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The table gives Knit-rite's short-run total cost schedule. What is the average fixed cost of producing...
The table gives the cost of producing shirts When 5 shirts are produced, the average fixed...
The table gives the cost of producing shirts When 5 shirts are produced, the average fixed costs Output and the average variable costs cost dollars per hour) variable cost dollars per hour) O A $2.00, 56:40 OB. $5.00 $3.00 OC. $10.00, 58.40 OD 52.00:58.50
10.Given the table, what is the value of average fixed cost at the quantity of output...
10.Given the table, what is the value of average fixed cost at
the quantity of output = 120 units?
A) $100 B) $0.83 C) $1.20 D) $1.32 E) None of the above
Answer and Explain
A perfectly competitive firm has two inputs, capital and labour. Capital is fixed in the short run and costs $100 per day. The firm's short run Total Product information as illustrated in the table below. The price of labour is $10 per hour. The market...
(Table: Costs of Producing Bagels) Use Table: Cost of Producing Bagels. Average total cost reaches its...
(Table: Costs of Producing Bagels) Use Table: Cost of Producing
Bagels. Average total cost reaches its minimum value for the _____
bagel.
fourth
third
fifth
first
Table: Costs of Producing Bagels Quantity of Bagels Total (per period) Variable Costs $0.00 0.20 0.30 0.35 0.45 0.60 0.80 1.05 1.35 Total Fixed Costs $0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
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...
Consider the table 7-2. a. If the market price is $2.22 determine the profit maximizing output....
Consider the table 7-2.
a. If the market price is $2.22 determine the profit maximizing
output.
b. If the market price is $1.50 determine the profit maximizing
output.
c. If the market price is $5.00 determine the profit maximizing
output.
Marginal Cost (MC) (10) (6) 20 140 TABLE 7-2 Short-Run Costs: Fixed Capital and Variable Labour Inputs Output Total Costs Average Costs Capital Labour Fixed Variable Total Fixed Variable Total (K) (L) (2) (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (2)...
AGE MINDTAP Q Search thi 45 Table 13-14 Quantity Fixed Average Total Average Fixed Cost Average Variable Cost Varia...
AGE MINDTAP Q Search thi 45 Table 13-14 Quantity Fixed Average Total Average Fixed Cost Average Variable Cost Variable Cost $23 Total Cost $33 Output Marginal Cost Cost Cost $38 o 3 $60 o $54 o $80 o $88 o $113 o o Refer to Table 13-14. What is the average total cost of producing 6 units of output? a $19.67 1000 b. 520.00 $16.33 d. 21.86 MacBook Air
Questions 12-17. The table below gives the short-run total product values for a lab that has...
Questions 12-17. The table below gives the short-run total product values for a lab that has daily fixed costs of $500. Each lab technician is paid $400 per day. Number of lab technicians Tests conducted per day 130 165 195 220 00 235 245 10 250 Using the above information, answer the following questions: 12. What is the marginal product of the 7 lab technician? 13. What is the total variable cost with 9 lab technicians? 14. What is the...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Aver...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is the total cost of producing 2 units of output? a $76 b. $74 C. $58 d. $50 21. Refer to Table 13-16 in...
a-What are the daily total fixed costs of producing LCD screens? b-What are the total variable...
a-What are the daily total fixed costs of producing LCD screens? b-What are the total variable costs of producing 100LCD screens per c -What are the total costs of producing 100 LCD d -What is screens per day? firt determine the toha miuin 100Dstesinsed od 9Toaswer thiqeu marginal cost of alternatively, the total variable costs-of producing 99 LD of 99? (Hint: To answer this question, you must 20- A basic problem with the infant-industry argument is that: a. most industries...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function....
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
The table gives the cost of producing shirts When 5 shirts are produced, the average fixed costs Output and the average variable costs cost dollars per hour) variable cost dollars per hour) O A $2.00, 56:40 OB. $5.00 $3.00 OC. $10.00, 58.40 OD 52.00:58.50
10.Given the table, what is the value of average fixed cost at
the quantity of output = 120 units?
A) $100 B) $0.83 C) $1.20 D) $1.32 E) None of the above
Answer and Explain
A perfectly competitive firm has two inputs, capital and labour. Capital is fixed in the short run and costs $100 per day. The firm's short run Total Product information as illustrated in the table below. The price of labour is $10 per hour. The market...
(Table: Costs of Producing Bagels) Use Table: Cost of Producing
Bagels. Average total cost reaches its minimum value for the _____
bagel.
fourth
third
fifth
first
Table: Costs of Producing Bagels Quantity of Bagels Total (per period) Variable Costs $0.00 0.20 0.30 0.35 0.45 0.60 0.80 1.05 1.35 Total Fixed Costs $0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
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...
Consider the table 7-2.
a. If the market price is $2.22 determine the profit maximizing
output.
b. If the market price is $1.50 determine the profit maximizing
output.
c. If the market price is $5.00 determine the profit maximizing
output.
Marginal Cost (MC) (10) (6) 20 140 TABLE 7-2 Short-Run Costs: Fixed Capital and Variable Labour Inputs Output Total Costs Average Costs Capital Labour Fixed Variable Total Fixed Variable Total (K) (L) (2) (TFC) (TVC) (TC) (AFC) (AVC) (ATC) (2)...
AGE MINDTAP Q Search thi 45 Table 13-14 Quantity Fixed Average Total Average Fixed Cost Average Variable Cost Variable Cost $23 Total Cost $33 Output Marginal Cost Cost Cost $38 o 3 $60 o $54 o $80 o $88 o $113 o o Refer to Table 13-14. What is the average total cost of producing 6 units of output? a $19.67 1000 b. 520.00 $16.33 d. 21.86 MacBook Air
Questions 12-17. The table below gives the short-run total product values for a lab that has daily fixed costs of $500. Each lab technician is paid $400 per day. Number of lab technicians Tests conducted per day 130 165 195 220 00 235 245 10 250 Using the above information, answer the following questions: 12. What is the marginal product of the 7 lab technician? 13. What is the total variable cost with 9 lab technicians? 14. What is the...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is the total cost of producing 2 units of output? a $76 b. $74 C. $58 d. $50 21. Refer to Table 13-16 in...
a-What are the daily total fixed costs of producing LCD screens? b-What are the total variable costs of producing 100LCD screens per c -What are the total costs of producing 100 LCD d -What is screens per day? firt determine the toha miuin 100Dstesinsed od 9Toaswer thiqeu marginal cost of alternatively, the total variable costs-of producing 99 LD of 99? (Hint: To answer this question, you must 20- A basic problem with the infant-industry argument is that: a. most industries...
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
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