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- 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 (((.Refer to the diagram to the right Point A is OA unattainable with current resources. B. the equilibrium output combination. OC. inefficient in that not all resources are being used. OD. technically efficient. OO Roadsters SUVSQuestion 6 Not yet answered Marked out of 1 Remove flag Drawinue nare If the average fixed cost of seven tubs of ice cream is $50, the total cost of zero tubs is: O a. $350 Ob. $250 c. $500 Od. $200 Clear my choice Next page
- At Yennefer's current production level, a extra bunch of herbs adds 19 extra spells. Each bunch ofherbs costs $54. What is Yennefer's Marginal Cost of an extra spell?Mary Berry Cakes produces 10 cakes per day. The marginal cost of the tenth cake is $15, and average total cost of 10 cakes is $6. The average total cost of 9 cakes is: O A. $6. O B. $5. O C. $8. O D. $4. Reset Selectiona. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) 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
- 1. How does fixed cost affect marginal cost? Why is this relationship important? 2. Is it possible for total utility to increase while marginal utility diminishes? Explain. 3. Define economies of scale and explain why they might arise. Define disecononies of scale and explain why they might arise.Table: Spring Water Quantity(Cases) Price TotalRevenue MarginalRevenue MarginalCost AverageTotalCost Total Cost 0 $16 $0 $25 $15 $10 1 $15 $15 35.00 $35 $13 $6 2 $14 $28 20.50 $41 $11 $4 3 $13 $39 15.00 $45 $9 $2 4 $12 $48 11.75 $47 $7 $3 5 $11 $55 10.00 $50 $5 $3 6 $10 $60 8.83 $53 $3 $5 7 $9 $63 8.29 $58 $1 $9 8 $8 $64 8.38 $67 Reference: Ref 15-12 Table: Spring Water Table: Spring Water. The table shows the demand and cost data for a firm in a monopolistically competitive industry producing drinking water from underground springs. The profit-maximizing output is _____ cases. Select one: a. 7 b. 5 c. 6 d. 8AutoSave W- q5 micro OFF Home Insert Draw Design Layout References Mailings Review View Share O Comments Calibri (Bod... v 11 A^ A Аa v AaBbCcDdE AaBbCcDdEe AaBb( AaBbCcDc AaBbCcDdE€ AqBbCcDdEe > Paste A A No Spacing Subtle Emph... Styles Pane Sensitivity v ab X, Subtitle U Normal Heading 1 Heading 2 Title * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates Consider a monopolist that produces coal for energy, with demand curve defined by P = 190 – 20 and marginal cost given by MC = 10 + 2Q. Also, the firm's average total cost is ATC = 100/Q + Q+ 10. (Price and costs are in dollars per tonne of coal, while quantity is in thousands of tonnes.) Calculate the monopolisť's profit-maximizing quantity, price, and profit. For a monopoly, profit maximization occurs where the marginal revenue equals the marginal cost. a. b. What would be the competitive output and price if this monopolist operated as a competitive firm?…
- O O Price (dollars) 160 120 8 40 0 2 4 Quantity According to the figure above, the total cost of producing 5 units is $24 $80 $8 $120 $40According to a firm’s technology of production, you can take away 3 units of labor if you add 5 units of capital without changing production. The price of labor is $8 and the price of capital is $6. Assuming the firm’s MRTS is diminishing, this firm a. is minimizing cost at its current output level. b. should use more capital and less labor to lower the cost of producing its current output. c. should use less capital and more labor to lower the cost of producing its current output. d. should use less capital and less labor to lower the cost of producing its current output. e. None of above.Based on the figure, up to which level of output will like's Ice Cream Kitchen have increasing marginal retums? A only at 0 gallons B. up to 60 gallons C. up to 40 gallons up to 10 gallons D. Cost (dollars per gallon) 0 MC ATC AVC 10 20 30 40 50 60 70 80 90 100 Quantity (gallons of ice cream per hour * 2