2. Complete the following table:Hint: No. Fixed costs for this problem are NOT $3.00.COSTOUTPUTTOTAL MARGINAL TOTALCOST FIXEDCOSTTOTAL AVERAGEVARIABLE VARIABLECOSTAVERAGE AVERAGEFIXEDTOTALCOSTCOSTCOST0$1201131214431584175518962057224

At 0 level of output, there is already a cost of $120. Therefore, fixed costs is equal to…

Answered: 2. Complete the following table: Hint:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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
2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to determine the nature of their long-run cost structure. Some cost data has been collected for you and appears in the table below. Quantity of Generators Labor Costs Tools Cost $2 $4 $7 $8 $15 $24 $28 $41 $65 $80 Total Cost Long Run Average Cost $10 12 14 16 20 30 42 1 4 5 8 9 10 70 100 (a) Fill in the missing values in the table. (b) Graph the firm's long-run average cost curve below. (c) Determine the range of output levels over which there exists economies and diseconomies of scale, and mark these ranges on your graph.
(J)
I DO NOT NEED THE TABLE INSTEAD I NEED THE ANSWERS TO THE QUESTIONS BELOW Quantity of Output Total Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 1 $20 2 $35 3 $45 4 $60 5 $80 6 $105 7 $140 8 $185 9 $250 10 $340 Imagine yourself running a pizza restaurant over a short term horizon. Think about the following potential changes in your costs. For each, try to discern which would affect your fixed costs from those that are variable costs. Specifically, how would each scenario shift your Average Variable Cost, Marginal Cost, and Average Total Cost curves? Explain your answers. The wages of hourly workers increase The cost of cheese increases The rent on the building housing your restaurant increases The price of gasoline (for pizza delivery) decreases
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
QUESTION 2 Figure and Table: Variable, Fixed, and Total Costs Total cost $2,500 2,000 1,500 1,000 500 Points on Graph A B C E 0 G H I A B₁ Reference: Ref 6-11 с 20 1 1 1 40 60 80 100 Quantity of wheat (bushels) DEFGH Total cost, TC Quantity of Labor (workers), L 0 1 2 3 4 6 8 Quantity of Wheat (bushels), Q 0 PORTARI 19 36 51 64 75 84 91 96 Variable Cost, VC $ 0 200 400 600 800 1,000 1,200 1,400 1,600 Fixed Cost, FC $400 400 400 400 400 400 400 400 400 Total Cost, TC $ FC + VC 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 (Figure and Table: Variable, Fixed, and Total Costs) The marginal cost of increasing production from 0 to 19 bushels of wheat is: OA. $22.22. B. $11.76. OC. $10.53 D. $11.11. OE. $23.53.
1. Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for variable costs: Quantity Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost (Houses Painted per Month) (Dollars) (Dollars) (Dollars) (Dollars) 1 15 2 35 3 60 4 90 5 135 6 240 7 480 The efficient scale is houses. ? #2 image : The city government is considering two tax proposals: • A lump-sum tax of $300 on each producer of hamburgers. • A tax of $1 per burger, paid by producers of hamburgers. Which of the following statements is true as a result of the lump-sum tax? Check all that apply. Which of the following statements is true as a result of the lump-sum tax? Check all that apply. Average variable cost will increase. Average total cost will increase. Average…
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2. Complete the following table: Hint: No. Fixed costs for this problem are NOT $3.00. COST OUTPUT TOTAL MARGINAL TOTAL COST FIXED COST TOTAL AVERAGE VARIABLE VARIABLE COST AVERAGE AVERAGE FIXED TOTAL COST COST COST 0 $120 1 131 2 144 3 158 4 175 5 189 6 205 7 224