The following chart shows the marginal cost curves of two widget producers.
What is the lowest possible social variable cost for producing 5 widgets?
Homework Answers
To produce 5 widgets, lowest possible variable cost = 6+9+12+2*18
To produce 5 widgets, lowest possible variable cost = $63
So, the total variable cost is $63 to produce 5 units of widgets and it is lowest possible total variable cost.
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The following chart shows the marginal cost curves of two widget
producers.
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The costs associated with producing six widgets are as follows: .80 variable cost per widget and .10 fixed cost per widget. Using this information, complete the following calculations: What is the total cost of producing six widgets? What is the average total cost of producing six widgets? If the variable cost of producing five widgets is .60 and the fixed cost for producing five widgets is .10, what is the marginal cost of producing the sixth widget? How would each...
The above graph shows two possible marginal cost curves for the production of hoodies (hooded sweatshirts)....
The above graph shows two possible marginal cost curves for the
production of hoodies (hooded sweatshirts). Assume that the hoodie
market is perfectly competitive. If a hoodie industry consists of
10 firms with a marginal cost curve of MC 1 and 20 firms with a
marginal cost curve of MC 2, what is the quantity of hoodies
supplied at a price of $12 per hoodie?
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9. The following diagram shows the long-run average and marginal cost curves for a firm. AC...
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The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average...
The following graph shows short-run marginal cost curves, short-run average cost curves, and a long-run average total cost curve for a firm. Cost Curves 11 10 - 9 LRATC SRATC SRMC SRATC SRMC Per unit costs SRATO SRMC . 10 10 Quantity Which cost curves represent an efficient firm producing where there are diseconomies of scale? (Click to select) | Which cost curves represent an efficient firm producing where there are economies of scale? (Click to select) Which cost curves...
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The graph shows the demand (D), marginal cost (MC), marginal revenue (MR), and average variable cost (AVC) curves for a firm that is a price maker for its product.
The graph shows the demand (D), marginal cost (MC), marginal revenue (MR), and average variable cost (AVC) curves for a firm that is a price maker for its product. The MC and AVC curves slope upward because one of the materials used to make the product is scarce. The firm can obtain a small supply cheaply, but additional units get more and more expensive. Additionally, the firm faces no fixed costs. If the firm is able to practice price discrimination, using...
The above graph shows two possible marginal cost curves for the
production of hoodies (hooded sweatshirts). Assume that the hoodie
market is perfectly competitive. If a hoodie industry consists of
10 firms with a marginal cost curve of MC 1 and 20 firms with a
marginal cost curve of MC 2, what is the quantity of hoodies
supplied at a price of $12 per hoodie?
$14 $13 MC 1 $12 $11 MC 2 $10 $9 $8 Marginal Cost of Hoodies...
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(1 point) In the market for oranges, there are two demanders and two suppliers. Here are their marginal value and marginal cost curves, Demanders II Suppliers Pinky | The Brain Orange Land Orange World QMV i MVQ MCQ MC 1 $15 1 $1111 $ 2 1 2 $7 2 591 2 $ 3 2 3 $ 6 3 $8 113 $4 3 4 $5 14 $ 7 4 $6 14 5 $ 45 $ 65 75 On the market demand...
Figure 8.3 shows a firm's marginal cost, average total cost, and average variable cost curves. At Q=50, the total variable cost is: MC ATC /AVC O A. $1,200 O B. $1,500 O C. $2,100 OD. $2,800 - 100 Figure 8.3
9. The following diagram shows the long-run average and marginal cost curves for a firm. AC SMC (K = 150) MC SMC (K=300 It also shows the short-run marginal cost curve for two levels of fixed capital: K = 150 and K=300. For each plant size, draw the corresponding short-run average cost curve and explain briefly why that curve should be where you drew it and how it is consistent with the other curves.
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The graph shows a firm's average total cost (ATC) and marginal cost (MC) curves. At what output level does the firm have economies of scale? 12 11 10 MC ATC 9 8 Price $/Q 4 3 N 14 16 15 0 12 13 10 9 8 7 6 4 5 3 2 0 Quantity Quantit OQ > 4 OQ < 4 OQ> 8 OQ < 8
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