Homework Answers
Fixed cost is constant regardless of the output so AFC -Average fixed cost decreases with the output level since AFC=Total fixed cost/total output as output increases AFC decreases Hence, since maximy output is 6 unit,6 is correct
Against each forklift cars that can be lifted are provided as 20,50,78,92,75 and since each forklift can pull positive numbers of cars maximum number is cars can be lifted by using all the forklifts Hence, 5 forklifts is correct
implicit costs are the opportunity cost and can be greater or lesser than explicit cost but since these cost arises since you chose not to use other alternatives hence, paid before
Total revenues=1000*10=$10000 explicit cost= bait and fuel cost and Interest since these are the cost associated in running business =600+400=$1000, Implicit cost or opportunity cost are the income foregone for this business=old job salary +rent=4000+3000=$7000
Accounting profit =Total revenue- explicit cost=10000-1000=$9000 and Economic profit=Total revenue- explicit cost-implicit cost=10000-1000-7000=$2000 Hence,both are positive
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If fixed costs are $60 and total cost is 80, 90, 102, 120, 145, 180 for...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
5:42 luET 09. Which statement is true? A. Economies of scale are more common when Q...
5:42 luET 09. Which statement is true? A. Economies of scale are more common when Q is low and occur when increasing production lowers ATC as for natural monopolies. B. Diseconomies of scale are more common when Q is high and occur when increasing production decreases ATC as for natural monopolies. C. Economies of scale are more common when Q is high and occur when increasing production increases ATC as in a perfect competition framework. D. Diseconomies of scale are...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
You are given the following cost data: Total fixed costs are $110. 40 70 110 170...
You are given the following cost data: Total fixed costs are $110. 40 70 110 170 250 If the price of output is $40, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? (Enter your response as a whole number) The firm will produce 4 units of output because this is where price equals marginal cost Total revenue is $ (Enter your response as a whole number) Total...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0...
You are given the following cost data: Total fixed costs are $30. q TVC 0 0 1 30 2 60 3 105 4 165 5 255 6 375 If the price of output is $60, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? The firm will produce nothing units of output because this is where price equals ▼ average variable cost marginal cost average fixed cost ....
You are given the following total cost information for four pharmaceutical facilities producing generic drugs. Costs...
You are given the following total cost information for four pharmaceutical facilities producing generic drugs. Costs are in thousands of dollars. Units produced are thousands of units per year. Each unit may consiste of a large number of pills, which are sold to the wholesale market. The value of buildings, land and equipment is in millions of dollars. Number of units produced ('000s) Facility # 0 10 20 30 40 50 60 1 750 2250 3450 5050 8250 13250 20250...
i l Cort Total Product Average Fixed Average Average Total M Cost Variable Cost Cost 0.00...
i l Cort Total Product Average Fixed Average Average Total M Cost Variable Cost Cost 0.00 $ 0.00 S 6 0.00 45.00 S 105.00 S 2 s 30.00 S 42.50 $ 72.50 $ S 20.00 S 40.00 S 60.00 S 15.00 S 37.50 $ 52.50 $ 12.00 S 37.00 S 49.00 S 10.00 S 37.50 S 47.50 S 8.571 $ 38.57 S 47.14 S $ 7.50 S 40.63 S 48.13 S 9S 43.33 S 10 $ 6.00 $ 46.50 $...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Cost Marginal Cost na $ 45,00 $ 40,00 1 2 5 5 6 0.00 3 0.00 20.00 15.00 Average Average Total Variable Cost Cost 0.00 $ 0.00 $ 45,00 $ 105,00 $ 42.50 $ 72.50 $ 40.00 $ 60.00 $ 37.50 17 505 $ 5250 $ 37005 4 9.00 $ 3750 $ 4750 $ 38.575 $ 4063 $ 48.13 $ 4333 5 0.00 $...
Assume that the following cost data are for a purely competitive producer: total product average fixed...
Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
2
$30.00
$42.50
$72.50
$40.00
3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Average Average Total Marainal cos Cost Variable Cost Cost na 0.00 $ 0.00 na $ 60.00 $ 45.00 $ 105.00 $ 45.00 $ 30.00 $ 42.50 $ 72.50 $ 40.00 $ 20.00 $ 40.00 $ 60.00 $ 35.00 $ 15,00 $ 37.50 $ 52.50 $ 30.00 12.00 $ 37.00 $ 49.00 $ 35.00 10.00 $ 37.50 $ 47.50 $ 40.00 $ 8.57 $ 38.57...
$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
5:42 luET 09. Which statement is true? A. Economies of scale are more common when Q is low and occur when increasing production lowers ATC as for natural monopolies. B. Diseconomies of scale are more common when Q is high and occur when increasing production decreases ATC as for natural monopolies. C. Economies of scale are more common when Q is high and occur when increasing production increases ATC as in a perfect competition framework. D. Diseconomies of scale are...
QUESTION 1 Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $24 $50 3 $108 $40 Refer to Table 13-16. What is the total cost of producing 2 units of output? a. $76 b. $50 c. $58 d. $74 Figure 14-13 Suppose a firm in a competitive industry has the following cost curves: sem MC ATC AVC Refer to Figure 14-13. If the price is $6 in the...
You are given the following cost data: Total fixed costs are $110. 40 70 110 170 250 If the price of output is $40, how many units of output will this firm produce (assuming the firm produces in the short run, in a competitive market)? (Enter your response as a whole number) The firm will produce 4 units of output because this is where price equals marginal cost Total revenue is $ (Enter your response as a whole number) Total...
i l Cort Total Product Average Fixed Average Average Total M Cost Variable Cost Cost 0.00 $ 0.00 S 6 0.00 45.00 S 105.00 S 2 s 30.00 S 42.50 $ 72.50 $ S 20.00 S 40.00 S 60.00 S 15.00 S 37.50 $ 52.50 $ 12.00 S 37.00 S 49.00 S 10.00 S 37.50 S 47.50 S 8.571 $ 38.57 S 47.14 S $ 7.50 S 40.63 S 48.13 S 9S 43.33 S 10 $ 6.00 $ 46.50 $...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Cost Marginal Cost na $ 45,00 $ 40,00 1 2 5 5 6 0.00 3 0.00 20.00 15.00 Average Average Total Variable Cost Cost 0.00 $ 0.00 $ 45,00 $ 105,00 $ 42.50 $ 72.50 $ 40.00 $ 60.00 $ 37.50 17 505 $ 5250 $ 37005 4 9.00 $ 3750 $ 4750 $ 38.575 $ 4063 $ 48.13 $ 4333 5 0.00 $...
Assume that the following cost data are for a purely competitive
producer:
total
product
average
fixed
cost
average
variable
cost
average
total
coast
marginal
cost
0
na
$0.00
$0.00
na
1
$60.00
$45.00
$105.00
$45.00
2
$30.00
$42.50
$72.50
$40.00
3
$20.00
$40.00
$60.00
$35.00
4
$15.00
$37.50
$52.00
$30.00
5
$12.00
$37.00
$49.00
$35.00
6
$10.00
$37.50
$47.50
$40.00
7
$8.57
$38.57
$47.14
$45.00
8
$7.50
$40.63
$48.13
$55.00
9
$6.67
$43.33
$50.00
$65.00
10
$6.00
$46.50
$52.50
$75.00...
Assume that the following cost data are for a purely competitive producer Total Product Average Fixed Average Average Total Marainal cos Cost Variable Cost Cost na 0.00 $ 0.00 na $ 60.00 $ 45.00 $ 105.00 $ 45.00 $ 30.00 $ 42.50 $ 72.50 $ 40.00 $ 20.00 $ 40.00 $ 60.00 $ 35.00 $ 15,00 $ 37.50 $ 52.50 $ 30.00 12.00 $ 37.00 $ 49.00 $ 35.00 10.00 $ 37.50 $ 47.50 $ 40.00 $ 8.57 $ 38.57...
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