Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average fixed cost
AVC: Average variable cost
ATC: Average total cost
Homework Answers
1.Ans:
|
Labor ( L ) |
Output ( Q) |
MPL | FC | VC | TC | MC | AFC | AVC | ATC | |
| A | 0 | 0 | -- | 25 | 0 | 25 | -- | -- | -- | -- |
| B | 1 | 4 | 4 | 25 | 25 | 50 | 6.25 | 6.25 | 6.25 | 12.5 |
| C | 2 | 10 | 6 | 25 | 50 | 75 | 4.17 | 2.50 | 5 | 7.50 |
| D | 3 | 13 | 3 | 25 | 75 | 100 | 8.33 | 1.92 | 5.77 | 7.69 |
| E | 4 | 15 | 2 | 25 | 100 | 125 | 12.50 | 1.67 | 6.67 | 8.33 |
| F | 5 | 16 | 1 | 25 | 125 | 150 | 25 | 1.56 | 7.81 | 9.38 |
Explanation:
MPL = Change in output / Change in number of labor
TC = FC + VC
MC = Change in total cost / Change in output
AFC = FC /Q
AVC = VC / Q
ATC = TC / Q
2. Ans: When the marginal product of labor ( MPL ) increases, marginal cost ( MC ) decreases.
Add Answer to:
Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average...
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
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 $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
Find TC, MC, AFC, AVC, and ATC from the following table. Instructions: Enter your responses rounded...
Find TC, MC, AFC, AVC, and ATC from the following table. Instructions: Enter your responses rounded to two decimal places. Units (Q) VC($) TC($) MC($) | AFC($) AVC($) ATC($) FC($) 100 100 100 100 100 100 40 60 TDTT 70 85 130 (Note: Marginal costs should be interpreted as between levels of output.)
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180...
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180 2 220 3 270 4 360 5 470 6 600 Complete the table. Draw the diagram with the curves of TC, VC and FC. Draw the diagram of the curves of ATC, AVC and AFC.
The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 100...
The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 100 + 10Q. What is the; a. fixed cost (FC), b. variable cost (VC), c. marginal cost (MC), d. average fixed cost (AFC), e. average variable cost (AVC), f. average total cost (ATC)?
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...
How to calculate the Total Cost (TC), Average Fixed Cost (AFC), Average Total Cost (ATC), and...
How to calculate the Total Cost (TC), Average Fixed Cost
(AFC), Average Total Cost (ATC), and Marginal Cost (MC)?
1. The schedule below gives the Total Variable Cost (TVC) for producing various quantities of smurfs (smurfs are an input into cat food production). The Total Fixed Costs (TFC) is $100. Calculate the following and fill in the blanks: Total Cost (TC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). Cost Schedule for...
(Production & Cost) The incomplete table below gives the total, average, and marginal cost curves for...
(Production & Cost) The incomplete table below gives the total, average, and marginal cost curves for a firm. Use the cost function definitions to complete the table. Q TC TVC TFC MC ATC AVC AFC 10 17 2 339 7 15 12 6100 2
nk spaces of this table. Note that Q, VC. TC, AFC. AVC. ATC. an o output,...
nk spaces of this table. Note that Q, VC. TC, AFC. AVC. ATC. an o output, variable cost, total cost, average fixed cost, average the blank of total cost, and marginal cost, respectively. (10 Points) AFC TAVG 50 n/a n/a n/a n/a 10 10 10 60 30 80 30 6.67 20 36.67 100 150 12.5 37.5 150 30 8.3535 43.33 60 b Please graph the ATC, FC, MC curve respectively (5 Points) c What is shape of ATC and can...
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,
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
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 $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
Find TC, MC, AFC, AVC, and ATC from the following table. Instructions: Enter your responses rounded to two decimal places. Units (Q) VC($) TC($) MC($) | AFC($) AVC($) ATC($) FC($) 100 100 100 100 100 100 40 60 TDTT 70 85 130 (Note: Marginal costs should be interpreted as between levels of output.)
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...
How to calculate the Total Cost (TC), Average Fixed Cost
(AFC), Average Total Cost (ATC), and Marginal Cost (MC)?
1. The schedule below gives the Total Variable Cost (TVC) for producing various quantities of smurfs (smurfs are an input into cat food production). The Total Fixed Costs (TFC) is $100. Calculate the following and fill in the blanks: Total Cost (TC), Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC), and Marginal Cost (MC). Cost Schedule for...
(Production & Cost) The incomplete table below gives the total, average, and marginal cost curves for a firm. Use the cost function definitions to complete the table. Q TC TVC TFC MC ATC AVC AFC 10 17 2 339 7 15 12 6100 2
nk spaces of this table. Note that Q, VC. TC, AFC. AVC. ATC. an o output, variable cost, total cost, average fixed cost, average the blank of total cost, and marginal cost, respectively. (10 Points) AFC TAVG 50 n/a n/a n/a n/a 10 10 10 60 30 80 30 6.67 20 36.67 100 150 12.5 37.5 150 30 8.3535 43.33 60 b Please graph the ATC, FC, MC curve respectively (5 Points) c What is shape of ATC and can...
Most questions answered within 3 hours.
-
The mean waiting time at the drive-through of a fast-food
restaurant from the time an order...
asked 11 minutes ago -
The pitch (p) of a helix is defined as p = dn, in which n is...
asked 12 minutes ago -
Do you agree that the declining stock of social capital is the
blame for the failure...
asked 16 minutes ago -
A researcher is interested in whether coffee consumption helps
with performance on reading comprehension tasks. The...
asked 26 minutes ago -
it has been estimated since the beginning of the human race that
about 133 metric ton...
asked 31 minutes ago -
Where must Medicare prescription drug plans allow for
participants to fill their prescriptions?
asked 35 minutes ago -
Five moles of monatomic ideal gas have initial pressure 2.50 ×
103 Pa and initial volume...
asked 49 minutes ago -
A resistor and the capacitor are used to control the timing in
the RC circuit of...
asked 49 minutes ago -
Living in a group could bring several disadvantages to an
individual. What are some of the...
asked 1 hour ago -
Complete and balance the following reactions. In case of no
reaction occurring write NR.
Mix #1:...
asked 1 hour ago -
If an economy consumes 75% of any increase in income, then an
increase in autonomous investment...
asked 1 hour ago -
A shotputter throws the shot with an initial speed of 15.8 m/s
at a 38.0 ∘...
asked 1 hour ago