Why would labor be treated as a variable cost? Question 24 options: they are costs incurred in the act of producing that will decrease with quantity produced they are made before production starts and vary according to the specific line of business labor costs are an input cost that firms are unable to change in the short run producing larger quantities of a good or service generally requires more worker

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: Which of the following statements best represents a difference between short-run and long-run cost?…

A: In the production function, different inputs are used to produce the final output. Each input has…

Q: If a firm uses labor to produce output, the firm’s production function depicts the relationship…

A: Answer- the number of workers and quantity of output.

Q: In a furniture market, if a furniture company is analyzing the short run total costs, one of the…

A: Here, it is given that a firm in the furniture market is analyzing its short-run total cost.…

Q: When average variable cost is at a minimum, Multiple Choice   marginal cost is at a maximum.   the…

A: Option D When AVC is at a minimum, APL is at maximum AVC and AP are inversely related.

Q: Select choices which are true about Total Costs.  (Select all that apply.)   Question 38 options:…

A: Total cost is defined as the total expenses that a company or firm has to incur in order to produce…

Q: Three managers of APISYONADO Company are discussing a possible increase in production who do you…

A: MR.NADO is correct as according to him  the extra revenues from selling the additional perfume…

Q: Q 1. The hiring of labour with fixed factor of production under short run after sometimes leads to…

A: 1) The law of variable proportion states that when total output of a good is increased by adding…

Q: which one is true If a firm uses 10 units of labour and 20 units of capital to produce 10 units of…

A: The marginal product of labor refers to the increase in the total output by the addition of one more…

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: Copy the table below into your answer booklet and fill in the missing figures: output total cost…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: Businesses wanted to reduce their cost to the minimum without compromising the product quality and…

A: Companies benefit from economies of scale when their production gets more efficient. Economies of…

Q: Draw a production function that exhibits diminishing marginal product of labor. Draw the associated…

A: The diminishing product of labor refers to the situation where increasing one additional labor…

Q: What is the difference between production in the short run and production in the long run? Explain…

A: The short-run is a notion that states that at least one input is fixed while the others are variable…

Q: Question 4 Marginal product is NOT... Group of answer choices the change in the total product…

A: "Marginal product indicate the change in total output from employing one more unit of input (keeping…

Q: Suppose that the Law of Diminishing Returns sets in immediately (that is, there is no range of…

A:

Q: As a firm hires more workers, holding capital and other factors constant, the marginal physical…

A: Answer is (a) the amount of other inputs each worker has to work with declines as the number of…

Q: Short-run average total cost      shows the minimum average total cost for each level of output…

A: Answer: Correct option: option 4 (might have a flat portion that indicates a constant average cost…

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: Determine whether each of the following is an explicit cost or an implicit cost :a. Payments for…

A: The total cost incurred by a firm operating in a market includes fixed costs and variable costs.…

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: The marginal product of the labor curve shows the change in the total product resulting from a: a.…

A: The change in output that results from using one more unit of a particular input, assuming that the…

Q: Which of the following is an implicit cost of production?   16:   A)  the utility bill paid to…

A: please find the answer below.

Q: A fixed input is one: Select one: a. that can never produce more or less in any period. b. that only…

A: In a broad sense, there are two types of inputs (factors) used in the production i.e. fixed input…

Q: 3. What are the differences between the internal and external economies of scale?

A: When it increases its level of output, it often experiences some cost advantage, referred to as…

Q: What is correct about the relation between the production function and costs?   Question 10…

A: The correct answer is given in the second step.

Q: Which of the following are likely to be fixed costs and which variable costs for a chocolate factory…

A: Fixed Cost refers to the cost that remains constant over a period of time irrespective of the amount…

Q: Distinguish carefully between labor-augmenting and labor-saving technological change.  Explain your…

A: Technological change is an important factor that promotes economic growth of a country. Through…

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

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Question 19 Which of the following statements best represents a difference between short-run and…

A: In economics, the concept of short-run and long-run is used to analyze the variability of various…

Q: Why would labor be treated as a variable cost? labor costs will decrease as the firm produces more…

A: Fixed cost refers to the cost which remains same at all levels of output. It is independent of…

Q: Firms are facing a lot of challenges when dealing with their costs of production. Analyze a fixed…

A: Fixed cost refers to the cost of production that the firm has to incur irrespective of output. This…

Q: Q1. In the theory of production, diminishing marginal returns to labour holds in the short run…

A: Since you asked multiple questions, we will solve the first question for you. If you want any…

Q: We can describe inputs as either fixed or variable. Thinking about a company that assembles cars,…

A: In the production process, some of the resources are considered as fixed while others are variable…

Q: If a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal…

A: Given  Marginal Product of labor(MPL)  = 1 ton of output.  Marginal Product of capital l(MPK) = 7…

Q: True or False: For an increase in output, average costs change by more in the short-run than in the…

A: Average cost: The average cost for a firm can be defined as the cost incurred per unit of output for…

Q: A firm hires two workers and rents 15 acres of land for a season. It produces 150,000 bushels of…

A: Returns to scale state the effect on the output level due to the increase in the production inputs.