An industry currently has 100 firms, each of which has fixed costs of $15 and average variable costs as follows:
Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6.
Homework Answers
Add Answer to:
An industry currently has 100 firms, each of which has fixed costs of $15 and average variable costs as follows:
1. An industry currently has 250 firms, each of which has fixed costs of $50 and...
1. An industry currently has 250 firms, each of which has fixed costs of $50 and average variable costs as follows: (20 points) Quantity Average Variable Cost 2 10 a. Compute a firm's marginal cost and average total cost for each quantity from 1 to 6. b. The equilibrium price is currently $46. How much does each firm produce? What is the total quantity supplied in the market? In the long run, firms can enter and exit the market, and...
An industry currently has 100 firms, all of which have fixed costs of $16 and avg
An industry currently has 100 firms, all of which have fixed costs of $16 and avg. variable cost as follows: Q Avg. Variable Cost ($) 1 1 2 2 3 3 4 4 5 5 6 6 a. Compute marginal cost and avg. total cost. b. the price is $10. what is the total quantity supplied in the market? c. as this market makes the transition to its long-run equilibrium, will the price rise or fall? will the quantity demanded...
An industry currently has 100 firms, all of which have fixed cost of $16 and average variable cost as follows: Quantity / Average variable cost: (1/$1),(2,$2), (3,$3), (4,$4), (5,$5), and (6,$6) b
10. An industry currently has 100 firms, all of which have fixed cost of $16 and average variable cost as follows: Quantity / Average variable cost: (1/$1),(2,$2), (3,$3), (4,$4), (5,$5), and (6,$6) b. The price is currently $10. What is the total quantity supplied in the market? I think that it is zero because the currently price does meet no exceed the average total cost, which is for the quantity 1, $17. Is this correct. c. As this market makes...
What's the answers? Need Help!
5 . Problems 13-10An industry currently has 100 firms, each of which has fixed costs of $8 and average variable costs as follows:Complete the following table by deriving the total cost, marginal cost, and average total cost for each quantity from 1 to 6.QuantityAverage Variable CostTotal CostMarginal CostAverage Total Cost(Dollars)(Dollars)(Dollars)(Dollars)0811 23 35 47 59 611 The equilibrium price is currently $15.Each firm producesunits, so the total quantity supplied in the market isunits.In the long run, firms...
Suppose that each firm in a competitive industry has the following costs: Total Cost: TC =...
Suppose that each firm in a competitive industry has the following costs:Total Cost: TC=50+1/2 q2Marginal Cost: MC=qwhere q is an individual firm's quantity produced.The market demand curve for this product is:Demand QD=160-4 Pwhere P is the price and Q is the total quantity of the good.Each firm's fixed cost is $_______ What is each firm's variable cost?1/2 q50+1/2 q1/2 q^{2}qWhich of the following represents the equation for each firm's average total cost?50/q+1/2 q50+1/2 q50/q1/2 qComplete the following table by computing the...
2. The athletic shoe manufacturing industry currently has 100 companies making exactly the same shoes. All...
2. The athletic shoe manufacturing industry currently has 100 companies making exactly the same shoes. All the companies together have fixed costs of $4,000 and average variable costs as follows: Quantity Total Cost Average Variable Cost $15 Variable Cost Marginal Cost Average Total Cost $20 $30 $40 $50 $60 a. If the price for a pair of shoes is currently $90, what is the total quantity supplied in the market? Explain how you determined your answer. b. Is this a...
Suppose that each firm in a competitive industry has the following costs: Total Cost: TC= 50+1/2...
Suppose that each firm in a competitive industry has the following costs: Total Cost: TC= 50+1/2 q^2 Marginal Cost: MC= q where qq is an individual firm's quantity produced. The market demand curve for this product is Demand QD=160−4PQD=160−4P where PP is the price and QQ is the total quantity of the good. Each firm's fixed cost is $_____ What is each firm's variable cost? q 50+1/2 q 1/2q 1/2q^2 Which of the following represents the equation for each firm's...
Complete the table. Assume that the firm has $100 in total fixed costs and that each...
Complete the table. Assume that the firm has $100 in total fixed costs and that each additional worker costs $50 to hire. At what level of variable input does diminishing returns set in? What is the minimum cost output? Why is it important for a company to know its average total cost per item? Explain why average variable cost decreases then increases? Graph marginal product and marginal cost. What relationship do you see between marginal product and marm: - cost?...
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...
11. Problems and Applications Q11 Suppose that each firm in a competitive industry has the following...
11. Problems and Applications Q11 Suppose that each firm in a competitive industry has the following costs: Total Cost: TC=50+12q2TC=50+12q2 Marginal Cost: MC=qMC=q where qq is an individual firm's quantity produced. The market demand curve for this product is: Demand QD=140?2PQD=140?2P where PP is the price and QQ is the total quantity of the good. Each firm's fixed cost is. What is each firm's variable cost? 12q212q2 qq 50+12q50+12q 12q12q Which of the following represents the equation for each firm's...
1. An industry currently has 250 firms, each of which has fixed costs of $50 and average variable costs as follows: (20 points) Quantity Average Variable Cost 2 10 a. Compute a firm's marginal cost and average total cost for each quantity from 1 to 6. b. The equilibrium price is currently $46. How much does each firm produce? What is the total quantity supplied in the market? In the long run, firms can enter and exit the market, and...
2. The athletic shoe manufacturing industry currently has 100 companies making exactly the same shoes. All the companies together have fixed costs of $4,000 and average variable costs as follows: Quantity Total Cost Average Variable Cost $15 Variable Cost Marginal Cost Average Total Cost $20 $30 $40 $50 $60 a. If the price for a pair of shoes is currently $90, what is the total quantity supplied in the market? Explain how you determined your answer. b. Is this a...
Complete the table. Assume that the firm has $100 in total fixed costs and that each additional worker costs $50 to hire. At what level of variable input does diminishing returns set in? What is the minimum cost output? Why is it important for a company to know its average total cost per item? Explain why average variable cost decreases then increases? Graph marginal product and marginal cost. What relationship do you see between marginal product and marm: - 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...
Most questions answered within 3 hours.
-
A χ2-curve, looking at the relationship between age and hours
spent working at an office per...
asked 8 seconds from now -
The pH of a sample of water from a river is 5.0. A
sample of effluent from...
asked 44 minutes ago -
At the beginning of the period, the Fabricating Department
budgeted direct labor of $136,500 and equipment...
asked 1 hour ago -
Please answer all
____ 28. Rent control is usually
justified on the grounds that it protects...
asked 1 hour ago -
PARTS A-D HAVE BEEN ANSWERED. WAS TOLD TO REPOST. ONLY ANSWER
PARTS E and F.
A...
asked 1 hour ago -
2) You are given the task of finding a representation for a
circle in a drawing...
asked 2 hours ago -
STUDY QUESTION: Does use of diet drug fen-phen
(fenfluramine-phentermine) cause valvular heart disease?
HINT: Valvular heart...
asked 2 hours ago -
1. An object weighing 40 N rests on a surface. The coefficient
of friction is 0.35....
asked 3 hours ago -
Investor company owns 35% of investee company voting stock and
accounts for the investment under the...
asked 4 hours ago -
The number of major faults on a randomly chosen 1 km stretch of
highway has a...
asked 5 hours ago -
Consider the competitive environment of Starbuck's, Progressive
Insurance, a manufacturing firm with low turnover, or a...
asked 6 hours ago -
3. Gains from trade
Consider two neighbouring island countries called Euphoria and
Contente. They each have...
asked 7 hours ago