Average Average Variable Cost Average Total Cost Fixed Total Product Marginal Cost Cost $60.00 $105.00 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 $45.00 42.50 1 2 30.00 72.50 20.00 15.00 12.00 10.00 8.57 60.00 52.50 49.00 47.50 3 40.00 37.50 37.00 37.50 4 5 6 38.57 40.63 43.33 46.50 47.14 48.13 50.00 7.50 9 6.67 10 6.00 52.50 Instructions: If you are entering any negative numbers be sure to include a negative sign (–) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $67.00 (i) Will this firm produce in the short run? (Click to select) v (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select V output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select v per unit = $

Average Average Variable Cost Average Total Cost Fixed Total Product Marginal Cost Cost $60.00 $105.00 $45.00 40.00 35.00 30.00 35.00 40.00 45.00 55.00 65.00 75.00 $45.00 42.50 1 2 30.00 72.50 20.00 15.00 12.00 10.00 8.57 60.00 52.50 49.00 47.50 3 40.00 37.50 37.00 37.50 4 5 6 38.57 40.63 43.33 46.50 47.14 48.13 50.00 7.50 9 6.67 10 6.00 52.50 Instructions: If you are entering any negative numbers be sure to include a negative sign (–) in front of those numbers. Select "Not applicable" and enter a value of "0" for output if the firm does not produce. a. At a product price of $67.00 (i) Will this firm produce in the short run? (Click to select) v (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? (Click to select V output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? (Click to select v per unit = $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Fill 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 LO
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: $…
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Question 12 of 20 $20 MC $18 $16 $14 ATC $12 AVC $10 $8 $6 $4 $2 $0 20 40 60 80 100 Output (Q) In the diagram above, when the firm's Output (Q) is 60, Average Total Cost (ATC) is: $14.00 $18.00 $11.00 O $12.50
Question 6 of 20 Total Total Average Average Average Fixed Variable Total Marginal Variable Fixed Cost $200 Output Total (Q) Cost Cost Cost Cost Cost Cost $0 $200 $200 $150 $350 40 $200 $250 $450 60 $200 $450 $650 80 $200 $800 $1,000 For the cost data shown above, what is this firm's Average Variable Cost (AVC) when Output (Q) is 60? $7.50 $6.25 $5.00 $450 20
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Question 10 of 20 $20 MC $18 $16 $14 ATC $12 AVC $10 $8 $6 $4 $2 $0 20 40 60 80 100 Output (Q) In the diagram above, when the firm's Output (Q) is 20, Average Variable Cost (AVC) is: $17.50 $7.50 $12.50 O $10.00
The 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
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If marginal cost is less than the average variable cost and output increases, average total cost ________ and average variable cost _______. (i) decrease; increase (ii) increase; decrease (iii) increase; increase (iv) decrease; decrease
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