Producers DEMAND labor because they want and are willing to pay for people to work in their businesses.
The employees are the ones who supply labor. They are the human resource of any company.
That term is the division of labor.
Division of labor refers to the fact that each person will be assigned a certain task they specialize in, based on their education and skills. Every person can present the employer with a particular set of skills, and then he can decide who will do what within that complicated job.
Average total cost is minimized at 10 units of output.
As per the relationship between the two, at such a point average cost is the lowest and after that, from the next unit onwards it starts rising.
<h3>By marginal cost, what do you mean?</h3>
The term "marginal cost" describes the rise in manufacturing costs brought on by the creation of more product units. A different name for it is the marginal cost of production. Businesses may evaluate how volume produced affects cost and, eventually, profitability by calculating the marginal cost.
<h3>What does "total average cost" mean?</h3>
The average total cost is calculated by dividing the total cost of production by the total output. In other words, the average cost is the sum of the firm's total fixed and variable costs divided by the sum of the units it produces.
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Answer:
$10,600
Explanation:
The total amount that the students will pay will be the total of monthly installments plus the deposit
Deposit =$1000
total monthly installments = $200 x 48 = $9600
The total amount he will pay = $ 9600 +$1000
=$10,600
Answer:
The correct answer to the following question is option D) the vertical distance between ATC ( Average total cost ) and AVC ( Average variable cost ) .
Explanation:
AFC which is know as average fixed cost , can be taken out by dividing the total fixed cost from the total number of units produced. In the earlier phase , for the given number of units produced, both AVC and AFC curve would decrease, which would ultimately lead to fall in ATC. But when the units increase , the AVC would start to rise but AFC is still falling and due to this ATC would sill fall , because fall in AFC is still greater than rise in AVC . As output further rises , the AVC would keep on rising and would finally offset fall in AFC and ATC would also start rising. Therefore AFC would be determined by vertical distance between ATC and AVC.
