W This table describes the cost structure for a firm producing cakes. Fixed Costs, FC Total...
This table describes the cost structure for a firm producing cakes. Q (number of cakes produced) 0 Fixed Costs, FC Variable Costs, VC 0 Total Costs, TC Average Variable Costs, AVC Average Total Costs, ATC 1 40 70 70 40 2 3 4 5 270 330 What is the average total cost (ATC) of producing 5 cakes? $80 $50 $40 $20
What is the average variable cost (AVC) of producing 4 cakes? 1) $80 2) $50 3) $40 3) $20 This table describes the cost structure for a firm producing cakes. Fixed Costs, FC Total Costs, TC Average Variable Costs, AVC Average Total Costs, ATC Q (number of cakes produced) 0 1 2 3 Variable Costs, VC 0 40 70 70 40 4 270 5 330
Reference: Ref 11-25 Table: Costs of Birthday Cakes Table: Costs of Birthday Cakes Quantity of cakes Variable cost, VC 14) (Table: Costs of Birthday Cakes) Use Table: Costs of Birthday Cakes. Assume that fixed costs are $10. (16 points) a) Add a column to the table for Fixed cost, FC, filling out the values for quantity of cakes from 0 through 6. (2 points) b) Create a column for Average Variable Cost, AVC, filling out the values for quantity of...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
Complete the following chart. Quantity Total Cost (TC) Total Fixed Cost (FC) Total Variable Cost (VC) Average Total Cost (ATC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Marginal Cost 0 100 0 1 50 2 80 3 100 4 110 5 130 6 160 7 200 8 250 9 310 10 380
3) Suppose the cost curve for a firm producing sneakers is TC 1010 q - 4q- + 3.1 (10 points) What are the firm's fixed costs, variable costs, average costs, average fixed cost, average variable costs, and marginal costs? 3.2 (10 points) Graph all 7 cost functions (TC, VC, FC, AC, AVC, AFC, MC) for quantities q 0 to q 10. You can use the Excel program to generate these graphs, plot C, VC, and FC in one graph and...
Question 11 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of X? OUTPUT(Q) FC VC TC AVC ATC MC 10 200 400 х 11 662 Y 12 82 N $40 $600 $6000 $60 Question 10 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the fixed cost when...
The total cost (TC) of producing computer software diskettes (Q) is given as: TC = 100 + 10Q. What is the; a. fixed cost (FC), b. variable cost (VC), c. marginal cost (MC), d. average fixed cost (AFC), e. average variable cost (AVC), f. average total cost (ATC)?
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average Total Cost (ATC) curve. What is the variable cost when the quantity (Q) being produced is 6? P MC ATC /AVC $15 $11 $8 Q O $66 $8 O $15 $11 Question 8 1 pts Use the following graph that shows the marginal cost (MC) curve, the Average Variable Cost (AVC) curve, and the Average...
Question 1Mankiw, page 265, question 7. Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs. Calculate average fixed cost (AFC), average variable cost, (AVC) and average total cost (ATC) for each quantity. Note: Recall that • AFC = FC/Q • AVC = VC/Q • ATC = TC/Q or ATC = AFC + AVC where TC = FC + VC I. What is AFC when output is Q = 2? II. What is AVC when output is...