Homework Answers
a) "D"
As the price is above the average variable cost they will cover the variable cost and not the total cost. The answer is "D". but some part of the total fixed cost as well.
b) "A"
When the firm in the market is charging a price above the ATC that means they are making a economic profit.
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Vertical Horizontal Question 7 1.5 pts 7) When the price is between AVC and ATC (ATC<p>AVC),...
pba.instructure. D Question 22 2 pts Match the variable to its correct equation. Average Fixed Cost...
pba.instructure. D Question 22 2 pts Match the variable to its correct equation. Average Fixed Cost (AFC) [Choose Average Total Cost (ATC) [Choose] Average Variable Cost (AVC) (Choose] Fixed Cost (FC) [Choose] Price (P) (Choose] Profit (IT) [Choose Quantity (0) [Choose] Total Cost (TC) Average Fixed CostxQ Total Revenue (TR) [Choose] Variable Cost (VC) Question 23 ✓ Choose ] Total Revenue - Fixed Cost - Variable Cost ATC - AFC AFC + AVC Price x Quantity Total Revenue - Price...
Question 2 [6 points] Afirm's average cost curves are shown below 120 AFC 105 ATC 90...
Question 2 [6 points] Afirm's average cost curves are shown below 120 AFC 105 ATC 90 75- 60 45 30 15 0 6 Labour (workers per day) a) The marginal cost curve first declines and then increases because of Constant marginal revenue The decline in the gap between ATC and AVC as output expands Increasing. then diminishing, marginal utility Increasing, then diminishing. marginal retuns b) The vertical distance between ATC and AVC measures Average fixed oost Economic profit per unit...
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...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item sells for $5 and the explicit costs total $80, economic profit for 50 items is: O $50 O $170 $100 O $250 Question 2 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the...
Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the diagram above. At the point markede, o price is determining production at a level where P = AVC o TR is exactly equal to TC, so profits equal zero. o price is above average cost of production. o the leftover rectangle is the profit earned. Question 28 4 pts The following figure shows the average cost curve, demand curve, and marginal revenue curve for...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC,...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of X? OUTPUT(Q) FC VC TC AVC ATC MC 10 200 400 х 11 662 Y 12 82 N $40 $600 $6000 $60 Question 10 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 fixed cost when...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost curve first declines and then increases because of The decline in the gap between ATC and AVC as output expands Constant marginal revenue Increasing, then diminishing, marginal utility Increasing, then diminishing, marginal returns b) The vertical distance between ATC and AVC measures Marginal cost Economic profit per unit Average fixed cost Total fixed cost c) When the marginal cost curve lies above the AVC...
Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC)...
Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC) and the average variable cost (AVC) curves for Fim1 Figure 7 - MRMC, ATC, and AVC Curves for Firm 1 MMC ATC 750 M. 500 Blank 1: Calculate the total fixed costs for Firm 1. (Write your answer in terms of $. ie. Sx) Blank 2: What is the total revenue for Firm 1 when the price is $14.50? (Write your answer in terms...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
pba.instructure. D Question 22 2 pts Match the variable to its correct equation. Average Fixed Cost (AFC) [Choose Average Total Cost (ATC) [Choose] Average Variable Cost (AVC) (Choose] Fixed Cost (FC) [Choose] Price (P) (Choose] Profit (IT) [Choose Quantity (0) [Choose] Total Cost (TC) Average Fixed CostxQ Total Revenue (TR) [Choose] Variable Cost (VC) Question 23 ✓ Choose ] Total Revenue - Fixed Cost - Variable Cost ATC - AFC AFC + AVC Price x Quantity Total Revenue - Price...
Question 2 [6 points] Afirm's average cost curves are shown below 120 AFC 105 ATC 90 75- 60 45 30 15 0 6 Labour (workers per day) a) The marginal cost curve first declines and then increases because of Constant marginal revenue The decline in the gap between ATC and AVC as output expands Increasing. then diminishing, marginal utility Increasing, then diminishing. marginal retuns b) The vertical distance between ATC and AVC measures Average fixed oost Economic profit per unit...
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...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item sells for $5 and the explicit costs total $80, economic profit for 50 items is: O $50 O $170 $100 O $250 Question 2 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item...
At the profit-maximizing output, total fixed cost MC MR ATC b AVC hkn Output Multiple Choice is fgab. is Ogan. is ba Dollars Saved If a perfectly competitive firm is producing at the P MC output and realizing an economic profit, at that output Multiple Choice marginal revenue is less than price. marginal revenue exceeds ATC. ATC is being minimized. total revenue equals total cost. The average total cost curve for a perfectly competitive firm. Suppose the marginal cost curve...
Question 26 5 pts Price ATC MC AVC DD . m 0 Quantity Refer to the diagram above. At the point markede, o price is determining production at a level where P = AVC o TR is exactly equal to TC, so profits equal zero. o price is above average cost of production. o the leftover rectangle is the profit earned. Question 28 4 pts The following figure shows the average cost curve, demand curve, and marginal revenue curve for...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of X? OUTPUT(Q) FC VC TC AVC ATC MC 10 200 400 х 11 662 Y 12 82 N $40 $600 $6000 $60 Question 10 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 fixed cost when...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost curve first declines and then increases because of The decline in the gap between ATC and AVC as output expands Constant marginal revenue Increasing, then diminishing, marginal utility Increasing, then diminishing, marginal returns b) The vertical distance between ATC and AVC measures Marginal cost Economic profit per unit Average fixed cost Total fixed cost c) When the marginal cost curve lies above the AVC...
Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC) and the average variable cost (AVC) curves for Fim1 Figure 7 - MRMC, ATC, and AVC Curves for Firm 1 MMC ATC 750 M. 500 Blank 1: Calculate the total fixed costs for Firm 1. (Write your answer in terms of $. ie. Sx) Blank 2: What is the total revenue for Firm 1 when the price is $14.50? (Write your answer in terms...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
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