Homework Answers
1.The cost of input that varies with the level of output is called variable cost.
Answer-Variable cost.
2.Average total cost is the sum of average fixed cost and average variable cost.
Answer-ATC.
3.Marginal cost is the increase in total cost per unit change in quantity.
Answer-MC
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Match various cost measures to their descriptions: • The overall cost of inputs that vary with...
CO 5 6 7 8 10 11 Match various cost measures to their descriptions: The overall...
CO 5 6 7 8 10 11 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: The increase in the total cost from a 1 unit increase in output: Check е goals: Costs of production Jump to... Lecture notes (upda: Match various cost measures to their descriptions: . The overall cost of inputs that vary...
Match various cost measures to their descriptions: • The increase in the total cost from a...
Match various cost measures to their descriptions: • The increase in the total cost from a 1 unit increase in output: • The average per unit cost if only costs that do not vary with output are included: • The overall cost of inputs that do or do not vary with output: Check Match various cost measures to their descriptions: • The increase in the total cost from a 1 unit increase in outpu The average per unit cost if...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the followi...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following questions: • The curve labeled D is most likely the AVC curve. • The curve labeled C is most likely the AFC • curve. • The curve labeled B is most likely the MC curve. • The curve labeled A is most likely the ATC curve. In general, if curve is above MC curve then ATC curve must be...
8 9 10 11 The table below provides some information on various cost measures of a...
8 9 10 11 The table below provides some information on various cost measures of a business. Use the available information to calculate the missing numbers: Q FC VC TC МC AFC AVC АТC 0 30 10 20 100 30 210 40 50 8.4 Check Next page ge 9,284. NON os The table below provides some information on various cost measures of a business. Use th missing numbers: Q FC VC TC мс AFC AVC ATC 0 30 10 20...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital a...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the f...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following qu • The curve labeled Dis most likely the • curve. • The curve labeled C is most likely the curve. • The curve labeled B is most likely the curve. • The curve labeled A is most likely the curve. In general, if • curve is above • curve then ATC curve must be decreasing at that quantity...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
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.
a) The following tables gives you the cost schedule fora firm producing sugar. Calculate the average...
a) The following tables gives you the cost schedule fora firm producing sugar. Calculate the average costs and the marginal cost and complete the cost schedule Output(tons) FC(S) VCIS) TC(S) AFC(S) AVC(S) ATC(S) MC(S) 450 250 200 300 200 500 350 200 570 400 200 660 450 200 780 b) Draw the typical shapes of the average costs (AFC, AVC, ATC) and MC c) Explain briefly the relationship between MC and ATC.
Consider a day for a local junk removal company. The inputs the company uses to haul...
Consider a day for a local junk removal company. The inputs the company uses to haul junk are two employees each paid an hourly wage of $15 per hour and a moving truck, which costs $100 (splitting the cost of ownership over periods). Each hauling job takes 1 hour. Are labor hours a fixed or variable input? Explain. Is the moving truck a fixed or variable input? Explain. Determine the total cost (TC), total fixed cost (TFC), total variable cost...
CO 5 6 7 8 10 11 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: The increase in the total cost from a 1 unit increase in output: Check е goals: Costs of production Jump to... Lecture notes (upda: Match various cost measures to their descriptions: . The overall cost of inputs that vary...
Match various cost measures to their descriptions: • The increase in the total cost from a 1 unit increase in output: • The average per unit cost if only costs that do not vary with output are included: • The overall cost of inputs that do or do not vary with output: Check Match various cost measures to their descriptions: • The increase in the total cost from a 1 unit increase in outpu The average per unit cost if...
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following questions: • The curve labeled D is most likely the AVC curve. • The curve labeled C is most likely the AFC • curve. • The curve labeled B is most likely the MC curve. • The curve labeled A is most likely the ATC curve. In general, if curve is above MC curve then ATC curve must be...
8 9 10 11 The table below provides some information on various cost measures of a business. Use the available information to calculate the missing numbers: Q FC VC TC МC AFC AVC АТC 0 30 10 20 100 30 210 40 50 8.4 Check Next page ge 9,284. NON os The table below provides some information on various cost measures of a business. Use th missing numbers: Q FC VC TC мс AFC AVC ATC 0 30 10 20...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
The graph above shows a typical graph of several per unit cost measures. Refer to the graph to answer the following qu • The curve labeled Dis most likely the • curve. • The curve labeled C is most likely the curve. • The curve labeled B is most likely the curve. • The curve labeled A is most likely the curve. In general, if • curve is above • curve then ATC curve must be decreasing at that quantity...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
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.
a) The following tables gives you the cost schedule fora firm producing sugar. Calculate the average costs and the marginal cost and complete the cost schedule Output(tons) FC(S) VCIS) TC(S) AFC(S) AVC(S) ATC(S) MC(S) 450 250 200 300 200 500 350 200 570 400 200 660 450 200 780 b) Draw the typical shapes of the average costs (AFC, AVC, ATC) and MC c) Explain briefly the relationship between MC and ATC.
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