Homework Answers
We can find the value of different cost associated with the 35 levels of output by looking at the corresponding curve and their vertical value.
The marginal cost is $27.
The total cost is $64.
The variable cost is $48.
The fixed cost is $16, as fixed cost is the difference between total cost and variable cost.
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Test: Exam This Question: 1 pt 31 of 79 (28 complte)w This Test Use the information in the graph to the right...
Use the information in the graph to the right to find the values for the following...
Use the information in the graph to the right to find the values for the following at an output level of 65. 100 The marginal cost is $ integer.) 1. (Enter a numeric response using an MC The total cost is $ . The variable cost is $17. IIIIIIIIIII ATC AVC Cost The fixed cost is $ IIIIIIIIIIIIIIIIIIIIIIII 65 Quantity of output
D Question 7 1 pts Use the following graph that shows the marginal cost (MC) curve,...
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...
Test: Exam This Question: 1 pt 29 of 79 (26 complete) D thhotels Which graph above best represents what happen...
Test: Exam This Question: 1 pt 29 of 79 (26 complete) D thhotels Which graph above best represents what happens in the market for hotel rooms a ski resort during the winter? O A B, because more hotels would offer rooms, thereby shifting supply to the left OB. A because more people would need accomodations, thereby shifting demand to the right C. B. because lower hotels would offer rooms, thereby shifting supply to the left OD. A because fewer people...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item sells for $5 and the explicit costs total $80, economic profit for 50 items is: O $50 O $170 $100 O $250 Question 2 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item...
This Question: 10 pts 8 of 28 (0 complete) 1) On the graph at the right...
This Question: 10 pts 8 of 28 (0 complete) 1) On the graph at the right draw a perfectly compettive firm that is making a loss, but will keep producing in the short-run Be sure to include the ATC AVC MR and MC curves Hint use the 3 point drawing tool to draw a line that has a curve in it Carefully label everything 2) Draw a point at the profit maxizing quantity and price 3) Finally, shade the loss...
Use the following information to complete the table in the worksheet named "Data" When completing the...
Use the following information to complete the table in the worksheet named "Data" When completing the table, you must enter the appropiate formulas instead of typing the numeric answer. Do not change the cell formatting in the table. ABC Designs offers printing services to publishers. The table in the worksheet "Data" provides production information in terms of number of books that can be printed per hour of work. Assume that monthly fix cost, which include the cost of capital and...
MyLab 4 → XCO DO ECON 201-007-Fall 2019 Test: Exam This Question: 1 pt of 1915 completely Which demand curve i...
MyLab 4 → XCO DO ECON 201-007-Fall 2019 Test: Exam This Question: 1 pt of 1915 completely Which demand curve in the graph to the right is associated with the shutdown point for this perfectly competitive ? OAD, OBD ODD Jose2010: Cick to select your answer р
Show transcribed image text MyLab 4 → XCO DO ECON 201-007-Fall 2019 Test: Exam This Question: 1 pt of 1915 completely Which demand curve in the graph to the right is associated with...
2. (54 points) Short-run costs. Suppose w 1, r 10 and K 20. C )q3 +200 a) (5 points) We have TC = WG) q3 + rK = On one graph (with q on the horizontal axis), graph the Total Cost, Variable Cost, and...
2. (54 points) Short-run costs. Suppose w 1, r 10 and K 20. C )q3 +200 a) (5 points) We have TC = WG) q3 + rK = On one graph (with q on the horizontal axis), graph the Total Cost, Variable Cost, and Fixed Cost functions. Pay attention to the shape of the curves, where they intercept the axes and each other (if they do), and the position of the curves relative to each other b) (9 points) Using...
Econ 244 Name Costs and Production 1. The following table contains information on the relationship of...
Econ 244 Name Costs and Production 1. The following table contains information on the relationship of different levels of labor and total product, all other things equal. Calculate MP for the different levels of labor used. If the price of labor is $20 per hour, what are labor costs at each level of total product? Calculate the marginal cost as well. MP VCL MC workers per hour 100 220 300 360 420 2. Find and graph the FC. TC.AFC, AVC,...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
Use the information in the graph to the right to find the values for the following at an output level of 65. 100 The marginal cost is $ integer.) 1. (Enter a numeric response using an MC The total cost is $ . The variable cost is $17. IIIIIIIIIII ATC AVC Cost The fixed cost is $ IIIIIIIIIIIIIIIIIIIIIIII 65 Quantity of output
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...
Test: Exam This Question: 1 pt 29 of 79 (26 complete) D thhotels Which graph above best represents what happens in the market for hotel rooms a ski resort during the winter? O A B, because more hotels would offer rooms, thereby shifting supply to the left OB. A because more people would need accomodations, thereby shifting demand to the right C. B. because lower hotels would offer rooms, thereby shifting supply to the left OD. A because fewer people...
Question 1 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item sells for $5 and the explicit costs total $80, economic profit for 50 items is: O $50 O $170 $100 O $250 Question 2 1 pts A business owner makes 50 items by hand in 10 hours. She could have earned $12 an hour working for someone else. If each item...
This Question: 10 pts 8 of 28 (0 complete) 1) On the graph at the right draw a perfectly compettive firm that is making a loss, but will keep producing in the short-run Be sure to include the ATC AVC MR and MC curves Hint use the 3 point drawing tool to draw a line that has a curve in it Carefully label everything 2) Draw a point at the profit maxizing quantity and price 3) Finally, shade the loss...
Use the following information to complete the table in the worksheet named "Data" When completing the table, you must enter the appropiate formulas instead of typing the numeric answer. Do not change the cell formatting in the table. ABC Designs offers printing services to publishers. The table in the worksheet "Data" provides production information in terms of number of books that can be printed per hour of work. Assume that monthly fix cost, which include the cost of capital and...
MyLab 4 → XCO DO ECON 201-007-Fall 2019 Test: Exam This Question: 1 pt of 1915 completely Which demand curve in the graph to the right is associated with the shutdown point for this perfectly competitive ? OAD, OBD ODD Jose2010: Cick to select your answer р
Show transcribed image text MyLab 4 → XCO DO ECON 201-007-Fall 2019 Test: Exam This Question: 1 pt of 1915 completely Which demand curve in the graph to the right is associated with...
2. (54 points) Short-run costs. Suppose w 1, r 10 and K 20. C )q3 +200 a) (5 points) We have TC = WG) q3 + rK = On one graph (with q on the horizontal axis), graph the Total Cost, Variable Cost, and Fixed Cost functions. Pay attention to the shape of the curves, where they intercept the axes and each other (if they do), and the position of the curves relative to each other b) (9 points) Using...
Econ 244 Name Costs and Production 1. The following table contains information on the relationship of different levels of labor and total product, all other things equal. Calculate MP for the different levels of labor used. If the price of labor is $20 per hour, what are labor costs at each level of total product? Calculate the marginal cost as well. MP VCL MC workers per hour 100 220 300 360 420 2. Find and graph the FC. TC.AFC, AVC,...
The graph below shows the marginal, average variable, and average total cost curves for a perfectly competitive firm. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Price and cost MC ATC AVC $40.50 36.00 30.00 MR 22.00 20.00 130 180 240 Quantity a. What is the amount of the fixed cost of production? $ b. Suppose the market price is $30 what is the firm's...
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