseconomies of scale?What are explicit and implicit costs?Refer to the diagramhe ight. The vtal diterence beween curves Fand G measures OA fxed costs O B. marginal costs OC. average fred costs O D. sunk costs. Quantily of oulpul
- Save The production function for a product in given by q-100KL mergnal product functione MP100K end MP100 he poe of cp,cs00 per day wnd the priefer, w, in S400 per day, what the minimum cost of producing 10,000 units of oupun The minimum cost of producing t10,000 units of output is Round al intemediate retb deciml placand erter your pone unded te deia psMon Tue Wed Thu Fri Sat Sun Notes yue cost Functi ou and price per unit function of setling x vinit of calculators are c(x) =°0.1x+ 2x+500 and X= 200-p hspectively calculeate the ) revenue Functon ) Elaborate the of cakulators are produced. marginal cost when 5 units t) maximun protitWhich of tholowing statements is true? O An explicit cost is more important, dolar for dollar, than an implicit cost. An explicit cost is an actual cost an implicit cost is a theoretical cost. Economic costs include both explicit costs and implicit costs O Explicit costs are accounting costs, not economic costs, implicit costs are economic costs, not accounting cos
