Homework Answers
Answer — c ( marginal cost, average cost, average variable cost )
explanation:- Marginal cost curve cuts average cost and average variable cost from below at their respective minimum points. 2 and 3 curve are average cost and average variable cost . Difference between 2 and 3 narrowed with increase in the output, as difference between them is of average fixed cost which continuously decreases with increase in the output.
All three curves are U shaped due to the law of the returns. Total cost is inverse shaped while total fixed cost is horizontal and average fixed cost is rectangular hyperbola shaped.
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Consider the following cost curves. (1) $ per unit of output (2) (3) Quantity In this...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
Costs per unit $22 - - 10 Quantity of output Answer the following questions referring to...
Costs per unit $22 - - 10 Quantity of output Answer the following questions referring to Q = 10 1. Identify the curves in the diagram. (a) Curve A - Curve B Curve C - 2. What is average fixed cost? 3. What is variable cost? 4. What is total cost? 5. On the graph, identify the area that represents the total variable cost and total fixed cost when the quantity of output =10.
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
curves). The diagram need not be to scale. 2. The following data show the total output...
curves). The diagram need not be to scale. 2. The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital. When answering the questions, you are to assume that the wage per unit of labour is $25, price of capital is $10 per unit and capital is fixed at 10 units. Labour per unit of time Total output 10 25 0 3 75 175 250 305 a) What...
#1 Product #2 Variable input #3 In this diagram, curves 1, 2, and 3 represent the:...
#1 Product #2 Variable input #3 In this diagram, curves 1, 2, and 3 represent the: O marginal, total, and average product curves respectively marginal, average, and total product curves, respectively total, marginal, and average product curves, respectively average, marginal, and total product curves, respectively total, average, and marginal product curves, respectively
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the...
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the Variable Input long-run average cost curve. total cost curve. total product curve. marginal cost curve. supply curve. In the graph below, point C illustrates the range of с Quantity of Output B A Quantity of the Variable Input increasing marginal returns. constant marginal returns. decreasing marginal costs. diminishing marginal returns.
1. A firm faces the following total product curves depending on how much capital it employs. K=1 Unit Quantity of Total...
1. A firm faces the following total product curves depending on how much capital it employs. K=1 Unit Quantity of Total Labor Product 100 152 K=2 Units Quantity of Total Labor Product 1 123 1 187 Product WN oloAN K=3 Units Quantity of Total Labor 139 193 263 319 366 407 410 233 249 263 286 306 323 O a. For K=1, calculate the average product and marginal product of labor at each level of labor employed (from labor =...
Given the quantity and total cost, calculate for a total fixed cost, the total variable cost,...
Given the quantity and total cost, calculate for a total fixed cost, the total variable cost, average fixed cost, average total cost, the average variable cost, and marginal cost. You are required to graph the total cost curves as well as the average and marginal cost curves. Quantity Total Cost Total Fixed Cost Total Variable Cost Average Fixed Cost Average Total Cost Average Variable Cost Marginal Cost 1 30 2 75 3 150 4 255 5 380 6 525 7...
Figure: Short-Run Costs Cost curves (dollars) $200 150 100 50 0 1 2 3 45 6...
Figure: Short-Run Costs Cost curves (dollars) $200 150 100 50 0 1 2 3 45 6 7 8910 11 Quantity of output (per day) Reference: Ref 6-14 Figure: Short-Run Costs) A is thecost curve. A. total B. marginal C. average variable D. average total
Consider the following table of costs: Output &...
Consider the following table of costs: Output Total Variable Costs Total Costs 0 $0 $30 1 20 50 2 30 60 3 48 78 4 90 120 5 170 200 a) Plot the total fixed cost (TFC) curve, the total variable cost (TVC) curve, and the total cost (TC) curve on the same graph. b) Briefly explain the reason for the shape of the cost curves in part (a). c) Add to the...
(1) $ per unit of output (2) (3) Quantity In this diagram, curves 1, 2, and 3 represent the: average variable cost, average cost, and marginal cost Total cost, total fixed cost and total marginal cost marginal cost, average cost, and average variable cost total marginal cost, total cost, and total variable cost Marginal revenue may be defined as the: change in product price associated with the sale of one more unit of output change in average revenue associated with...
Costs per unit $22 - - 10 Quantity of output Answer the following questions referring to Q = 10 1. Identify the curves in the diagram. (a) Curve A - Curve B Curve C - 2. What is average fixed cost? 3. What is variable cost? 4. What is total cost? 5. On the graph, identify the area that represents the total variable cost and total fixed cost when the quantity of output =10.
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
curves). The diagram need not be to scale. 2. The following data show the total output for a firm when specified amounts of labour are combined with a fixed amount of capital. When answering the questions, you are to assume that the wage per unit of labour is $25, price of capital is $10 per unit and capital is fixed at 10 units. Labour per unit of time Total output 10 25 0 3 75 175 250 305 a) What...
#1 Product #2 Variable input #3 In this diagram, curves 1, 2, and 3 represent the: O marginal, total, and average product curves respectively marginal, average, and total product curves, respectively total, marginal, and average product curves, respectively average, marginal, and total product curves, respectively total, average, and marginal product curves, respectively
In the graph blow, the blue curves illustrates a с Quantity of Output Quantity of the Variable Input long-run average cost curve. total cost curve. total product curve. marginal cost curve. supply curve. In the graph below, point C illustrates the range of с Quantity of Output B A Quantity of the Variable Input increasing marginal returns. constant marginal returns. decreasing marginal costs. diminishing marginal returns.
1. A firm faces the following total product curves depending on how much capital it employs. K=1 Unit Quantity of Total Labor Product 100 152 K=2 Units Quantity of Total Labor Product 1 123 1 187 Product WN oloAN K=3 Units Quantity of Total Labor 139 193 263 319 366 407 410 233 249 263 286 306 323 O a. For K=1, calculate the average product and marginal product of labor at each level of labor employed (from labor =...
Figure: Short-Run Costs Cost curves (dollars) $200 150 100 50 0 1 2 3 45 6 7 8910 11 Quantity of output (per day) Reference: Ref 6-14 Figure: Short-Run Costs) A is thecost curve. A. total B. marginal C. average variable D. average total
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