Homework Answers
Answer 1.
Curve A: Marginal Cost
Curve B: Average Total Cost
Curve C: Average Variable Cost
Answer 2
Average Fixed Cost :-It is calculated by fixed cost of production divided by the quantity of output produced. When total number of units of good produced increases, the average fixed cost decreases because the same amount of fixed costs is being use over a large number of units of output.
Answer 3
Variable Cost: This is a corporate expenses that changes in proportion to production output. It increase or decrease depending on the company production volume. It raise when production increase and decrease when production decrease.
Answer 4
Total Cost:- This is the total cost of production and is made up of variable cost plus fixed cost.
Answer 5
Total Fixed Cost: are the sum of all consistent, non variable expenses a company must pay.
Total Variable Cost: is equal to the variable cost per unit, multiplied by the number of units produced.
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Costs per unit $22 - - 10 Quantity of output Answer the following questions referring to...
Consider the following cost curves. (1) $ per unit of output (2) (3) Quantity In this...
Consider the following cost curves. (1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: 0 average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10...
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10 11 Quantity of output (per day) 2 5 6 7 8 Please, look at the above figure, which represents short run costs curves. Curve A curve. represents the total cost average total cost average variable cost marginal cost Figure: Short-Run Costs Cost curves (dollars) $200 B 150 100 5 67 Quantity of output (per day) 1 234 8 9 10 11 Please, look at...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
Per Unit Costs Cost per Unit (5) Q, QQ Output Quantity What is the profit-maximizing price...
Per Unit Costs Cost per Unit (5) Q, QQ Output Quantity What is the profit-maximizing price and level of output for the monopolist? Price=P1 Quantity=Q1 Price=P3 & Quantity=Q3 Price=P4 & Quantity=Q1 Price=P2 & Quantity=Q1 O Price=P3 & Quantity=Q1 Question 7 (1 point) Per Unit Costs Cost per Unit (5) Q, QO Output Quantity What area shows the deadweight loss to society resulting from the monopolist's output decision? Area: D,B,F Area: P4, P3, D, F O Area: P2, P1, B, E...
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the...
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the Variable Input long-run average cost curve. total cost curve. total product curve. marginal cost curve. supply curve. In the graph below, point C illustrates the range of с Quantity of Output B A Quantity of the Variable Input increasing marginal returns. constant marginal returns. decreasing marginal costs. diminishing marginal returns.
Question 10 Refer to the following graph to answer the questions that follow. The average total...
Question 10
Refer to the following graph to answer the questions that
follow.
The average total cost (ATC) and average variable cost (AVC)
converge as the level of output produced increases because:
the firm is able to purchase more capital and exploit economies
of scale.
the firm experiences gains in productivity from employee
specialization.
average total cost decreases as output increases.
average fixed cost decreases as output increases.
the firm is able to drive its competitors out of business by...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Consider the following table of costs: Output &...
Consider the following table of costs: Output Total Variable Costs Total Costs 0 $0 $30 1 20 50 2 30 60 3 48 78 4 90 120 5 170 200 a) Plot the total fixed cost (TFC) curve, the total variable cost (TVC) curve, and the total cost (TC) curve on the same graph. b) Briefly explain the reason for the shape of the cost curves in part (a). c) Add to the...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. 501 ATC AVC a. What is the firm's profit-maximizing level of output? Label this on the graph. b. What price will the monopolist charge for that level of output? Label this on the graph....
Consider the following cost curves. (1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: 0 average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost
Figure: Short-Run Costs Cost curves (dollars) $200 В A 150 100 50 F 1 9 10 11 Quantity of output (per day) 2 5 6 7 8 Please, look at the above figure, which represents short run costs curves. Curve A curve. represents the total cost average total cost average variable cost marginal cost Figure: Short-Run Costs Cost curves (dollars) $200 B 150 100 5 67 Quantity of output (per day) 1 234 8 9 10 11 Please, look at...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
Per Unit Costs Cost per Unit (5) Q, QQ Output Quantity What is the profit-maximizing price and level of output for the monopolist? Price=P1 Quantity=Q1 Price=P3 & Quantity=Q3 Price=P4 & Quantity=Q1 Price=P2 & Quantity=Q1 O Price=P3 & Quantity=Q1 Question 7 (1 point) Per Unit Costs Cost per Unit (5) Q, QO Output Quantity What area shows the deadweight loss to society resulting from the monopolist's output decision? Area: D,B,F Area: P4, P3, D, F O Area: P2, P1, B, E...
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the Variable Input long-run average cost curve. total cost curve. total product curve. marginal cost curve. supply curve. In the graph below, point C illustrates the range of с Quantity of Output B A Quantity of the Variable Input increasing marginal returns. constant marginal returns. decreasing marginal costs. diminishing marginal returns.
Question 10
Refer to the following graph to answer the questions that
follow.
The average total cost (ATC) and average variable cost (AVC)
converge as the level of output produced increases because:
the firm is able to purchase more capital and exploit economies
of scale.
the firm experiences gains in productivity from employee
specialization.
average total cost decreases as output increases.
average fixed cost decreases as output increases.
the firm is able to drive its competitors out of business by...
MC ATC Cost ($ per unit) ONWA0BB 9 10 Quantity The figure above gives the marginal cost (MC) and average total cost (ATC) curves for a firm operating in a perfectly competitive market with a market price of $7. Use this figure to answer the questions below. a. What is the profit maximizing quantity of output? b. When profit is maximized, what is the economic profit?
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
Price/Cost ($) 7) Monopoly II (6 points) The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a monopoly are shown in the figure below. The figure also shows the demand curve (D) and the marginal revenue curve (MR) for this market. 501 ATC AVC a. What is the firm's profit-maximizing level of output? Label this on the graph. b. What price will the monopolist charge for that level of output? Label this on the graph....
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