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A: We are going to undergo cost analysis to answer this question.
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Q: 1. In a the short product process a(an) marginal product of labor explains why marginal cost is…
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A: Answer -
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A: The costs broadly classified into two parts I) Explicit Costs II) Implicit Costs
1. Distinguish between input and output.
2. Explain how input, output and cost are interrelated.
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- A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?1. Please answer the following questions: a. Explain how input, output and cost are interrelated. b. Explain the meaning of Marginal Cost.Jane’s Juice Bar has the following cost schedules:a. Calculate average variable cost, average total cost, and marginal cost for eachquantity.b. Graph all three curves. What is the relationship between the marginal-cost curveand the average-total-cost curve? Between the marginal-cost curve and the averagevariable-cost curve? Explain.