Output Total Cost Fixed Cost Variable Cost AFC AVC ATC MC 0 50 1 130 2...
| Output | Total Cost | Fixed Cost | Variable Cost | AFC | AVC | ATC | MC |
| 0 | 50 | ||||||
| 1 | 130 | ||||||
| 2 | 190 | ||||||
| 3 | 230 | ||||||
| 4 | 250 | ||||||
| 5 | 310 | ||||||
| 6 | 400 | ||||||
| 7 | 540 | ||||||
| 8 | 800 | ||||||
| 9 | 1200 |
The market supply curve is the sum of the marginal cost curves of all the firms in the market.
The market supply of a competitive industry is determined by:
Homework Answers
Supply curve is actually detemined by the level of quantity supplied at individual prices.
Add Answer to:
Output
Total Cost
Fixed Cost
Variable Cost
AFC
AVC
ATC
MC
0
50
1
130
2...
Output Total Costs Fixed Costs Variable Costs AFC AVC ATC MC 0 100 100 0 1...
Output Total Costs Fixed Costs Variable Costs AFC AVC ATC MC 0 100 100 0 1 150 100 50 100 50 150 50 2 225 100 125 50 62.5 112.5 75 3 230 100 130 33.33 43.33 76.67 5 4 300 100 200 25 50 75 70 5 400 100 300 20 60 80 100 Graph the average and marginal cost curves from the previous question. What would be the optimal output, assuming you want to minimize diminishing returns?
Describe the shape of AFC(average fixed cost), AVC(Average Variable cost), ATC(Average total cost) and MC(Marginal cost)...
Describe the shape of AFC(average fixed cost), AVC(Average Variable cost), ATC(Average total cost) and MC(Marginal cost) Explain graphic relationship among ATC, AVC and MC. I would be appreciated if the answered in 5senteces,
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the Industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on
6. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the Industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. The following diagram shows the market demand for copper. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint:...
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.
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...
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 ...
Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on
7. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.The following diagram shows the market demand for copper.Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint:...
The curves show the marginal cost (MC), average variable cost (AVC) and average total cost (ATC)...
The curves show the marginal cost (MC), average variable cost (AVC) and average total cost (ATC) curves for a firm that sell mid-range cars in a competitive market. Use the area tool to draw the area representing the firms profit or loss, if the firm produce 6000 cars. Your answer should be a rectangle drawn with four corners
When the firm produce 6000 cars it earn a profit or suffer a loss of ----- million
The top graph below shows the marginal cost (MC), average variable cost (AVC), and average total...
The top graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) curves for an individual firm in a competitive commercial ridesharing market where the price has stabilized. In the blank graph below it, use the straight-line tool to draw the long-run market supply curve as a line from one edge of the graph to the other.
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
6. Short-run supply and long-run equilibrium Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the Industry is identical and faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph. The following diagram shows the market demand for copper. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 20 firms in the market. (Hint:...
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.
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...
The curves show the marginal cost (MC), average variable cost (AVC) and average total cost (ATC) curves for a firm that sell mid-range cars in a competitive market. Use the area tool to draw the area representing the firms profit or loss, if the firm produce 6000 cars. Your answer should be a rectangle drawn with four corners
When the firm produce 6000 cars it earn a profit or suffer a loss of ----- million
The top graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) curves for an individual firm in a competitive commercial ridesharing market where the price has stabilized. In the blank graph below it, use the straight-line tool to draw the long-run market supply curve as a line from one edge of the graph to the other.
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