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SHORT ANSWER QUESTIONS 1. Given the following information about a firm's costs, complete the following chart...
(43) Assume a single firm in a purely competitive industry has short-run production costs as indi...
(43) Assume a single firm in a purely competitive industry has short-run production costs as indicated in the following table. Answer questions a through c using the data from this table. TVC-Total variable Costs. TC=Total Costs: AFC=Average Fixed Costs; AVC=Average Variable Costs; ATC-Average Total Costs; MC-Marginal Costs Total Output Total Variable Cost $ TVC TC 0 $5.00 $8.00 $10.00 $11.00 $13.00 $16.00 $20.00 Total Cost $ Average Average Average Total Cost Cost $ MC Marginal Fixed CosVariable $ AFC Cost...
Part B Short Answer questions (14 points) Q.1 Consider the following graph which shows the cost...
Part B Short Answer questions (14 points) Q.1 Consider the following graph which shows the cost curves of a firm. MC YO NGS ATC AVC Q, QQ, Q QQ (a) is the firm operating in short run or long run? Explain () Is the gap between ATC and AVC increasing or decreasing over quantity? Explain. (c) Suppose wages increase, does AFC increase or not? Explain. (Suppose rental payment increases, does MC increase or not? Explain. ) On a separate graph,...
Need help with questions 7,8,9 &10. Thank you Now assume a short-run situation where there are...
Need help with questions 7,8,9 &10. Thank you
Now assume a short-run situation where there
are a number of different firms using each technique of production,
and they are competing within the same industry. The quality of the
product is completely standardized; these firms compete only on the
basis of how cheaply they can produce it. They can sell output at
$93 per unit.
4. Firms using the Original technique of production will find
the level of output where profit...
TABLE 8.3 Measuring Costs Quantity (Q-Big Macs Total Cost TVC Average VariableAverage produced pe...
first picture is the table second one is the question
TABLE 8.3 Measuring Costs Quantity (Q-Big Macs Total Cost TVC Average VariableAverage produced perVariable Total Fixed Cost TFC AverageMarginal hour) Abbreviation: Total Cost Cost Fixed Cost Total Cost AVC AFC ATC Formula: $0.00 $100.00 $100.00 30.00 一 130,00 $.00 $10.00 13.00 100.00 5000 100.00 65.00 100.00 77.00100.00 20 30 5.00 3.33 2.17 1.93 1.74 165.00 177.00 187.00174 200.001.67 220.001.71 260.00 320.00 2.44 400.00 3.00 1.00 1.30 2.00 87.00 100.00 100.00...
1. Given the following horizontal curve and spiral data: Total tangent deflection angle (A) = 30°...
1. Given the following horizontal curve and spiral data: Total tangent deflection angle (A) = 30° Rt. D = 5° Design Speed = 50 mph Two lane road in Southern Climate PI Station @ 64+20.00 Find Land e from Table 13.8 or 13.9 (see handouts) Compute: As = Ac Y Xs es = R= P= TS Compute the stations of: T.S. = S.C. = C.S. = S.T. = Compute the Long Tangent and the Short Tangent Spiral Curve Equations Spiral...
(43) Assume a single firm in a purely competitive industry has short-run production costs as indicated in the following table. Answer questions a through c using the data from this table. TVC-Total variable Costs. TC=Total Costs: AFC=Average Fixed Costs; AVC=Average Variable Costs; ATC-Average Total Costs; MC-Marginal Costs Total Output Total Variable Cost $ TVC TC 0 $5.00 $8.00 $10.00 $11.00 $13.00 $16.00 $20.00 Total Cost $ Average Average Average Total Cost Cost $ MC Marginal Fixed CosVariable $ AFC Cost...
Part B Short Answer questions (14 points) Q.1 Consider the following graph which shows the cost curves of a firm. MC YO NGS ATC AVC Q, QQ, Q QQ (a) is the firm operating in short run or long run? Explain () Is the gap between ATC and AVC increasing or decreasing over quantity? Explain. (c) Suppose wages increase, does AFC increase or not? Explain. (Suppose rental payment increases, does MC increase or not? Explain. ) On a separate graph,...
Need help with questions 7,8,9 &10. Thank you
Now assume a short-run situation where there
are a number of different firms using each technique of production,
and they are competing within the same industry. The quality of the
product is completely standardized; these firms compete only on the
basis of how cheaply they can produce it. They can sell output at
$93 per unit.
4. Firms using the Original technique of production will find
the level of output where profit...
first picture is the table second one is the question
TABLE 8.3 Measuring Costs Quantity (Q-Big Macs Total Cost TVC Average VariableAverage produced perVariable Total Fixed Cost TFC AverageMarginal hour) Abbreviation: Total Cost Cost Fixed Cost Total Cost AVC AFC ATC Formula: $0.00 $100.00 $100.00 30.00 一 130,00 $.00 $10.00 13.00 100.00 5000 100.00 65.00 100.00 77.00100.00 20 30 5.00 3.33 2.17 1.93 1.74 165.00 177.00 187.00174 200.001.67 220.001.71 260.00 320.00 2.44 400.00 3.00 1.00 1.30 2.00 87.00 100.00 100.00...
1. Given the following horizontal curve and spiral data: Total tangent deflection angle (A) = 30° Rt. D = 5° Design Speed = 50 mph Two lane road in Southern Climate PI Station @ 64+20.00 Find Land e from Table 13.8 or 13.9 (see handouts) Compute: As = Ac Y Xs es = R= P= TS Compute the stations of: T.S. = S.C. = C.S. = S.T. = Compute the Long Tangent and the Short Tangent Spiral Curve Equations Spiral...
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