A rice farmer wants to analyze his rice farming. Help the farmer to identify the costs incurred in his farming activities into total variable costs, total fixed costs and total costs
Q: Measures of Cost for Charlie's Chocolate Factory Quantity (Boxes of Chocolates) Variable Costs Total…
A: Total cost is a sum of fixed cost and variable cost.
Q: A firm's output, variable costs, and total costs are given in the table below. Instructions: Round…
A: Total cost is the cost of producing total no. of goods. Total cost is the sum of fixed cost and…
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: Marcella operates a small, but very successful art gallery. All but one of the following can be…
A: In economics the variable costs refer to those costs that change with the change in volume. On…
Q: Mad Mildred's Magic Mall by determining the Labor (workers/day) Output (units/day) 0 1 2 3 4 5 0 8…
A: Help mad Mildred magic mall by determining the missing values in the table.
Q: Figure 13-5 11 10 ↑ Cost OOOO. marginal cost Refer to Figure 13-5. Curve C represents which type of…
A: Marginal cost is the additional cost incurred by producing one more unit of output.Average Variable…
Q: 3) A music publisher calculated the cost of printing music using an engraved plate technology and…
A: Total cost is an addition of Total Fixed cost and Total Variable cost. Total Fixed cost is that cost…
Q: A price-taking firm makes air conditioners. The market price of one of its new air conditioners is…
A: Airconditioner per day to maximize profit= 2 per day Marginal costs are follow as presented in the…
Q: Hello, I have finished reading chapter6: product costs and have some trouble understanding the short…
A: Average variable cost(AVC), average total cost (ATC), and marginal cost(MC) all these curves are…
Q: Fill in the remaining cells of the following table. Average Variable Cost (Dollars per pair) Average…
A: The quantity represents the levels of output that a producer produces. Total cost is the sum…
Q: The table below presents production data for a particular firm. 1) Use formulas/calculation in excel…
A: Total Fixed Cost = Total Cost - Total Varible Cost Total Fixed Cost = Total Cost - Total Varible…
Q: QUESTION 4 Match each of the following terms and descriptions Average Fixed Cost Average Total Cost…
A: Providinf full. Solution.
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: a. When output is 10, total variable cost is $ b. When output is 20, average fixed cost is $ c. When…
A: Total cost is the sum of variable cost and fixed cost. Fixed cost remains constant at each level of…
Q: Fill out the entries in the table below. Quantity Total Cost Fixed Cost Variable Cost Average…
A: Total cost is the total expense a company incurs to produce a particular level of production. The…
Q: Quèstion 33 The increase in total cost that results from producing one additional unit of output is…
A: Average Fixed Cost is the total fixed cost per unit of output. Average Variable Cost is the total…
Q: Douglas Fur is a small manufacturer of fake-fur boots in Philadelphia. The following table shows the…
A: Total cost is the sum of variable cost and fixed cost. Fixed cost remains same at all levels of…
Q: Using the following table about quantities and total costs, with a price of $3, answer this…
A: QuantityTotal Costs…
Q: Es is $90, so you should start your MC curve by placing an ange squa e: Plot your points in the…
A: The MC is related to AVC and ATC. These costs will fall as long as the marginal cost is less than…
Q: boots is $95, so you should start your MC curve by placing an orange square at (0.5, 95).) Note:…
A: Given Quantity and Total cost where, MC = change in TC / Change in Qty FC = 60 remains fixed at…
Q: Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily…
A: Total cost is the cost that includes total variable cost and total fixed cost of the production.
Q: The Banana computer company produces affordable, easy-to-use home computer systems and has fixed…
A: Analysis of AC can be used to calculate profit or loss. A company will turn a profit if the price it…
Q: QUESTION 3 Match each of the following terms and descriptions Fixed Cost Total Cost A. fixed cost…
A: Fixed cost is that cost which are not changed as output changed its remains constant. That means if…
Q: On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points…
A: The overall cost paid by a firm to create a given amount of a product or provide a service is…
Q: The table below presents the average and marginal cost of producing cheeseburgers per hour at a…
A: Total cost is the sum of fixed cost and variable cost.Fixed cost is the cost that doesn't changes…
Q: Problem 4. The marginal cost C" for a product as a function of the number of units produced q is…
A: Fixed Cost = 5000MC is depicted in graph below ,
Q: In the following table, complete the marginal cost, average variable cost, and average total cost…
A: Total cost is the sum of variable cost and fixed cost.Fixed cost remains constant and does not…
Q: Suppose that you and your roommate have started a Doughnut delivery service on campus. List some of…
A: Total Fixed Cost (TFC) : It refers to that part of the total cost that does not depend on output. In…
Q: Which of the following cost curves is never U-shaped? a. the average fixed cost curve b. the…
A: The expenses that are being incurred for carrying out daily transactions of a business is being…
Q: To make a decision about opening a restaurant, what is the relevant cost for Aram? $50 thousand has…
A: Explicit costs are ordinary business expenses that appear in the general ledger and have a direct…
Q: 340 425 6 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the…
A: ** SOLUTION :- Based on the given information the answer is provided as below.
Q: The table below represents the costs of producing sneakers. Quantity 10 17 24 31 38 4 Fixed Cost…
A: Fixed cost: Fixed costs are the expenses incurred by the firm that do not change if the level of…
Q: a. In the accompanying diagram, place the points labeled Minimum AVC and Minimum ATC in their…
A: The AVC curve, which shows the per-unit variable expenses a company faces at various output levels,…
Q: Use the accompanying graph to answer the following questions. Assume the company makes 30,000 parts…
A: Total cost is the cost incurred in the production process. Total fixed cost is the cost of the…
Q: Macmillan Learning Slider owns a hamburger restaurant. Slider's minimum average variable cost is $10…
A: Total cost(TC) is the sum of variable cost(TVC) and the fixed cost(TFC). TC= TVC+TFCAverage total…
Q: The following incomplete table describes the costs faced by a firm as it produces an increasing…
A: Marginal cost is the cost incurred in making or procuring an additional unit of output. For…
Q: Total Cost Marginal Cost (Dollars) Fixed Cost Variable Cost Average Variable Cost Average Total Cost…
A: The total production process of a firm/company is an amalgamation of various costs, the optimum…
Q: The fllowing Table describes the costs of production for a local firm Quantity vc TC APC AVC ATC MC…
A: Recall the following concepts: Variable Cost (VC): Costs which increase with increase in quantity…
Q: What is the term for the change in total cost resulting from a one-unit increase in production?…
A: please find the answer below.
Q: © Macmillan Learning The figure depicts the long-run average total cost curve for Magma Motors. If…
A: The average total cost refers to the approximate total cost of production a firm incurs at different…
Q: See the cost information in the table below. The marginal cost of the 5th unit is Quantity…
A: The objective of the question is to calculate the marginal cost of the 5th unit. Marginal cost is…
A rice farmer wants to analyze his rice farming. Help the farmer to identify the costs incurred in his farming activities into total variable costs, total fixed costs and total costs (use literature to see the costs of rice farming that are usually incurred per hectare)
Step by step
Solved in 2 steps
- Use the following information to determine the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, and marginal costs.Total Output Costs TFC TVC AFC AVC ATC MC 0 $100 1 $150 2 $225 3 $230 4 $300 5 $400Labor (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?Section 11.5 The Short-Run and Long-Run Average Total Cost Curves exhibit 1 SRATC for small plant SRATC for medium plant SRATC tor large plant LRATC B $500 $400 Economies of Scale Constant Returns to Saie 1,000 1,200 Quantity of Computers (per day) Notice that the long-run average total cost (LRATC) curve is much flatter than the short-run average total cost (SRATC) curve. This is because firms can be more flexible in the long run-they can choose which short-run cost curve they want to operate along, by choosing their plant scale. But they cannot do this in the short run, during which they are stuck with their existing short-run cost curve. That is, in the short run, the firm operates with the short-run curve it has based on past decisions. However, in the lang run, the firm is able to choose the short-run curve it wants to use. In Exhibit 1 above, explain why the curve between A and B looks different than the curve from A to C. Provide an example of how a firm could opt to follow the…
- a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) 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 100Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. (Hint: Determine the total fixed cost first.) Instructions: Enter your answers rounded to two decimal places. Total Average Fixed Cost Average Total Cost Marginal Cost Output Variable Total Cost Cost 1 $10.00 $9.76 $9.76 $19.76 2 $19.06 $14.53 $9.30 $29.06 3 $3.33 $12.63 $37.90 4 $2.50 $36.31 $11.58 $8.41 $46.31 $2.00 $44.30 $10.86 LOCosts 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: $…
- Using the following table construct the cost schedule for a firm operating in the short run Graph the average variable cost, average total cost and marginal cost curves. Quantity- Production (thousands) Total Fixed cost Total Variable cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $400 0 $400 --- --- ---- ---- 1 $640 2 $720 3 $780 4 $820 5 $850 6 $890 7 $980 8 $1200…Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows:Output TFC TVC TC AFC AVC ATC MC 0. 10001. 1002. 1003. 4004. 4505. 16006. 32007 6400 A) Given the partial data available, finish the table and calculate all the costs. B)What is the minimum efficient scale of Vinnie’s company?C)What is the marginal cost of 6 houses?D)If Vinnie charges $825 per house, how many houses he should paint to maximize profitThe table below shows the weekly cost of producing cowboy hats. Complete the table by filling in the missing values. Instructions: Round your answers to 1 decimal place. Cowboy Hat Production Costs Total Fixed Cost (dollars) $2,000 Total Variable Cost (dollars) Total Cost (dollars) $2,000 Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) Output $0 10 300 24 $4 $230 20 2,460 23 123 30 660 66.7 22 40 2,900 72.5 50 1,200 24
- The cost information in the following table shows that as production increases Quantity produced/day Total cost Variable cost 0 $50 0 1 $75 $50 2 $110 $75 3 $155 $100 4 $210 $150 5 $270 $175 6 $345 $250 A.) variable cost increases at a uniform rate. b.) variable cost increases and then eventually falls c.) average total cost always falls d.) marginal cost eventually increasesThe table shows the total product schedule of a firm that uses 1 sewing machine. The firm rents the sewing machine for $25 a day and pays its workers $30 a day. Labor (workers per day) Output (pairs of jeans per day) What is the average variable cost of producing 17 pairs of jeans? 0. The average variable cost of producing 17 pairs of jeans is 1 4. S口 11 3. 17 >>> Answer to 2 decimal places. 4. 20 21A computer company produces affordable, easy-to-use home computer systems and has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the fourth, $400 for the fifth, $450 for the sixth, and $500 for the seventh. Create a table that shows the company’s output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for $500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate