Homework Answers
Answer
average fixed cost =average total cost - average variable cost =100-70=30
total fixed cost =Q*average fixed cost
120=Q*30
Q=120/30=4 units
4 units are being produced
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With total cost in dollars and output in tonnes, we have the following numerical values, with...
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3. Complete the following table (six points) Labor Marginal Product Total Cost Quantity Produced Fixed Cost...
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Use the information in the graph to the right to find the values for the following...
Use the information in the graph to the right to find the values for the following at an output level of 65. 100 The marginal cost is $ integer.) 1. (Enter a numeric response using an MC The total cost is $ . The variable cost is $17. IIIIIIIIIII ATC AVC Cost The fixed cost is $ IIIIIIIIIIIIIIIIIIIIIIII 65 Quantity of output
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity...
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show all steps and formulas output 7 should be 768 Output Total Fixed Cost Total Variable...
show all steps and formulas
output 7 should be 768
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At its present level of output of 100 units, a perfectly competitive firm discovers that (i)...
At its present level of output of 100 units, a perfectly competitive firm discovers that (i) its total fixed costs are $200 and (ii) its marginal cost is $7 and equal to average total cost. At an output level of 50 units, marginal cost is $4 and equal to average variable cost. The price of the commodity being produced is $6. At present level of output, the firm experiences A) losses equal to its total fixed cost. B) zero profits....
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input...
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Cost schedule Total variable Total cost Labor Output (units per day) cost (dollars) (workers) (dollars) 0 30 1 3 20 50 2 40 70 3 12 60 90 4 14 80 110 5 15 100 130 In the above table, the total fixed cost is O $20 O $30. O $0. O $50. Question 13 1 pts In the above table, when output increases from 12 to 14 units, the marginal cost of one of those 2 units is O...
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3. Complete the following table (six points) Labor Marginal Product Total Cost Quantity Produced Fixed Cost Variable Cost Marginal Cost Average Total Cost (dollars) Average Variable Cost (dollars) (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) $50 $50 $20 $50 $40 $60 $50 $80 $50 $100
Question 1 In the short run, as output increases, the difference between average total cost and average variable cost decreases. the difference between total cost and average variable cost decreases marginal cost eventually decreases. All of the above are correct. Question 2 The marginal cost curve intersects the at its minimum average variable cost curve average total cost curve average fixed cost curve A and B are both correct. Question 3 Refer to the short-run information provided in Figure 8.5...
Use the information in the graph to the right to find the values for the following at an output level of 65. 100 The marginal cost is $ integer.) 1. (Enter a numeric response using an MC The total cost is $ . The variable cost is $17. IIIIIIIIIII ATC AVC Cost The fixed cost is $ IIIIIIIIIIIIIIIIIIIIIIII 65 Quantity of output
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...
show all steps and formulas
output 7 should be 768
Output Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 120 265 264 161 525 120 568 I. II. Complete the table that shows short run production and cost data If the price of the product is $75, what is the equilibrium level of output; will this firm make a profit or loss at this level of output? Will this...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
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