Homework Answers
Ans)- We know that-
Average cost = Total cost / quantity produced
so in the above table, quantity produced is 6 units and corresponding total cost at 6 units of output is 69.
so,
Average cost = 69/6 = 11.5
hence here 3rd option is correct. i.e. average cost for producing 6 units of output is 11.5.
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2 3 4 5 6 Consider the cost data below: Output 0 1 Total Cost (8)...
Consider the cost data below: 3 4 5 6 Output 0 1 2 Total Cost ($)...
Consider the cost data below: 3 4 5 6 Output 0 1 2 Total Cost ($) 24 33 48 54 61 69 Consider the accompanying table. The average cost of producing 3 units of output is: 41 $14 $13.67 $48 $16 $12
Answer the next question based on the following data. Output Total Cost 0 $24 1 33...
Answer the next question based on the following data. Output Total Cost 0 $24 1 33 2 41 3 48 4 54 5 61 6 69 The fixed cost of production is Multiple Choice $9. $33. $12. $24.
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
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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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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...
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(9 marks) 6) The data below shows the mass of 40 students in class. The measurement...
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Consider total cost and total revenue given in the following: (Quantity/Total Cost/Total Revenue): (0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56) Can you tell whether this firm is in a competitive industry
Consider total cost and total revenue given in the following: (Quantity/Total Cost/Total Revenue): (0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56) Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium? Isn't this firm a competitive industry since the price is equal to the marginal revenue? This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the...
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Use the following data to answer questions # 5-6 Quantity of Output Total Fixed Cost $50 50 $50 $50 $50 50 $50 $50 Total Variable Cost $40 568 590 $100 $150 $240 $315 $400 5. Using the information in the table above, the average total cost of producing five units of A] $40 (8] $50 C] $150 D] $200 ing the infomation in the table above, the marginal cost of the seventh unit of output is [A] $50 B] S75...
Total Product Total Variable Cost Total Fixed Cost $150 150 0 $ OL 1 50 2...
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Consider the cost data below: 3 4 5 6 Output 0 1 2 Total Cost ($) 24 33 48 54 61 69 Consider the accompanying table. The average cost of producing 3 units of output is: 41 $14 $13.67 $48 $16 $12
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
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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...
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