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ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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**Behind the Supply Curve: Inputs and Costs** **Work It Out: Question 2 of 5** The accompanying table shows a car manufacturer’s total cost of producing cars. **Table:** | Quantity of cars | Total Cost | |------------------|----------------| | 0 | $500,000 | | 1 | $540,000 | | 2 | $560,000 | | 3 | $570,000 | | 4 | $590,000 | | 5 | $620,000 | | 6 | $660,000 | | 7 | $720,000 | | 8 | $800,000 | | 9 | $920,000 | | 10 | $1,100,000 | **Calculate the variable cost (VC) for the following quantities.** - **VC for a quantity of 0:** $0 - **VC for a quantity of 5:** $ - **VC for a quantity of 9:** $ *Instructions:* To find the variable cost (VC), consider that the fixed cost (FC) is the total cost at zero output (i.e., when the quantity is zero). The variable cost for any quantity is found by subtracting this fixed cost from the total cost at that quantity. **VC = Total Cost - Fixed Cost**
Transcribed Image Text:**Behind the Supply Curve: Inputs and Costs** **Work It Out: Question 2 of 5** The accompanying table shows a car manufacturer’s total cost of producing cars. **Table:** | Quantity of cars | Total Cost | |------------------|----------------| | 0 | $500,000 | | 1 | $540,000 | | 2 | $560,000 | | 3 | $570,000 | | 4 | $590,000 | | 5 | $620,000 | | 6 | $660,000 | | 7 | $720,000 | | 8 | $800,000 | | 9 | $920,000 | | 10 | $1,100,000 | **Calculate the variable cost (VC) for the following quantities.** - **VC for a quantity of 0:** $0 - **VC for a quantity of 5:** $ - **VC for a quantity of 9:** $ *Instructions:* To find the variable cost (VC), consider that the fixed cost (FC) is the total cost at zero output (i.e., when the quantity is zero). The variable cost for any quantity is found by subtracting this fixed cost from the total cost at that quantity. **VC = Total Cost - Fixed Cost**
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