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What are a business firm's fixed and variable costs of production?
Fixed costs are costs that do not vary with the level of output, such as rent and insurance premiums. Variable costs are costs that change with the level of output, such as wages and raw materials.
Do the fixed costs increase as output increases?
No these are costs such as rent stay basically same irrespective of output
What is the definition of variable costs?
Change depending on the level of output
Production possibilities frontiers curve when they are charted on a graph because they show?
the increasing costs resulting in increasingly less output
Which statement describes an opportunity cost that could result from the government regulating businesses?
Government regulations can lead to an increase in production costs.
What are a business firm's fixed and variable costs of production?
Fixed costs are costs that do not vary with the level of output, such as rent and insurance premiums. Variable costs are costs that change with the level of output, such as wages and raw materials.
What things do variable costs include?
Variable costs vary depending on a company's production. Production, or output, and costs are included in variable costs. Production and costs are directly related.
Do the fixed costs increase as output increases?
No these are costs such as rent stay basically same irrespective of output
What are Fixed and variable costs in the workplace?
fixed cost will not change with the change in output variable cost will change with chang in output
What is the definition of variable costs?
Change depending on the level of output
Variable costs are conventionally deemed to?
Vary per unit of output as production volume changes.
What assumptions about costs are made in CVP?
Although no one can be certain that costs are linear over the entire range of output or production, this is an assumption of CVP.
Why do production possibilties frontiers tend to curve because they show?
the increasing costs resulting in increasingly less output
Variable costs per unit will increase as production decreases.?
Variable cost per unit remains same with level of production and no change in change in level of production.
Production possibilities frontiers curve when they are charted on a graph because they show?
the increasing costs resulting in increasingly less output
What are production costs?
Production costs are costs to produce
What of these describes the law of comparative costs?
Countries with the most efficient factors of production could produce the most profitable goods.
