Question

This chapter discusses many types of costs: explicit costs, implicit costs, total cost, average fixed cost,...

This chapter discusses many types of costs: explicit costs, implicit costs, total cost, average fixed cost, average variable cost, and marginal cost. Fill in the type of cost that best completes each sentence.

ALL POTENTIAL ANSWERS ARE EITHER AVERAGE FIXED/ AVERAGE VARIABLE/ EXPLICIT/ IMPLICIT/ MARGINAL/ OR TOTAL COST

Profits equal total revenue minus ______________ .

The term __________ refers to costs that involve direct monetary payment by the firm.

_____________   is falling when marginal cost is below it and rising when marginal cost is above it.

The cost of producing an extra unit of output is the _____________   .

__________   is always falling as the quantity of output increases.

The opportunity cost of running a business that does not involve cash outflow is a(an) ____________   .

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Profits equal total revenue minus TOTAL COST
.
The term EXPLICIT refers to costs that involve direct monetary payment by the firm.

AVERAGE VARIABLE COST is falling when marginal cost is below it and rising when marginal cost is above it.

The cost of producing an extra unit of output is the MARGINAL COST.

AVERAGE FIXED COST is always falling as the quantity of output increases.

The opportunity cost of running a business that does not involve cash outflow is a(an) IMPLICIT COST.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1- Match the following Total Cost   C = Total Cost - Fixed Cost Fixed Cost A....
1- Match the following Total Cost   C = Total Cost - Fixed Cost Fixed Cost A. = Variable Cost + Fixed Cost Variable Cost B. = Total Cost - Variable Cost Economic Costs .D. include Opportunity Cost 2- Match the following Average fixed cost A= fixed cost / quantity Average variable cost B= Variable cost / Q Average total cost C= total cost / quantity Marginal Cost D= Delta total cost / delta quantity 3- If Marginal Cost is equal...
Marginal cost equals: Select one: a. average variable cost at its maximum point. b. the change...
Marginal cost equals: Select one: a. average variable cost at its maximum point. b. the change in total fixed cost divided by the change in quantity. c. the change in total variable cost divided by the change in quantity. d. total cost divided by quantity. Noncash expenses are: Select one: a. explicit costs. b. sunk costs. c. incremental costs. d. implicit costs. Opportunity cost is not: Select one: a. a real economic cost. b. an implicit cost. c. a variable...
A) When output is 50, fixed costs are $1,000, and variable costs are $2,000, what is...
A) When output is 50, fixed costs are $1,000, and variable costs are $2,000, what is the average total cost? $20 $40 $60 $80? B) Economic profit is: total revenue minus explicit measurable costs. explicit revenues minus explicit costs. implicit and explicit revenues minus implicit and explicit costs. implicit and explicit revenues minus implicit costs.
2 - Average fixed costs of production a - will rise at a fixed rate as...
2 - Average fixed costs of production a - will rise at a fixed rate as more is produced. b - remain constant. c - graphs as a U-shaped curve. d - falls as long as output is increasing. 3 - The law of diminishing returns only applies in cases where: a - there is increasing scarcity of factors of production. b - the price of extra units of a factor is increasing. c - there is at least one...
[27] When calculating profit accountants include: A) explicit costs. B) implicit costs. C) explicit and implicit...
[27] When calculating profit accountants include: A) explicit costs. B) implicit costs. C) explicit and implicit costs. D) explicit, implicit, and external costs. [28] The economic cost of production is equal to: A) explicit costs plus excess profit. B) explicit costs plus normal profit. C) implicit costs plus excess profit. D) implicit costs plus normal profit. [29] Total revenue is the: A) revenue from one unit of a good or service sold. B) revenue from the total amount of a...
If marginal cost is less than average total cost, are average total costs rising or falling?...
If marginal cost is less than average total cost, are average total costs rising or falling? Alternatively, if marginal cost is more than average total cost, are average total costs rising or falling? Explain how this example might apply to a basketball player attempting to achieve a high average points per game.
Total revenue; Explicit cost; Implicit cost; Price; Fixed cost; Variable cost; Accounting cost; Economic cost Using...
Total revenue; Explicit cost; Implicit cost; Price; Fixed cost; Variable cost; Accounting cost; Economic cost Using the above concepts, write an equation for accounting profit (5 points) Using the table below answer the questions 8-10 and show your work. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 $270 G H I J K...
(a) Calculate marginal costs, total costs, average fixed costs, average variable costs and average total costs,...
(a) Calculate marginal costs, total costs, average fixed costs, average variable costs and average total costs, given the following table. Fixed costs are $100. Output Total Variable Cost Marginal Cost Total Cost Average Fixed Cost Average Variable Cost Average Total cost 0 0 1 60 2 90 3 110 4 150 5 230 6 450 7 610 8 810 (b) Between what levels of output is there increasing marginal productivity? (c) If labour were the only input to this production...
Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average...
Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average Variable Costs 0 0 - 10 - 10 - - - 1 8 24 14 24 2 16 34 10 17 3 24 42 8 14 4 32 49 7 12.25 5 40 57 8 11.4 6 48 67 10 11.17 7 56 81 14 11.57 8 64 99 18 12.38 9 72 123 24 13.67 f. You have now removed the fixed costs...
#1 Please discuss the importance of cost function in economics ? #2 Discuss also explicit, implicit...
#1 Please discuss the importance of cost function in economics ? #2 Discuss also explicit, implicit cost and marginal cost. #3 Give an example of an opportunity cost that an accountant would not count as a cost. Why would the accountant ignore this cost? #4 What is marginal product, and what does it mean if it is diminishing? #5 Define total cost, average total cost, and marginal cost. How are they related?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT