Fixed cost, variable cost and total cost. Which costs are important for economic decision making? Explain...

Fixed cost, variable cost and total cost. Which costs are important for economic decision making? Explain your answer. (10 points)

Expert Solution

Rahul Sunny answered 2 years ago

2. Describe a fixed cost, variable cost. Explain why the variable and fixed costs are important...

2. Describe a fixed cost, variable cost. Explain why the variable and fixed costs are important in cost accounting. Give your opinion

No. of Products Total Variable Costs, $ Total Costs $ Average Fixed Cost $ Average Variable...

No. of Products Total Variable Costs, $ Total Costs $ Average Fixed Cost $ Average Variable Cost $ Average Total Cost $ Marginal Cost$ 0 0 1 12 2 20 3 24 4 27 5 40 6 65 7 98 Assume that the fixed cost is $80, calculate the above costs in the table and explain the difference between average total costs and marginal costs. In a graph illustrate the Average Total Cost and Marginal Cost Curves, explain their relationship....

1. Making a decision on the margin means Select one: a. variable costs to fixed costs...

1. Making a decision on the margin means Select one: a. variable costs to fixed costs b. comparing total cost to total benefits c. sunk costs to total cost d. marginal revenue to marginal costs e. additional benefits to additional costs 2. Collusion is when businesses: Select one: a. have non-cooperative outcomes, because they compete outside the public eye b. agree to cooperate, and their behavior does not serve public interest c. agree to cooperate, and the U.S. government works...

Illustrate the total cost graph. You must include total costs, variable costs and fixed costs.

1-Explain total costs as the sum of total fixed and total variable costs. 2-Discuss the difference...

1-Explain total costs as the sum of total fixed and total variable costs. 2-Discuss the difference between short-run and long-run average total cost with examples.

What is the difference between variable and fixed costs in the context of total cost and...

What is the difference between variable and fixed costs in the context of total cost and per unit costs? Provide examples. short answer

what is the difference between fixed costs and variable costs? explain the shape of the total...

what is the difference between fixed costs and variable costs? explain the shape of the total variable cost curve and explain why and how the total cost and total variable cost curves differ. answer with your own word ( 200 words )

Using the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the variable input (which

Problem TwoUsing the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the variable input (which is labor in this example) is not $50 but $55. I have created Table 2 for you to put your answers in. Assume that fixed costs remain at $220. When the price of a variable input changes which...

4. The Costs of Production. Explain how fixed costs, variable costs, and the total costs affect...

4. The Costs of Production. Explain how fixed costs, variable costs, and the total costs affect people daily?

From the following information on costs of production, calculate Total Fixed Cost, Total Variable Cost, Average...

From the following information on costs of production, calculate Total Fixed Cost, Total Variable Cost, Average Variable Cost, and Marginal Cost. I also need to graph the total cost curves as well as the average and marginal cost curves. TC = TFC + TVC so for Q=1 TC=30, assume TFC=20 so TVC=10 (20+10=30); continue with logic about FC, it is independent of output, so it would be an incremental 20 with each additional level of output, TVC for each Q...

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