1. Based on the above table, does the firm operate in short run or long run?WHY? 2. Based on the above table, what is the value of fixed costs if the firm produces 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units? 4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units?

1. Based on the above table, does the firm operate in short run or long run?WHY? 2. Based on the above table, what is the value of fixed costs if the firm produces 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units? 4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 1 If you have the following table that shows the costs of certain firm Total cost Marginal cost (MC) Fixed cost Variable costs Quantity (Q) (FC) (VC) (TC) 10 1 22 27 4 23 6. 1. Based on the above table, does the firm operate in short run or long run?WHY? 2. Based on the above table, what is the value of fixed costs if the firm produces 3 units? 3. Based on the above table, what is the value of marginal costs at 4 units? 4. Based on the above table, what is the value of Average Total Costs (AC) at 5 units? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 14px := v = v A
The following incomplete table describes the costs faced by a firm as it produces an increasing quantity of output. All costs are in dollars. Many cells are left blank and you may need to fill some of them in to answer the question: Average Average Total Quantity Total Cost Marginal Cost Variable Cost Cost 1 45 10 8 3 59 4 16 In dollars, what are this firm's fixed costs? 2.
27. If a firm will produce an additional unit of good or services, determine what will happen to their costs? a. The total cost will decrease b. The total cost will increase c. The total cost will be the same d. The total cost will be equal
Question 2 Full explain this question
Solve all subparts is correctly
Suppose honda's total cost of producing four cars is $225,000 and its total cost of producing five cars is $250,000. a. What is the average total cost of producing five cars? b. What is the narginal cost of the fifth car? c. Draw the marginal- cost curve and the average-total-cost curve for a typical firm and explain why these curves cross where they do.
In the short run, a firm's total costs of producing 100 units of output equal $10,000. If it produces one more unit, its total costs will increase to $10,150. a. What is the marginal cost of producing 101 instead of 100 units of output? b. What is the firm's average total cost of producing 100 units? c. What is the firm's average total cost of producing 101 units?
1
Designated cost incurred by the short-run firm. Select one: a. fixed cost b. total cost c. variable cost d. average cost
just answer number 4
a) How do you derive the marginal cost (MC) curve of a firm?b) How are average variable cost (AVC) and marginal cost (MC) curvesrelated? Explain.
3. XYZ corporation produces widgets. Its short-run marginal cost curve is given by MC (q) = 10 – 5q + q² (this is a parabola whose minimum occurs at q = 2.5). XYZ's fixed costs are 10. In a two panel diagrams, graph the following cost curves: (a) total cost, (b) total variable cost, (c) total fixed cost, (d) marginal cost, (e) average variable cost, and (f) average total cost. Your diagrams do not need to be scale, but must be internally consistent (i.e. the relationships between different curves must be correct). You do not need to find mathematical expressions for the other cost curves – you only need to sketch lines that are consistent with the shape of the marginal cost curve.