Question 33 1 pts If a firm has an average variable cost of $4 and average...
Question 23 1 pts Average Variable Marginal Average Fixed Costs Average Total Costs Costs Total Costs Output (Q) Fixed Costs Variable Costs Costs $500 $200 1 $800 2 $875 $75 3 $925 4 $100 5 $625 What is the total cost of producing five units of the good? $1,050 $1,025 $825 $1,000 $950
Question 3 1 pts Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 + 2y + 9 What is the firm's fixed cost? y+2+ 2y + 2 Oy+2 Question 4 1 pts Suppose a firm in a perfectly competitive market has the cost function c(y)= y2 + 2y + 9 What is the firm's marginal cost? 2y + 2 Oy+2+2 Oy+ 09 2y
Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that when the firm hires 2 workers, the total cost of production is $2,000. When the firm hires a total of3 workers, the total cost of production is $2,500. In addition, assume that the variable cost per unit of labor is the same regardless of the number of units of labor...
QUESTION 32 If marginal cost is rising average variable cost must be falling average fixed cost must be rising marginal product must be falling marginal product must be rising QUESTION 33 Diminishing marginal product suggests that additional units of output beccome less costly as more output is produced marginal cost is upward sloping the firm is at full capacity adding additional workers willl lower total cost
Question 26 1 pts Output Fixed (Q) Costs $500 Variable Costs $200 Total Costs Average Fixed Average Average Total Marginal Costs Variable Costs Costs Costs $800 $75 $875 $925 $100 $625 What is the fixed cost of producing 3 units of the good? O $700 O $500 O $875 $375 $1,000
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
T Company currently has an activity level of 4,000 units and its total variable cost is $20,000 and its total fixed cost is $30,000. The firm is increasing its activity level of 5,000 units. 1. At this new level compute the total variable cost. 2.compute the total fixed cost. 3.compute the total cost. 4.compute the average variable cost per unit. 5.compute the average fixed cost per unit. 6.compute the average total cost per unit.
2. (20 pts) The figure below summarizes the demand and cost for a perfectly competitive firm. Based on it, answer questions a-h. SMC 10 SAC ANSC 8 AVC a (1,000) 0 2 3 45 6 7 89 0 12 13 a. (2 pts) What is the firm's optimal level of output in the short run? b. (2 pts) What price should this firm charge in the short run? c. (2 pts) What is the firm total revenue at this level...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...