Homework Answers
From the diagram we can see that the marginal cost is 55
Total cost is 2925. This is found by using average total cost X output. This is equivalent to 45 x 65
Variable cost is 2405. This is found by using average variable cost X output. This is equivalent to 37 x 65
Fixed cost is 520. this is the difference between total cost and variable cost and is given by 2925 - 2405.
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Use the information in the graph to the right to find the values for the following...
Test: Exam This Question: 1 pt 31 of 79 (28 complte)w This Test Use the information in the graph to the right...
Test: Exam This Question: 1 pt 31 of 79 (28 complte)w This Test Use the information in the graph to the right to find the values for the following at an output level of 35 MC The marginal cost is (Enter a numence reaponse uaing an indeger) The total cost is The variable cost is ATC AVC The fxed cost is 35 Quantty of output
Show transcribed image text Test: Exam This Question: 1 pt 31 of 79 (28 complte)w...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve,...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
Use the following information to complete the table in the worksheet named "Data" When completing the...
Use the following information to complete the table in the worksheet named "Data" When completing the table, you must enter the appropiate formulas instead of typing the numeric answer. Do not change the cell formatting in the table. ABC Designs offers printing services to publishers. The table in the worksheet "Data" provides production information in terms of number of books that can be printed per hour of work. Assume that monthly fix cost, which include the cost of capital and...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
Each graph illustrates three short-run cost curves for firms, where ATC is average total cost (also...
Each graph illustrates three short-run cost curves for firms, where ATC is average total cost (also referred to as average cost), MC is marginal cost, and AVC is average variable cost. Please classify each of the graphs as valid or invalid based on what you know about the relationships between these curves. Valid Invalid Answer Bank Graph A Graph F Graph E MC MC MC AVC AVC Cost Cost ATC ATC ATC AVC Output Output Output Graph C Graph D...
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2,...
Consider a competitive rm with total costs given by TC(q) = 100 + 10q + q^2, The firm faces a market price p = 50. (a) Write expressions for total revenue TR and marginal revenue MR as functions of output q. (b) Write expressions for average total cost ATC, average variable cost AVC, and marginal cost MC as functions of output q. (c) For what value of output is ATC minimized? (d) Find the profit maximizing level of output q...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol)....
Answer questions using the table
Answer questions using the table TABLE Fixed Variable Total Marginal Output Cost Cost Cost AVC ATC Cost 1 $400 2 $700 3 $918 4 $1200 5 $1650 6 $2352 Given: Fixed cost =$1000; price=$550. Fill in table On a piece of graph paper, draw a graph of the demand, marginal revenue, ATC, AVC, and MC curves. The demand curve would be perfectly elastic and it would be the same as the Marginal Revenue Curve and equal to the price. How much is the best level of output?...
Econ 244 Name Costs and Production 1. The following table contains information on the relationship of...
Econ 244 Name Costs and Production 1. The following table contains information on the relationship of different levels of labor and total product, all other things equal. Calculate MP for the different levels of labor used. If the price of labor is $20 per hour, what are labor costs at each level of total product? Calculate the marginal cost as well. MP VCL MC workers per hour 100 220 300 360 420 2. Find and graph the FC. TC.AFC, AVC,...
2. Use the following table to answer the questions listed below. Output TC TFC...
2. Use the following table to answer the questions listed below. Output TC TFC TVC AFC AVC ATC MC 0 $100 $ $ $ $ $ $ 1 $150 $ $ $ $ $ $ 2 $225 $ $ $ $ $ $ 3 $230 $ $ $ $ $ $ 4 $300 $ $ ...
Test: Exam This Question: 1 pt 31 of 79 (28 complte)w This Test Use the information in the graph to the right to find the values for the following at an output level of 35 MC The marginal cost is (Enter a numence reaponse uaing an indeger) The total cost is The variable cost is ATC AVC The fxed cost is 35 Quantty of output
Show transcribed image text Test: Exam This Question: 1 pt 31 of 79 (28 complte)w...
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
Use the following information to complete the table in the worksheet named "Data" When completing the table, you must enter the appropiate formulas instead of typing the numeric answer. Do not change the cell formatting in the table. ABC Designs offers printing services to publishers. The table in the worksheet "Data" provides production information in terms of number of books that can be printed per hour of work. Assume that monthly fix cost, which include the cost of capital and...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
Each graph illustrates three short-run cost curves for firms, where ATC is average total cost (also referred to as average cost), MC is marginal cost, and AVC is average variable cost. Please classify each of the graphs as valid or invalid based on what you know about the relationships between these curves. Valid Invalid Answer Bank Graph A Graph F Graph E MC MC MC AVC AVC Cost Cost ATC ATC ATC AVC Output Output Output Graph C Graph D...
Fill in the remaining cells of the following table. Quantity (Pairs) Total Cost (Dollars) Marginal Cost (Dollars) Fixed Cost (Dollars) Variable Cost (Dollars) Average Variable Cost (Dollars per pair) Average Total Cost (Dollars per pair) On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol)....
Econ 244 Name Costs and Production 1. The following table contains information on the relationship of different levels of labor and total product, all other things equal. Calculate MP for the different levels of labor used. If the price of labor is $20 per hour, what are labor costs at each level of total product? Calculate the marginal cost as well. MP VCL MC workers per hour 100 220 300 360 420 2. Find and graph the FC. TC.AFC, AVC,...
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