Homework Answers
Total cost here is Fixed cost + variable cost. Now AVC = VC/Q and ATC = TC/Q. This also gives MC = difference in two consecutive TCs divided by unit change.
For example, when Q is 4, TC = 30 + 70 = 100. AVC = 70/4 = 17.5 and ATC = 100/4 = 25. MC = (100 - 75)/(4 - 3) = 25.
| Output | Fixed cost | Variable cost | Total cost | Average variable cost | Average Total cost | Marginal cost |
| 0 | 30 | 0 | 30 | |||
| 1 | 30 | 10 | 40 | 10.0 | 40.0 | 10.0 |
| 2 | 30 | 25 | 55 | 12.5 | 27.5 | 15.0 |
| 3 | 30 | 45 | 75 | 15.0 | 25.0 | 20.0 |
| 4 | 30 | 70 | 100 | 17.5 | 25.0 | 25.0 |
| 5 | 30 | 100 | 130 | 20.0 | 26.0 | 30.0 |
| 6 | 30 | 135 | 165 | 22.5 | 27.5 | 35.0 |
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The WipeOut Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in Table 7.16...
need help on 1 and 2 please Question 1: The Wipeout Ski Company manufactures skis for...
need help on 1 and 2 please
Question 1: The Wipeout Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in the table below for fixed cost, total cost, average variable cost, average total cost, and marginal Quantity Variable Cost Fixed Cost Total Average Variable Cost Cost Average Total Marginal Cost Cost $10 $25 S100 $135 Question 2: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect the long-run average cost...
fill in all the blanks in the table please Total Product (magnets) Total Fixed Costs Total...
fill in all the blanks in the table please
Total Product (magnets) Total Fixed Costs Total Variable Costs Average Fixed Costs Average Variable Costs $30 Average Total Costs Marginal Costs Total Costs $100 $ 30 $130 $100 $130 $30 25 20 218 11. A one-day ticket to visit the Screaming Coasters theme park costs $36, but you can also get a two-consecutive-day ticket for $40. What is the average cost per day for the two-day ticket? What is the marginal...
Complete the table. Assume that the firm has $100 in total fixed costs and that each...
Complete the table. Assume that the firm has $100 in total fixed costs and that each additional worker costs $50 to hire. At what level of variable input does diminishing returns set in? What is the minimum cost output? Why is it important for a company to know its average total cost per item? Explain why average variable cost decreases then increases? Graph marginal product and marginal cost. What relationship do you see between marginal product and marm: - cost?...
please explain question 2 . rmation on fixed and variable costs in 1(b) please fill in...
please explain question 2
.
rmation on fixed and variable costs in 1(b) please fill in the table below. The numbers olumns should be identical to the last two columns in your table in number 1 in the last two columns should be identical to above. Average Average Fixed Variable Workers Output Cost Cost Average Total Cost Marginal Cost 155 Using the numbers in your table above graph average fixed costs, average variable costs, average total costs, and marginal costs....
Production Costs Fill out the following table and graph the average variable cost, average total cost,...
Production Costs Fill out the following table and graph the average variable cost, average total cost, and marginal costs Output tables/day Total cost Variable cost Average Total Cost Average variable cost Marginal Cost 0 $50 1 60 2 80 3 115 4 170 5 250 6 350 1) What is the dollar amount of the fixed costs of production? $50 2) For 5 tables, what is the average fixed cost and the average variable cost?
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs...
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs (in dollars) Average Total Costs (in dollars per unit) Average Variable Costs (in dollars per unit) Marginal Costs (in dollars per unit) 0 0 40 40 - - - - - - 1 1 40 55 15 55 15 2 35 40 75 17.5 37.5 20 3 60 40 100 20 33.3 25 4 90 40 130 22.5 32.5 30 5 125 40 155...
Question 4 (3 points) Output (Instructional Modules per Month) Fixed Costs Variable Costs Total Cost Average...
Question 4 (3 points) Output (Instructional Modules per Month) Fixed Costs Variable Costs Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost $ 400 $1.480 $965 5400 $450 3 $2.430 SI 350 $1.900 $2.500 S216 $4,280 $4,100 $5,400 S7-300 $135 $10, 880 5 980 Answer the following questions using the table above 1. Fill out the entire table 2. What is the marginal cost of creating the tenth instructional module? 3. What is the average fixed...
QUESTION 20 Output Fixed Costs Variable Costs $0 Total Costs $100 Average Total Costs Average Variable...
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The total costs for Morris Industries are summarized in the following table. Based on this information,...
The total costs for Morris Industries are summarized in the following table. Based on this information, fill in the missing entries in the table for fixed cost, variable cost, average fixed cost, average variable cost, average total cost, and marginal cost. (1) (2) (3) (4) (5) (6) (7) (8) Q FC VC TC AFC AVC ATC MC 0 1,000 10 2,000 20 2,500 30 4,000 40 6,000 50 10,000 60 15,000
need help on 1 and 2 please
Question 1: The Wipeout Ski Company manufactures skis for beginners. Fixed costs are $30. Fill in the table below for fixed cost, total cost, average variable cost, average total cost, and marginal Quantity Variable Cost Fixed Cost Total Average Variable Cost Cost Average Total Marginal Cost Cost $10 $25 S100 $135 Question 2: How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect the long-run average cost...
fill in all the blanks in the table please
Total Product (magnets) Total Fixed Costs Total Variable Costs Average Fixed Costs Average Variable Costs $30 Average Total Costs Marginal Costs Total Costs $100 $ 30 $130 $100 $130 $30 25 20 218 11. A one-day ticket to visit the Screaming Coasters theme park costs $36, but you can also get a two-consecutive-day ticket for $40. What is the average cost per day for the two-day ticket? What is the marginal...
Complete the table. Assume that the firm has $100 in total fixed costs and that each additional worker costs $50 to hire. At what level of variable input does diminishing returns set in? What is the minimum cost output? Why is it important for a company to know its average total cost per item? Explain why average variable cost decreases then increases? Graph marginal product and marginal cost. What relationship do you see between marginal product and marm: - cost?...
please explain question 2
.
rmation on fixed and variable costs in 1(b) please fill in the table below. The numbers olumns should be identical to the last two columns in your table in number 1 in the last two columns should be identical to above. Average Average Fixed Variable Workers Output Cost Cost Average Total Cost Marginal Cost 155 Using the numbers in your table above graph average fixed costs, average variable costs, average total costs, and marginal costs....
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QUESTION 20 Output Fixed Costs Variable Costs $0 Total Costs $100 Average Total Costs Average Variable Costs Marginal Costs 30 50 In the above table, what are the total fixed costs for an output of 4? $220 $0 $100 $120
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