Cost curves(dollars),20015010050LLFIECurve ACurve BCurve C12 3 4 5 6 7 8 9 10 11Show Transcribed TextQuantity of output per dayAt 7 units of output, average fixed cost isapproximately__and averagevariable cost is approximately_1. $100; $1002. $10; $1353. $40; $ 1004. $140; $140

Average Variable Cost: AVC refers to the average of the variable costs incurred by the companies…

Answered: At 7 units of output, average fixed…

Business

Economics

At 7 units of output, average fixed cost is and average approximately___ variable cost is approximately

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 total cost, average variable cost marginal cost and marginal product b. The relationship…

A: Average Total Cost or Average Cost is the total cost (TC) divided by the number of units produced…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

Q: Use the information in the graph to find the values for the following costs at an output level of…

A: In order to find the values for the costs at an output level of 500 units, we'll use the information…

Q: What are the kinds of cost which firm face in short run. Explain theoretically and graphically the…

A: Cost is the money that is used to produce goods and services.

Q: Allstate Heating Company has $12,000 fixed costs each week. Its total variable costs change as the…

A: Cost is an economic concept that refers to the amount of resources, typically measured in terms of…

Q: When Yennefer produces 68 spells her total cost is $4,530 and her average variable cost is $23. What…

A: Answer: Given, Total cost (at Q=68) = $4,530 Average variable cost= $23 Fixed cost=Total cost-Total…

Q: Economies to scale refer to

A: Companies benefit from economies of scale as manufacturing gets more efficient.Economies of scale…

Q: Calculate Marginal cost when total cost rises from $30 to $70 and the output rises 2 to 3 units

A: We are given that the total cost has increased from $30 to $70 TC1 = $30 TC2 = $70 Output has also…

Q: Consider the following cost information for a pizzeria: a. What is the pizzeria’s fixed cost?b.…

A: Meaning of Cost: Cost refers to the situation under which a firm occurs various expenses during the…

Q: Find average cost if average variable cost is $22 and average fixed cost is $20

A: The data presented in the question above is:- Average variable cost = $22 Average fixed cost = $20…

Q: If average fixed cost is $30 Calculate total fixed cost if output is 30 units

A: According to the above question, the values given are:- Average fixed cost = $30 Output = 30 units…

Q: If average cost for Ruby's chocolate production firm is $23 and the output is 1000 units.…

A: The data being presented in the question is:- Average cost for ruby's firm = $23 Output = 1000…

Q: A hotel that produces 100 pizzas has a variable cost of OMR 50 and a fixed cost of OMR 200.…

A: The firm's costs and revenues are the important components that help the firm set its target and…

Q: Calculate average cost when total cost is $100,000 and output is 74 units

A: We are given that:- Total cost incurred by the firm = $100,000 Total output = 74 units

Q: bath the marginal cost and the average variable cost curves are U-shaped, at the minimum point of…

A: Average total cost is the sum of average Fixed cost and average variable cost. It is referred as…

Q: Consider the following cost information for a pizzeria: Quantity Total Cost Variable Cost (Dozens of…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is total fixed cost when output is 2, fixed cost is 25, and average cost is 30

A: Fixed cost are such cost that do not vary with the level of output i.e it remains constant at every…

Q: f marginal cost is decreasing, what is happening to an average variable cost (decreasing,…

A: the marginal cost refers to the change in the total cost that arises when the quantity produced is…

Q: When Yennefer produces 15 spells her total cost is $4,298 and her average variable cost is $18. What…

A: Total cost = Fixed cost + Variable cost Variable cost = Average variable cost * Quantity

Q: Calculate the value of average cost of AFC is $70 and AVC is $67

A: According to the question, we are given that:- Average fixed cost = AFC = $70 Average variable cost…

Q: Calculate average fixed cost if TFC is $350 and output is 50

A: The data presented in the above question is:- Total fixed cost = $350 Output produced = 50 units…

Q: Use the table to answer the uestion below: Quantity Total Cost 0…

Q: how do you find the total fixed cost if you don't know total variable cost

A: To determine the TFC of the whole table, we just need to find TFC of any quantity because TFC…

Q: Use the table to answer the uestion below: Quantity Total Cost 0…

A: Total fixed cost (TFC): - it is the cost incurred on the fixed capital assets like land, building,…

Q: Using the following table about product X, graph the average variable costs, and answer the…

A: Total cost is the sum of fixed cost and variable cost. --- Total cost and fixed is the same at zero…

Q: The government imposes a $1000 per year license fee on all pizza restaurants. As a result, which…

A: The graph showing the function of the total quantity produced is production cost said to be the cost…

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

A: The marginal cost refers to the change in total cost of production that comes from producing an…

Q: Define economies of scale

A: Economy of scale is a microeconomic term used as an important element of productivity growth.…

Q: Define Average unit cost,

A: There are different types of cost in production, total cost, average cost and marginal cost. Total…

Q: Output TFC TVC TC MC ATC A 25 25 ------ ---- -- В 1 25 25 50 25 50 C 2 25 40 65 32.5 D 3 25 70 95 E…

A: Answer to the question is as follows :

Question

Cost curves
(dollars),
200
150
100
50
LL
F
I
E
Curve A
Curve B
Curve C
12 3 4 5 6 7 8 9 10 11
Show Transcribed Text
Quantity of output per day
At 7 units of output, average fixed cost is
approximately__
and average
variable cost is approximately_
1. $100; $100
2. $10; $135
3. $40; $ 100
4. $140; $140

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define Average variable cost and Average fixed cost

VIEW

Step 2: Determine AVC and AFC at 7th unit of output

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 4 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

Please answer for question 2 subsection e and f
Calculate average cost when total cost Is 100 and total quantity is 8
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 $400
From the table below:-Calculate (1) total cost, - Draw total cost curv Total Cost Total Variable Cost Fixed Cost Output TC TVC TFC Q 0 OR 60 0 65 60 1 84 60 2 96 60 3 116 60 4 140 60 5 180 60 6 224 60 7 280 60 8
Calculate average fixed cost if total fixed cost is $700 and output is 15 units
I need some help with the attached
Explain the theoritical relationship between average variable cost and the marginal cost
What is the difference between marginal product and marginal cost?
a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) 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
Calculate Marginal cost if total cost changes from 80 to 160 and output rises from 1 to 3
Fill in the appropriate numbers in the blank spaces, given the following information:output Total fixedcost (RM) Totalvariable cost(RM) Averagefixedcost(RM)Averagetotal cost(RM)Marginalcost(RM) 0 100 01 100 202 100 503 100 604 100 655 100 70
Marginal cost can be calculated both from total cost and total variable cost and is not affected by total fixed cost True/False