2Total Fixed Variable MarginalCostCostCostQuantity Cost$2401234$114$50--$16Fixed Variable TotalCost CostCost$358.Refer to the above table. What is the marginal cost of the 3rd unit of output?a $52b. $68c. $34d. $40lette

Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

2 Total Quantity Cost $24 0 1 2 3 4 $114 Fixed Variable Marginal Fixed Variable Total Cost Cost Cost Cost Cost Cost $50 $16 -- adow telew to $35 8.Refer to the above table. What is the marginal cost of the 3rd unit of output? a $52 b. $68 c. $34 d. $40

2 Total Quantity Cost $24 0 1 2 3 4 $114 Fixed Variable Marginal Fixed Variable Total Cost Cost Cost Cost Cost Cost $50 $16 -- adow telew to $35 8.Refer to the above table. What is the marginal cost of the 3rd unit of output? a $52 b. $68 c. $34 d. $40

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Average Marginal Quantity Total Cost Total Cost Cost 0 $10.00 1 15.00 $15.00 $5.00 2 17.50 8.75 2.50…

A: Perfect competitive market refers to a type of market structure where the producers as well as…

Q: Use the following table to answer the questions that follow. Total Output Cost TFC…

A: Total output Costs TFC TVC AFC AVC ATC MC 0 20 20 0 - - - - 10…

Q: $10 ATC 8 AVC 10 20 30 40 Quantity Using the above graph, calculate the firm's total cost of…

A: Average cost is per unit cost of production. Average variable cost is the per unit variable cost of…

Q: Output Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost…

A: Marginal cost is the additional cost incurred when output is increased by one unit. It is the ratio…

Q: Suppose the imaginary company of Roobek is a small, Jackson-based American apparel manufacturer…

A: Fixed cost is the cost that will incur even in the zero level of production. Total cost is the sum…

Q: Why did the value of the Indian rupee decline against that of the US dollar after the US Fed had…

A: Federal reserve system often known as "fed" is the central bank of the united states. It basically…

Q: 2. Fill in the table below. Output Fixed Cost 0 1 2 $120 Vanable Cost SO $60 $80 $90 $105 Total Cost…

A: In economics, total cost (TC) is the total cost of producing a given quantity of output. It is the…

Q: a) What is Quantity of cars TC $500,000 540,000 560,000 570,000 590,000 620,000 660,000 720,000…

A: The total sum that a producer must pay to create all of their goods and services is referred to as…

Q: Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the…

A: The marginal cost (MC) is the additional cost incurred when a firm produces one more output unit.…

Q: onl This Question: M Hom The graph shows the average variable cost curve and average total cost…

A: The cost of creating each level of output is represented by the total cost curve, so if we can…

Q: (Figure: The Average Total Cost Curve for Shoes) Use Figure: The Average Total Cost Curve for Shoes.…

A: The average total cost for a firm can be defined as the cost per unit of output that is incurred on…

Q: Number of Cakes VC MC AVC FC TC ATC 0 50 1 30 2 50 3 25 4…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: Douglas Fur is a small manufacturer of fake-fur boots in San Diego. The following table shows the…

A: Complete the table using the following formula. AVC = VC/Q ATC = TC/Q MC = change in TC / change in…

Q: FIGURE 7-3 $100 90- 80 70 60 50 主 40 30 20 10 1 2 3 4 5 6 7 8 9 10 Quantity of Output Refer to…

A: please find the answer below.

Q: Figure 13-5 11 10- Cost 1 23 45 6 D average variable cost CB A 9 10 11 12 Quantity Refer to Figure…

A: There are several types of cost curves that are commonly used in economics to analyze the behavior…

Q: 12. Joe decided to go into business giving dance lessons. He kept poor records because he was so…

A: AFC is the average fixed cost of production which remains fixed along the production process. VC is…

Q: Find the value of Z. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $5,000 $4,000 $1,000…

A: Total cost is the sum of variable cost and fixed cost. Variable cost depends on quantity whereas…

Q: Refer to Figure 1. Curve 3 is Outdoor Equipment's Select one: a. Average variable cost curve. b.…

A: Average total cost is total cost divided by quantity. i.e., ATC = (Total cost / Quantity)Average…

Q: able 11-6 Quantity of workers Quantity of foot massages per day Fixed cost Variable cost Total…

A: We have per day fixed cost of message booth..

Q: On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points…

A: Cost is the sum of variable cost and fixed cost. Fixed costs remain the same at each level of…

Q: Fill in the table below. Assume fixed cost is $100 and price is $64. Instructions: Round your AVC,…

A: In economics, cost refers to the value of the resources, such as money, time, labor, materials, or…

Q: Using the table above, calculate the average total cost for producing 10 books, in dollars.

A: Introduction This concept is taken from the topic Cost of production.

Q: An auto repair shop faces the following weekly costs: rent, $600; labor, $500 per worker; parts and…

A: Firms invest in new capital assets such as equipment, machinery, and technology to increase the…

Q: 66. Refer to Figure 12-4. What is the amount of its total fixed cost? 1. A) $1,080 2. B) $1,440 3.…

A: In economics, a competitive firm operates in a perfectly competitive market, characterized by the…

Q: Average Variable Marginal Average Variable Average Total Fixed Quantity Total Cost Fixed Cost Cost…

A: here we calculate the total cost of producing of 2 units of output as follow

Q: 6. Firm's Costs 2 Consider the following cost information for a pizzeria: Quantity Total Cost…

A: A firm's cost encompasses expenses incurred in production and operations. It includes fixed and…

Q: Number of Cakes VC MC AVC FC TC ATC 50 1 30 2 50 25 4 155 Table 8.3 Table 8.3 presents the cost…

A: Marginal cost is the cost of producing an additional unit of output, If candy produces 3 cakes then…

Q: Use the following table and use your previous calculations at what quantity of output does marginal…

A: Total cost is the sum of total fixed cost and total variable cost. Marginal cost is the addition to…

Q: 2. Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the…

A: In microeconomic firm theory, the focus lies on analyzing firms' strategies concerning production,…

Q: Douglas Fur is a small manufacturer of fake-fur boots in San Diego. The following table shows the…

A: To find marginal costs, we subtract previous total cost from current total costs. Total cost = Fixed…

Q: The Flying Elvis Copter Rides Quantity Total Fixed Variable Marginal Average Fixed Average Variable…

A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…

Q: Using the table above, find out the marginal cost of the 46th book produced, in dollars.

A: Introduction Marginal cost is change in the total cost when one additional unit is produced.

Q: 4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $200 and the…

A: Quantity (Q)Variable Cost (VC)Average Fixed Cost (AFC = FC/Q)Average Variable Cost (AVC)Average…

Q: 13 When average total cost is at is minimum A erage variable cost a decreasing baverage total cost…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 17. Refer to Figure 1. Curve 2 is Outdoor Equipment's Select one: a. Average total cost curve.…

A: Average variable costs are cost curves that are U-shaped. These curves depict the average variable…

Q: Complete the third column of the following table by calculating the marginal cost per dozen pizzas…

A: Marginal Cost using Total Cost= Change in Total Cost/Change in Quantity Marginal Cost using Variable…

Q: tefer to the to graph on the right Which level of output in the raph below represents the minimum…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: What is the average fixed cost and average variable cost if nine instructional modules are produced?…

A: Cost is the total amount spent or the total expenditure which is incurred while producing a product…

Q: 9. Firm's Cost Schedule Giberto's Juice Bar has the following cost schedules: In the following…

A: Cost is the total expenditure incurred in producing a commodity. In a simple way, the concept of…

Q: 13. Which diagram correctly shows the relationship between marginal cost and average cost? £ с A…

A: Marginal cost is defined as the additional/ change in cost incurred to produce an additional unit of…

Q: mework 6 i 1 Saved nics Game Obituary Project Help Save & Exit Submit a. Complete the following cost…

A: Explained belowExplanation:Step 1:To complete the cost schedule, we need to calculate the missing…

Q: 4. Use the information in the following graph to find the values for the following at an output…

A: Marginal cost or MC: It's the additional cost incurred when producing one more unit of output. It's…

Question

2
Total Fixed Variable Marginal
Cost
Cost
Cost
Quantity Cost
$24
0
1
2
3
4
$114
$50
--
$16
Fixed Variable Total
Cost Cost
Cost
$35
8.Refer to the above table. What is the marginal cost of the 3rd unit of output?
a $52
b. $68
c. $34
d. $40
lette

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define total cost

VIEW

Step 2: Choose the correct option

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

S Costs 35 3:0 25 20 15 10 0 2 3 Quantity (Vats of juice) E Marginal Cost O Search Average Variable Cost Average Total Cost Which of the following statements are true according to the previous graph? Check all that apply. The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve lies below the average-variable-cost curve. C (((.
30.Refer to Figure 1. Curve 1 is Outdoor Equipment's Select one: a. Marginal cost curve. b. Average total cost curve. c. Average fixed cost curve. d. Average variable cost curve.
15 3. Jane's Juice Bar has the following cost schedules: Quantity 0 vats of juice $0 1 10 12 25 3 45 4 70 100 135 10 1 12 13 14 15 Variable cost Total cost $30 40 55 75 100 130 165 Calculate average variable cost, average total cost, and marginal cost for each quantity. Put these numbers in the table below. Quantity Average variable cost Average total cost Marginal cost a. b. Graph all three curves (average variable cost, average total cost and marginal cost) using Excel or a piece of grid paper. Attach the graph to this assignment. What is the relationship between the marginal-cost curve and the average total cost curve? Between the marginal cost curve and the average variable cost curve? Explain
Labor (mechanics) 0 1 2 3 4 Output (bikes) 0 20 50 60 64 Total fixed costs (dollars) 220 Alberto's marginal cost of producing the 20th bike is $ [Round your answer to two decimals.] Total variable cost (dollars) 120 Total cost (dollars) The table above gives costs at Alberto's Bike Shop. While Alberto is a bike enthusiast, unfortunately, Alberto's record keeping has been spotty. Each mechanic is paid $120 a day and labor costs are the only variable costs of production. What is the marginal cost of producing the 20th bike?
Table 7 Jimmy's Gigaplots Factory Quantity of gigaplots 1 ~ 3 2 4 5 679 BAC Select one: Fixed Cost O a. $22.17 O b. $22.57 O c. $16.34 O d. $22.00 aguila Variable Cost $13 $28 $64 $108 $133 Total Cost $38 $70 $110 $185 Average Average Fixed Variable Cost Cost Refer to Table 7. What is the average total cost of producing 6 gigaplots at Jimmy's Gigaplot factory? Average Total Margina Cost Cost
es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 27778
m 2 - Chapters 7-10 OPEN The table below shows cost data for producing different amounts of sofas. Use the given information to find the missing cost data. Quantity O 1 2 3 4 10 Total Cost in $ 60 75 104 281 DE G Average Fixed Cost in $ Average Variable Cost in $ a hp 30 IC 12 A 15 11.5 14.0000000000007 24 Marginal Cost in $ 52 125 15 I am finished 4:00 PM 74°F ^ ® # 10₁ 10/30/2022 A
f production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the aver ecimal places.) Output (q) VC C MC AFC AVC AC 1 $100 $64 112 $164 $64 48 $100.00 $64.00 $164.00 50.00 56 00 106.00 2 100 212 3. 100 144 244 32 33.33 48.00 4. 100 160 16 25.00 40.00 65.00 100 192 292 -32 20.00 58 40 9. 100 340 48 16.67 40.00 56.67 7. 100 -304 404 14.29 4343 57.71 100 -384 484 80 48.00 60.50 53.33 59.20 9. 100 480 580 96 11.11 64.44 10 100 592 112 10.00 F.
1:27 Ces A firm's output, variable costs, and total costs are given in the table below. Instructions: Enter your answers as a whole number. a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity 10 20 30 50 Quantity 0 10 20 30 40 Variable cost ($) b. Calculate AVariable cost/AQuantity. 50 50 120 200 300 420 Variable cost 50 120 200 300 Total cost ($) 420 100 150 220 300 400 520 Total cost ($) 100 150 220 300 400 520 Marginal cost ($) AVariable cost ($)/ AQuantity
Programmers Websites Marginal Product Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0 0 - - 4000 - - - - 1 2 2 2000 6000 2 6 4 4000 8000 3 14 8 6000 10000 4 20 6 8000 12000 5 24 4 10000 14000 6 26 2 12000 16000 Webby pays $4,000 a month in rent for office space and equipment. It pays each programmer $2,000 a month. There are no other production costs. Fill in the rest of the columns.
4.The Marginal Cost Curve is shaped like a Nike swoosh. graph. 5.The Marginal Cost Curve crosses the Average Total Cost curve and Average Variable Cost curves at the lowest point. graph.
a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) Total cost ($) Marginal cost ($) 0 0 100 1 60 160 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100 b. Calculate AVariable cost/AQuantity. Quantity Variable cost ($) AVariable cost Total cost ($) ($)/ AQuantity 0 0 100 1 60 160 100 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100