The change in cost that results from a one-unit increase in output is called the
ID: 1207308 • Letter: T
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The change in cost that results from a one-unit increase in output is called the per-unit variable cost. Average fixed cost. Marginal cost. Per-unit total cost. Average cost change. The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total cost of producing 50 bikes? $200 $400 $100 $300 $500 The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total fixed cost of producing 64 bikes? $500 $600 $400 $300 $200 The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. Each worker is paid $100 a day. Labor costs are the only variable costs of production. What is the total variable cost of producing 60 bikes? $300 $200 $500 $400 None of the above answers are correct. The U-shaped average total cost curve is unrealistic because average total cost always increases as output increases. the result of average fixed cost falling and decreasing marginal returns as output increases. a result of constant marginal returns. a result of firm's wanting to find the output level where cost is at its maximum. a result of increasing marginal returns. As output increases, economies of scale occur when the long-run average cost increases. long-run fixed cost decreases. short-run average total cost decreases. long-run average cost stays constant. long-run average cost decreases. The long run average cost curve shows the lowest average cost facing a firm as it increases output changing both its plant and labor force. is the sum of a firm's short run average cost curves. initially rises when output increases and then falls when output increases. always rises as output increases. always falls as output increases. Which of the following variables do you need to know to calculate marginal cost? change in total cost marginal product of labor change in quantity of labor used change in output ii and i and ii Only ii i, iii, and iv In part, perfect competition arises if each firm's minimum efficient scale is large relative to demand. each firm produces a good or service identical to those produced by its many competitors. there are significant barriers to entry. i and ii ii and iii i only iii only ii onlyExplanation / Answer
9. Marginal cost
The change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run.
10. 400
11. 200
12. $300
13. The result of average fixed cost falling and decreasing marginal returns as output increases
The average total cost curve is U-shaped. Average total cost is relatively high for small quantities of output, then as production increases, it declines, reaches a minimum value, then rises.
14,. e. long run average cost decreases.
Economies of scale occur when its Long Run Average Costs fall with increasing output
15. a
The Long Run Average Cost, LRAC, curve of a firm shows the minimum or lowest average total cost at which a firm can produce any given level of output in the long run
16. e.
Marginal cost is a figure calculated from production costs for a short period of time. It takes into account the output and the total cost.
17. Each firm produces a good or service identical to those produced by its many competitors.
Perfect competition is highly competitive and firms find it impossible to earn an economic profit in the long run.
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