Homework Answers
| Q | FC | TC | VC | MC | AC | AVC |
| 0 | 10 | 10 | ||||
| 1 | 10 | 25 | 15 | 15 | 25.00 | 15.00 |
| 2 | 10 | 39 | 29 | 14 | 19.50 | 14.50 |
| 3 | 10 | 54 | 44 | 15 | 18.00 | 14.67 |
| 4 | 10 | 71 | 61 | 17 | 17.75 | 15.25 |
| 5 | 10 | 90 | 80 | 19 | 18.00 | 16.00 |
| 6 | 10 | 114 | 104 | 24 | 19.00 | 17.33 |
| 7 | 10 | 144 | 134 | 30 | 20.57 | 19.14 |
| 8 | 10 | 182 | 172 | 38 | 22.75 | 21.50 |
FC=first of the TC =10
TC=FC+VC
VC=TC-FC
MC=change in TC
AC=TC/Q
AVC=VC/Q
a) This is the short run as there are fixed costs.In the long run, all the costs are variable
b) P=17
The firm will set P=MC for profit maximization so it will produce Q = 4 units
c)
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1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost...
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show all steps and formulas
output 7 should be 768
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a. Draw a diagram illustrating the profit maximizing output for the monopolist with abnormal profit. The...
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17. Answer parts (a)–(e): Assume fixed cost of $20 and a price of $15. Table 3...
17. Answer parts (a)–(e):
Assume fixed cost of $20 and a price of $15.
Table 3
Fill in Table 3.
On a piece of graph paper draw the demand, marginal revenue,
marginal cost, average variable cost, and average total cost
curves. Label the shut-down and break-even points, and the
short-run and long-run supply curves.
Answer each of these questions:
(1) In the short run, the lowest price
the firm would accept would be $ _____.
(2) In...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
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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...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly...
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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...
a. Draw a diagram illustrating the profit maximizing output for the monopolist with abnormal profit. The diagram s hould contain short-run average cost, average variable cost, short-run marginal cost, and marginal rves and shade area that represents abnormal profit. Make your diagram large and label all curves, axes, and points. (10 points) b. Why, in the case of a monopolist, is marginal revenue at any output less than output price? (10 points) c. Why doesn't the abnormal profit of a...
17. Answer parts (a)–(e):
Assume fixed cost of $20 and a price of $15.
Table 3
Fill in Table 3.
On a piece of graph paper draw the demand, marginal revenue,
marginal cost, average variable cost, and average total cost
curves. Label the shut-down and break-even points, and the
short-run and long-run supply curves.
Answer each of these questions:
(1) In the short run, the lowest price
the firm would accept would be $ _____.
(2) In...
Matching (15 pts) a.) Average fixed costs b.) Average product c.) Average total cost d.) Average variable cost e.) Diseconomies of scale f.) Economies of scale 9.) Fixed costs m.) Optimal output rule h.) Law of diminishing marginal productivity n.) Profit i.) Long run 0.) Short run 1.) Marginal cost p.) Total cost k.) Marginal product q.) Total product 1.) Marginal revenue r.) Variable costs 1.) Total revenue minus total cost 2.) The sum of total fixed and total variable...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in 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...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
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