Homework Answers
(Question 22)
(a) AFC = ATC - AVC
(b) ATC = AFC + AVC
(c) AVC = ATC - AFC
(d) FC = Average fixed cost x Quantity
(e) P = Total revenue / Quantity
(f) Profit = Total revenue - Fixed cost - Variable cost
(g) Q = Total revenue / Price
(h) TC = Profit - Total revenue
(i) TR = Price x Quantity
(j) VC = Profit - Total revenue - Fixed cost
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pba.instructure. D Question 22 2 pts Match the variable to its correct equation. Average Fixed Cost...
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...
Question 22 3 pts 22. According to the information from question 20, variable cost at an...
Question 22 3 pts 22. According to the information from question 20, variable cost at an output of 5 equals: $172 $62 $212 $60 $34.40 Question 23 3 pts 23. According to the information from question 20, average fixed cost at an output of 10 equals: $40 $212 $5 $4 $22 Question 20 IQ ITC FC 3 pts vc ATC AFC AVC $40 $50 MC 20. According to the table above, total cost at an output of 4 equals: $12...
Complete the following chart. Quantity Total Cost (TC) Total Fixed Cost (FC) Total Variable Cost (VC)...
Complete the following chart. Quantity Total Cost (TC) Total Fixed Cost (FC) Total Variable Cost (VC) Average Total Cost (ATC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Marginal Cost 0 100 0 1 50 2 80 3 100 4 110 5 130 6 160 7 200 8 250 9 310 10 380
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 ...
Question 2: Your fruit selling business has a fixed cost of 10 AED. The variable costs...
Question 2: Your fruit selling business has a fixed cost of 10 AED. The variable costs schedule is as given: (a): Compute the missing costs and complete the table up to quantity =6 (use at least 2 decimal places) (2.5 marks) Quantity of Variable Costs Total Cost (TC) Average Average Fixed Average Total Marginal Cost fruits sold in (VC) Variable Cost Cost (AFC) Cost (ATC) (MC) kgs) (AVC) N/A N/A N/A
for question 2 use the information in picture 2 and use as much deatil as possible....
for question 2 use the information in picture 2 and use as
much deatil as possible.
2) With "generic" graphs, illustrate the profit maximizing quantity, price, and ATC from the solution in #1. Make sure to draw an ATC, AVC, MC, and MR curve. ATC MC MR. The table below provides the values for different types of costs. Note that FC is fixed at 3 for all . This gives VC-TC - FC Next we find AVC - VC/O and...
True False Answer Bank Average fixed cost is al way s higher than average variable cost....
True False Answer Bank Average fixed cost is al way s higher than average variable cost. The VC curve is modeled as a horizontal line. All costs are either fixed or variable. The ATC crosses the MC at the lowest point on the MC The ATC is always greater than or equal to AVC TC= FC + VC +MC The ATC is rising when the MC is below the ATC. MC refers to the change in total cost associated with...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC,...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of X? OUTPUT(Q) FC VC TC AVC ATC MC 10 200 400 х 11 662 Y 12 82 N $40 $600 $6000 $60 Question 10 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 fixed cost when...
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.
Match various cost measures to their descriptions: • The overall cost of inputs that vary with...
Match various cost measures to their descriptions: • The overall cost of inputs that vary with output: • The average per unit cost if both costs that do and do not vary with output are included: ATC= • The increase in the total cost from a 1 unit increase in output: MC Check Match various cost measures to their descriptions: • The overall cost of inputs that vary with outpu t vary with output are included: ATC The average per...
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...
Question 22 3 pts 22. According to the information from question 20, variable cost at an output of 5 equals: $172 $62 $212 $60 $34.40 Question 23 3 pts 23. According to the information from question 20, average fixed cost at an output of 10 equals: $40 $212 $5 $4 $22 Question 20 IQ ITC FC 3 pts vc ATC AFC AVC $40 $50 MC 20. According to the table above, total cost at an output of 4 equals: $12...
Question 2: Your fruit selling business has a fixed cost of 10 AED. The variable costs schedule is as given: (a): Compute the missing costs and complete the table up to quantity =6 (use at least 2 decimal places) (2.5 marks) Quantity of Variable Costs Total Cost (TC) Average Average Fixed Average Total Marginal Cost fruits sold in (VC) Variable Cost Cost (AFC) Cost (ATC) (MC) kgs) (AVC) N/A N/A N/A
for question 2 use the information in picture 2 and use as
much deatil as possible.
2) With "generic" graphs, illustrate the profit maximizing quantity, price, and ATC from the solution in #1. Make sure to draw an ATC, AVC, MC, and MR curve. ATC MC MR. The table below provides the values for different types of costs. Note that FC is fixed at 3 for all . This gives VC-TC - FC Next we find AVC - VC/O and...
True False Answer Bank Average fixed cost is al way s higher than average variable cost. The VC curve is modeled as a horizontal line. All costs are either fixed or variable. The ATC crosses the MC at the lowest point on the MC The ATC is always greater than or equal to AVC TC= FC + VC +MC The ATC is rising when the MC is below the ATC. MC refers to the change in total cost associated with...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of X? OUTPUT(Q) FC VC TC AVC ATC MC 10 200 400 х 11 662 Y 12 82 N $40 $600 $6000 $60 Question 10 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 fixed cost when...
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.
Match various cost measures to their descriptions: • The overall cost of inputs that vary with output: • The average per unit cost if both costs that do and do not vary with output are included: ATC= • The increase in the total cost from a 1 unit increase in output: MC Check Match various cost measures to their descriptions: • The overall cost of inputs that vary with outpu t vary with output are included: ATC The average per...
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