b. Average variable cost, average fixed cost, marginal cost and average cost are necessary for the analysis of the cost structure of the firm. Define each of these terms and show how they are calculated c. Describe the relationship between the marginal product and the total product of a firm
If average cost is decreasing, A. marginal cost exceeds average cost. B. marginal cost equals average cost. C. marginal cost is less than average cost. D. Not enough information.
Describe the behavior of average fixed cost, average variable cost, average total cost, and marginal cost as the level of output produced increases
Quantity Total Cost Fixed Cost Variable Marginal Cost Cost Average Average Fixed Cost Average Variable Cost Total Cost $50 SO B $50 $150 G M D 12 3 А H N с $120 P E K $120 р k R What is the value of B? $50 $25 $100 $200
Quantity Total cost Total Variable Cost Total Fixed Cost Average Total Cost Average Variable Cost Average Fixed Cost Marginal Cost 0 40 0 40 -- -- -- -- 1 55 15 40 55 15 40 15 2 75 35 40 37.5 17.5 20 20 3 100 60 40 33.33 20 13.33 25 4 130 90 40 32.5 22.5 10 30 5 165 125 40 33 25 8 35 6 205 165 40 34.16 27.5 6.66 40 please graph this
Average total cost equals: O A. average fixed cost plus average variable cost. O B. average fixed cost minus average variable cost. O C. total cost minus average cost. OD. total fixed cost plus total variable cost.
2 Average | Average Average Total Fixed Variable Total Marginal Product Cost Cost Cost Cost 1 $150.00 $25.00 $175.00 25.00 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 18.75 33.00 51.76 68.07 9 1 6.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. At 6 units of...
Marginal Fixed Quantity cost cost cost 0 --- Variable cost Total Average fixed Average variable Average total cost cost cost cost $40.00 $72.00 $105.00 $40.00 $380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost: $ What is the average total cost when producing three units? average total cost: $ What is the average variable cost when producing four units? average variable cost: $ average variable...
- 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...
If marginal cost is below average variable cost OA) average variable cost is less than average fixed cost. B) average total cost is increasing but average variable cost is decreasing. OC) both average total cost and average variable cost are increasing. D) both average total cost and average variable cost are decreasing.