Homework Answers
(1)Since Total Cost = Fixed Cost + Variable cost
| Quantity | Total Cost | Fixed Cost | Variable cost |
| 0 | 12 | 12 | 0 |
| 1 | 28 | 12 | 16 |
| 2 | 43 | 12 | 31 |
| 3 | 57 | 12 | 45 |
| 4 | 64 | 12 | 52 |
| 5 | 66 | 12 | 54 |
(2)Since fixed Cost = Cost when firm producing 0 unit of good or cost setting firm
Variable cost = Total cost - Fixed Cost
Average Fixed Cost = Fixed Cost / Quantity
| Quantity | Total Cost | Fixed Cost | Variable cost | Average Fixed Cost |
| 0 | 7 | 7 | 0 | - |
| 1 | 37 | 7 | 30 | 7 |
| 2 | 56 | 7 | 49 | 3.5 |
| 3 | 67 | 7 | 60 | 2.33 |
| 4 | 72 | 7 | 65 | 1.75 |
| 5 | 76 | 7 | 69 | 1.4 |
(3)Since fixed Cost = Cost when firm producing 0 unit of good or cost setting firm
Variable cost = Total cost - Fixed Cost
Average Variable Cost = Variable Cost / Quantity
| Quantity | Total Cost | Fixed Cost | Variable cost | Average Variable Cost |
| 0 | 8 | 8 | 0 | - |
| 1 | 38 | 8 | 30 | 30 |
| 2 | 54 | 8 | 46 | 23 |
| 3 | 64 | 8 | 56 | 18.67 |
| 4 | 71 | 8 | 63 | 15.75 |
| 5 | 72 | 8 | 64 | 12.8 |
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The table below shows cost data for producing different amounts of concert tickets. Use the given...
The table below shows the monthly cost of producing vintage model cars for collectors for quantities...
The table below shows the monthly cost of producing vintage model cars for collectors for quantities 0, 100, 250, and 400. Find the average total cost at quantity 100 Round your answers to one decimal place. Output Total Fixed Cost (dollars) Total Variable Cost (dollars) Total Cost (dollars) Average Average Average Fixed Variable Cost Total Cost Cost (dollars) (dollars) (dollars) $1,104 $1,104 1,104 $0 5,044 686 1,104 1,104 400 1,983
Use the table below to answer question. The table shows the demand schedule for tickets to...
Use the table below to answer question. The table shows the demand schedule for tickets to watch amateur baseball games in a medium-sized town. The city provides the ballparks, and the players play for free, so the marginal cost of providing the games is zero. The city has authorized two companies to provide baseball games in two stadiums, and the public considers the games in each stadium to be equivalent. Price Quantity $12 0 11 200 30 400 9 600...
(Table: Costs of Producing Bagels) Use Table: Cost of Producing Bagels. Average total cost reaches its...
(Table: Costs of Producing Bagels) Use Table: Cost of Producing
Bagels. Average total cost reaches its minimum value for the _____
bagel.
fourth
third
fifth
first
Table: Costs of Producing Bagels Quantity of Bagels Total (per period) Variable Costs $0.00 0.20 0.30 0.35 0.45 0.60 0.80 1.05 1.35 Total Fixed Costs $0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table Round your answers to two digits after the decimal. Fixed Variable Marginal Total Average Average Average Quantity fixed cost variable cost total cost cost cost cost cost 0 $40.00 1 $68.00 2 $85.00 3 $412.00 $50.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost: $ What is the average...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Fixed cost Variable cost Total Average fixed Average variable Average total cost cost I cost cost --- --- ... Marginal Quantity cost 0 1 2 3 $85.00 $45.00 | $64.00 $50.00 $380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost:...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost 0 --- --- --- --- 1 $50.00 2 $64.00 3 $85.00 4 $30.00 $380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost:...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Quantity Marginal cost Fixed cost Variable cost Total cost Average fixed cost Average variable cost Average total cost 0 --- --- --- --- 1 $45.00$45.00 2 $64.00$64.00 3 $95.00$95.00 4 $20.00$20.00 $380.00$380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost:...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table Round your answers to two digits after the decimal. Marginal Fixed Variable Total Average fixedAverage Average total Quantity cost cost cost cost cost variable cost cost 0 $50.00 2 $74.00 $95.00 4 $20.00 $400.00 What is the total cost when producing zcro units? total cost: $ What is the marginal cost for the first unit? marginal cost: S What is the avcrage total cost...
in this case it should tax (concert tickets, bus passes) With a relatively (less, more) 3....
in
this case it should tax (concert tickets, bus passes)
With a relatively (less, more)
3. Relationship between tax revenues, deadweight loss, and demand elasticity The government is considering levying a tax of $60 per unit on suppliers of either concert tickets or bus passes. The supply curve for each of these two goods is identical, as you can see on each of the following graphs. The demand for concert tickets is shown by Dc (on the first graph), and...
A concert promoter sells tickets and has a marginal-profit function given below, where P'(x) is in...
A concert promoter sells tickets and has a marginal-profit function given below, where P'(x) is in dollars per ticket. This means that the rate of change of total profit with respect to the number of tickets sold, x, is P'(x). Find the total profit from the sale of the first 200 tickets, disregarding any fixed costs. P'(x) = 3x - 1140 The total profit is $ (Round to the nearest cent as needed.)
The table below shows the monthly cost of producing vintage model cars for collectors for quantities 0, 100, 250, and 400. Find the average total cost at quantity 100 Round your answers to one decimal place. Output Total Fixed Cost (dollars) Total Variable Cost (dollars) Total Cost (dollars) Average Average Average Fixed Variable Cost Total Cost Cost (dollars) (dollars) (dollars) $1,104 $1,104 1,104 $0 5,044 686 1,104 1,104 400 1,983
Use the table below to answer question. The table shows the demand schedule for tickets to watch amateur baseball games in a medium-sized town. The city provides the ballparks, and the players play for free, so the marginal cost of providing the games is zero. The city has authorized two companies to provide baseball games in two stadiums, and the public considers the games in each stadium to be equivalent. Price Quantity $12 0 11 200 30 400 9 600...
(Table: Costs of Producing Bagels) Use Table: Cost of Producing
Bagels. Average total cost reaches its minimum value for the _____
bagel.
fourth
third
fifth
first
Table: Costs of Producing Bagels Quantity of Bagels Total (per period) Variable Costs $0.00 0.20 0.30 0.35 0.45 0.60 0.80 1.05 1.35 Total Fixed Costs $0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table Round your answers to two digits after the decimal. Fixed Variable Marginal Total Average Average Average Quantity fixed cost variable cost total cost cost cost cost cost 0 $40.00 1 $68.00 2 $85.00 3 $412.00 $50.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost: $ What is the average...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table. Round your answers to two digits after the decimal. Fixed cost Variable cost Total Average fixed Average variable Average total cost cost I cost cost --- --- ... Marginal Quantity cost 0 1 2 3 $85.00 $45.00 | $64.00 $50.00 $380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost:...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table Round your answers to two digits after the decimal. Marginal Fixed Variable Total Average fixedAverage Average total Quantity cost cost cost cost cost variable cost cost 0 $50.00 2 $74.00 $95.00 4 $20.00 $400.00 What is the total cost when producing zcro units? total cost: $ What is the marginal cost for the first unit? marginal cost: S What is the avcrage total cost...
in
this case it should tax (concert tickets, bus passes)
With a relatively (less, more)
3. Relationship between tax revenues, deadweight loss, and demand elasticity The government is considering levying a tax of $60 per unit on suppliers of either concert tickets or bus passes. The supply curve for each of these two goods is identical, as you can see on each of the following graphs. The demand for concert tickets is shown by Dc (on the first graph), and...
A concert promoter sells tickets and has a marginal-profit function given below, where P'(x) is in dollars per ticket. This means that the rate of change of total profit with respect to the number of tickets sold, x, is P'(x). Find the total profit from the sale of the first 200 tickets, disregarding any fixed costs. P'(x) = 3x - 1140 The total profit is $ (Round to the nearest cent as needed.)
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