10. Use the figure below (on the next page) to answerthese questions:At 200 units of output, find the following costs:c. TVC= 2000f. TC = 5000g. SMC=a. AFC-b. AVC-c. ATC=d. TFC =h. AFC=i. AVC=j. ATC=k. TFC=Average and marginal costs (dollars)253000At 600 units of output, find the following costs:1. TVC=_m. TCn. SMC=35302520151015105T0100200 300400Output500600SMC700ATCAVC800 7. The following figure shows a firm's marginal andaverage product curves for labor, the only variable inputemployed by the firm. The wage rate of labor is $200 andthe fixed cost is $6,000.AP, MP10203040Average and marginal product of labor2158066.676048402420a. Output isb. AVC is $S10AVC is $C. ATC is $When 36 workers are hired:d. Output ise.8.Outpur TC TFC TVC AFC AVC ATC SMC0 xx xx xx xx5.020When average variable cost reaches its minimum:units.and SMC is2.004.50Labor30 36 407.2decreasing) and SMC is(increasing, decreasing).Fill in the blanks in the table below:MPunits.at this output.f.At the level of output associated with 36workers, AVC is(increasing,Ap50and SMC is

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10. Use the figure below (on the next page) to answer these questions: At 200 units of output, find the following costs: c. TVC= 2000 f. TC 5000 8 SMC= a. AFC= b. AVC- c. ATC= d. TFC = h. AFC= i. AVC= j. ATC= k. TFC= 25 3000 At 600 units of output, find the following costs: 1. TVC = 35 8 Average and marginal costs (dollars) 13 20 15 10 15 10 5 0 m. TC n. SMC= 100 200 300 400 Output 500 600 SMC 700 ATC AVC 800

10. Use the figure below (on the next page) to answer these questions: At 200 units of output, find the following costs: c. TVC= 2000 f. TC 5000 8 SMC= a. AFC= b. AVC- c. ATC= d. TFC = h. AFC= i. AVC= j. ATC= k. TFC= 25 3000 At 600 units of output, find the following costs: 1. TVC = 35 8 Average and marginal costs (dollars) 13 20 15 10 15 10 5 0 m. TC n. SMC= 100 200 300 400 Output 500 600 SMC 700 ATC AVC 800

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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