Homework Answers
The answer is "40"
Average Total Cost = AVC + AFC
= 20 + 20 = 40
Here AFC remains fixed when 1st unit is produced becase Total Fixed cost (TFC.)will remain fixed but falls with increase in output. and same happens with Average Fixed Cost
And with producing 1st unit AVC is 20
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The figure given below shows the average fixed cost (AFC) and the average variable cost (AVC)...
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2. 3. 4. 5. 6. 7. 8. A firm's average fixed cost (AFC) is 10 when...
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Microeconomic question perfectly competitive firm is The following figure shows the marginal cost, average total cost,...
Microeconomic question
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Output Total Cost Fixed Cost Variable Cost AFC AVC ATC MC 0 50 1 130 2...
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Consider the competitive market for dress shirts. The following graph shows the marginal cost (MC), average...
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Exhibit 22-13 Quantity of Output (Q) Total Fixed Cost (TFC) Average Fixed Cost (AFC) Total Variable...
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Consider the perfectly competitive market for halogen ceiling lamps. The following graph shows the marginal cost...
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pogu u (a) Calculate the fixed cost (FC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC) from the table below. Units of output Total cost AFC ATC FC 50 AVC 0 0 MC 0 0 80 128 180 280 405 (b) Draw graphs to plot these cost curves against output. (c) Explain what these shapes tell us about returns and efficiency.
2.
3.
4.
5.
6.
7.
8.
A firm's average fixed cost (AFC) is 10 when it produces Q=2. Then at Q=5, AFC is ... ОА. 8 Ов. 2 ос. 20 In a perfectly competitive market, the demand for a single firm's product is always O A. perfectly inelastic. O B. exactly as elastic as the market demand curve. O C. inelastic, but not perfectly inelastic. O D. perfectly elastic. As a firm's output increases: O A. average variable cost...
Microeconomic question
perfectly competitive firm is The following figure shows the marginal cost, average total cost, demand, marginal revenue curves for a firm in monopolistic competition. Assume that the cost curves of a perfectly competitive firm are identical to the cost curves of this monopolistically competitive firm shown here. The average revenue for the perfectly competitive firm is $6. of AA л Figure 10.1 Marginal Cost Average Total Cost Dollars per unit mm Demand 10 Marginal Revenue 20 30 40...
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39) The figure below gives the marginal cost and average variable cost curves for 1 rutabega farmer. Given your answers to questions 36-38, draw in the farmer's marginal revenue curve. Revenue and cost (dollars per unit) MC AVC A 50+ ATA 0 10 20 30 40 50 Output (units per day) 40) How much will the farmer produce? 41) What are the farmer's profits? 42) What happens to this market in the long run? Do firms enter or exit? For...
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