![Question 2 [6 points] Afirms average cost curves are shown below 120 AFC 105 ATC 90 75- 60 45 30 15 0 6 Labour (workers per](http://img.homeworklib.com/questions/f7f9f6f0-7418-11ea-9bc6-3d7032e9928f.png?x-oss-process=image/resize,w_560)
Homework Answers
a. Last option is correct ie. increasing, then diminishing, marginal returns
b. First option is correct ie. Average fixed cost
ATC = AFC + AVC
c. First option is correct ie. above the ATC curve, ATC rises
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Question 2 [6 points] Afirm's average cost curves are shown below 120 AFC 105 ATC 90...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost curve first declines and then increases because of The decline in the gap between ATC and AVC as output expands Constant marginal revenue Increasing, then diminishing, marginal utility Increasing, then diminishing, marginal returns b) The vertical distance between ATC and AVC measures Marginal cost Economic profit per unit Average fixed cost Total fixed cost c) When the marginal cost curve lies above the AVC...
QUESTION 1 In the short run, the ATC curve is _____ above the AVC curve. A....
QUESTION 1 In the short run, the ATC curve is _____ above the AVC curve. A. always B. sometimes C. never 2 points QUESTION 2 As output rises, A. AFC rises. B. AFC falls. C. AFC remains the same. D. there is no way of determining what happens to AFC. 2 points QUESTION 3 When average total cost is declining, then A. marginal cost must be less than average total cost. B. marginal cost must be greater than...
Describe the shape of AFC(average fixed cost), AVC(Average Variable cost), ATC(Average total cost) and MC(Marginal cost)...
Describe the shape of AFC(average fixed cost), AVC(Average Variable cost), ATC(Average total cost) and MC(Marginal cost) Explain graphic relationship among ATC, AVC and MC. I would be appreciated if the answered in 5senteces,
Calculate A) Total Fixed Cost (TFC), Total Variable Cost (TVC), Average Fixed Cost (AFC), Average Variable...
Calculate A) Total Fixed Cost (TFC), Total Variable Cost (TVC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). B) Graph the average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), and the marginal cost (MC) curves on one graph and TFC curve, TVC cost curve, and TC curve on another graph. Quantity Produced Total Cost 0 $ 120 1 135 2 148 3 159 ...
The following graph shows the average total cost (ATC) curve, average variable cost (AVC) curve, and...
The following graph shows the average total cost (ATC) curve, average variable cost (AVC) curve, and average fixed cost (AFC) curve for Eleanor's Pizza Parlor when the retail price Eleanor pays for pizza sauce, including sales tax, is $15 per gallon. ATC AVC OUTPUT (Pizzas per day) Suppose the sales tax on pizza sauce is removed, so the price of pizza sauce decreases to $14 per gallon. In the following table, indicate how each cost and curve is affected, if...
1. Which of the following must be true when average total cost is decreasing? Average fixed...
1. Which of the following must be true when average total cost is decreasing? Average fixed cost is increasing. Average variable cost is constant. Marginal cost is lower than avergae total cost. Marginal cost is decreasing. 2. Which of the following is true? AVC=ATC+AFC. AFC will go up in the beginning but will eventually go down. MC= (change in TC)/ (change in Q) FC+MC=TC. 3. Which of the following is true? Average product (AP) is increasing when the marginal product...
How to calculate the Total Cost (TC), Average Fixed Cost (AFC), Average Total Cost (ATC), and...
How to calculate the Total Cost (TC), Average Fixed Cost
(AFC), Average Total Cost (ATC), and Marginal Cost (MC)?
1. The schedule below gives the Total Variable Cost (TVC) for producing various quantities of smurfs (smurfs are an input into cat food production). The Total Fixed Costs (TFC) is $100. Calculate the following and fill in the blanks: Total Cost (TC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). Cost Schedule for...
MC TVC AFC AVC ATC TC Output TFC $500 $200 1 2 $800 $75 $875 $925...
MC TVC AFC AVC ATC TC Output TFC $500 $200 1 2 $800 $75 $875 $925 $75 100 Refer to an above table. What is the average variable cost of producing three units of the output? $291.67 o $125 $100 $166.67 问题3 29 问题3 AVC ATC MC AFC Output TVC TC TFC $500 $200 $800 2 $75 $875 4 $925 5 100 $75 Which of the following is correct for this firm with the cost structure presented in the table...
Finish the table. MPL: Marginal production of labor TC: Total cost MC: Marginal Cost AFC: Average...
Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average fixed cost
AVC: Average variable cost
ATC: Average total cost
lormal text - Times New... - 12 B I VA G E A E 1 E- Labor Week 6 Assignment: Production Costs 20 Points) Output MPL FC VC TC MC AFC AVC ATC (Q) 0 25 WN 25 50 75 100 13 25 15 F 16 25 125 1. Complete the table above. (4...
pogu u (a) Calculate the fixed cost (FC), average fixed cost (AFC), average variable cost (AVC),...
pogu u (a) Calculate the fixed cost (FC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC) from the table below. Units of output Total cost AFC ATC FC 50 AVC 0 0 MC 0 0 80 128 180 280 405 (b) Draw graphs to plot these cost curves against output. (c) Explain what these shapes tell us about returns and efficiency.
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost curve first declines and then increases because of The decline in the gap between ATC and AVC as output expands Constant marginal revenue Increasing, then diminishing, marginal utility Increasing, then diminishing, marginal returns b) The vertical distance between ATC and AVC measures Marginal cost Economic profit per unit Average fixed cost Total fixed cost c) When the marginal cost curve lies above the AVC...
The following graph shows the average total cost (ATC) curve, average variable cost (AVC) curve, and average fixed cost (AFC) curve for Eleanor's Pizza Parlor when the retail price Eleanor pays for pizza sauce, including sales tax, is $15 per gallon. ATC AVC OUTPUT (Pizzas per day) Suppose the sales tax on pizza sauce is removed, so the price of pizza sauce decreases to $14 per gallon. In the following table, indicate how each cost and curve is affected, if...
How to calculate the Total Cost (TC), Average Fixed Cost
(AFC), Average Total Cost (ATC), and Marginal Cost (MC)?
1. The schedule below gives the Total Variable Cost (TVC) for producing various quantities of smurfs (smurfs are an input into cat food production). The Total Fixed Costs (TFC) is $100. Calculate the following and fill in the blanks: Total Cost (TC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). Cost Schedule for...
MC TVC AFC AVC ATC TC Output TFC $500 $200 1 2 $800 $75 $875 $925 $75 100 Refer to an above table. What is the average variable cost of producing three units of the output? $291.67 o $125 $100 $166.67 问题3 29 问题3 AVC ATC MC AFC Output TVC TC TFC $500 $200 $800 2 $75 $875 4 $925 5 100 $75 Which of the following is correct for this firm with the cost structure presented in the table...
Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average fixed cost
AVC: Average variable cost
ATC: Average total cost
lormal text - Times New... - 12 B I VA G E A E 1 E- Labor Week 6 Assignment: Production Costs 20 Points) Output MPL FC VC TC MC AFC AVC ATC (Q) 0 25 WN 25 50 75 100 13 25 15 F 16 25 125 1. Complete the table above. (4...
pogu u (a) Calculate the fixed cost (FC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC) from the table below. Units of output Total cost AFC ATC FC 50 AVC 0 0 MC 0 0 80 128 180 280 405 (b) Draw graphs to plot these cost curves against output. (c) Explain what these shapes tell us about returns and efficiency.
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