1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna35 [415]
4 years ago
7

Use the following two statements to answer this question:I. The average total cost of a given level of output is the slope of th

e line from the origin to the total cost curve at that level of output.II. The marginal cost of a given level of output is the slope of the line that is tangent to the total cost curve at that level of output.A. I is true, and II is false.B. Both I and II are true.C. I is false, and II is true.D. Both I and II are false.
Business
1 answer:
Burka [1]4 years ago
7 0

Answer:

B. Both I and II are true.

Explanation:

<em> The average total cost of a given level of output is the slope of the line from the origin to the total cost curve at that level of output</em>

The average total cost is defined as the sum of all total costs divided by the quantity produced. In other words, the cost of one unit of production. The average cost curve as shown in the diagram is U-shaped, where it falls with economies of scale and later rises as diseconomies of scale sets in.

<em />

<em>The marginal cost of a given level of output is the slope of the line that is tangent to the total cost curve at that level of output</em>

Marginal cost is the change that occurs in the total cost when quantity produced increases by one unit. In other words, it is the cost of producing an additional unit of a good. As per the diagram, the slope of the line tangent to the TC (TC = AC x Q1) curve at Q1 is the firm's marginal cost at this output level.

You might be interested in
Jerry's Phone Service is a monopoly. To find the amount of phone service that this company will provide, Jerry finds the point a
Vadim26 [7]

Jerry will find the point of equilibrium. This is the point where marginal cost equals marginal revenue. This is the point that is Jerry produces anymore, it will start to cost him more than he makes. Thus, Jerry will stop providing new service at this point.

7 0
3 years ago
Read 2 more answers
Causwell Company began 2021 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2021, an additional
lidiya [134]

Answer: 1. $110000.

2. $120000

Explanation:

First, we calculate the sold units which will be:

= Opening inventory + Purchase - Ending inventory

= 10000 + 30000 - 20000.

= 20000

Then, the cost of stock per unit will be:

= $115000/20000

= $5.75

The total cost of the total stock available will be:

= 40000 × $5.75

= $230,000

Cost of purchase stock will be:

= Total cost of stock - Cost of beginning inventory

= $230000 - $50000

= $180000

Then, cos per unit of purchased stock will be:

= $180000 / 30000

= $6

1 Determine the cost of goods sold for 2021 using the FIFO method.

Cost from begining inventory = 10000 × 5 = 50000

Add: Cost from purchase inventory = 10000 × 6 = 60000

Cost of goods sold under FIFO = 110000

2. Determine the cost of goods sold for 2021 using the LIFO method.

This will be:

= 20000 × 6

= 120000

5 0
3 years ago
Mike organizes a group of students upset over the food selection in the cafeteria. He assigns times for students to stand in the
alukav5142 [94]

Answer:

interest group

Explanation:

Based on the information provided within the question it can be said that this is an example of an interest group. This term refers to group of individuals that share a common interest and because of it work in unison in order to influence the government so that they promote and protect that interest. Which in this scenario the group's main interest is on the food selection in the cafeteria, and are working together to influence the organizational entity to change it.

3 0
3 years ago
An IAC (industrially advanced country) had a per capita income of $44,000, while a DVC (developing country) had a per capita inc
faust18 [17]

The per-capita-income gap one year later will be $43,472.

<h3>What will be the per-capita-income gap one year later?</h3>

GDP per capita is the GDP of a country divided by the population of the country. It is used as a metric to determine the standard of living of the population.

GDP per capita = GDP / population

Difference in the GDP per capita = 1.04 x (44,000 - 2,200)

1.04 x 41,800 = $43,472

To learn more about GDP per capita, please check: brainly.com/question/28018695

#SPJ1

5 0
2 years ago
How do humans respond to price? How does this relate to the study of economics?
vagabundo [1.1K]
When prices are high, people stress more.
4 0
4 years ago
Other questions:
  • When travelers are bumped from overbooked flights, they are frequently offered vouchers good for future travel. The dollar value
    10·1 answer
  • Art, Inc., has 5,000 shares of 4%, $100 par value, cumulative preferred stock and 20,000 shares of $1 par value common stock out
    8·1 answer
  • An increased focus on health and wellness has resulted in a number of new business ideas including healthier foods and beverages
    14·1 answer
  • If a company is in new york city and a qualified applicant lives across the country in california what would be the most cost ef
    14·2 answers
  • The payment of a note payable plus the accrued interest would be recorded in the
    6·1 answer
  • Shelton Company has the following account balances at year-end:
    13·1 answer
  • Sometimes events on Salesforce need to be handled by an external system due to the scale or type of process being executed. Cons
    14·1 answer
  • The loan department of a financial corporation makes loans to businesses. The costs of processing these loans are often several
    5·1 answer
  • True or false: Both for-profit and nonprofit businesses have the same goal of earning a profit
    10·2 answers
  • The difference between the standard cost of a product and its actual cost is called a variance.
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!