Table Cost.EX2: Costs and Outputsfor aCompetitive FirmTotalTotalOutputFixedVariableTotal(Q)CostsCostsCosts$100.00$0.00$100.001$100.00$70.00$170.002$100.00$120.00$220.003.$100.00$150.00$250.00$100.00$200.00$300.00$100.00$260.00$360.00Refer to Table Cost.EX2. At 4 units of output, average variable cost (AVC) and averagetotal cost (ATC) areandrespectively.O $50.00; $83.33O $50.00; $75.00

please find the explained answer below.

Competitive Firm Total Total Output Fixed Variable Total (Q) Costs Costs Costs $100.00 $0.00 $100.00 1 $100.00 $70.00 $170.00 $100.00 $120.00 $220.00 $100.00 $150.00 $250.00 $100.00 $200.00 $300.00 $100.00 $260.00 $360.00 Refer to Table Cost.EX2. At 4 units of output, average variable cost (AVC) and average total cost (ATC) are and respectively. $50.00; $83.33 O $50.00; $75.00

Competitive Firm Total Total Output Fixed Variable Total (Q) Costs Costs Costs $100.00 $0.00 $100.00 1 $100.00 $70.00 $170.00 $100.00 $120.00 $220.00 $100.00 $150.00 $250.00 $100.00 $200.00 $300.00 $100.00 $260.00 $360.00 Refer to Table Cost.EX2. At 4 units of output, average variable cost (AVC) and average total cost (ATC) are and respectively. $50.00; $83.33 O $50.00; $75.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Table 12-1 Variable Cost (dollars) $0 Total Cost Quantity (dollars) $1,000 1,360 1,560 1,960 2,760 4,000 5,800 100 360 200 560 300 960 400 1,760 3,000 4,800 500 600 Table 12-1 shows the short-tun cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units. Refer to Table 12-1. If the market price of each camera case is $8 and the firm maximizes profit, what is the amount of the firm's profit or loss? A) $0 (it breaks even) tv P D00 D00 A F2 F3 F5 F7 FB F10 3 5 8. E R U <6
Table Cost.EX2: Costs and Outputs for a Competitive Firm Total Total Output Fixed Variable (Q) Costs (TFC) Costs (TVC) $30.00 $0.00 3. $30.00 $40.00 6. $30.00 $90.00 9. $30.00 $130.00 12 $30.00 $190.00 15 $30.00 $260.00 Refer to Table Cost.EX2. For the 6 units, the average total cost is about O $20.00 O $16.67 O $5.00 $15.00
Table Cost.EX2: Costs and Outputs for a Competitive Firm Total Total Output Fixed Variable (Q) Costs (TFC) Costs (TVC) $40.00 $0.00 $40.00 $40.00 4 $40.00 $90.00 9. $40.00 $130.00 8. $40.00 $190.00 10 $40.00 $260.00 Refer to Table Cost.EX2. For 8 units, the average total cost is about O $23.75 O $26.75 O $30.00 $28.75
If a firm's average variable cost curve decreases when the firm increases its output, then the firm is below the shutdown/operate output level. True or False
37 Total Total Average Average Output Fixed Variable Total Variable Total Marginal (Q) Cost Cost Cost Cost Cost Cost E of 150 $500 $400 $900 $2.67 200 $500 $800 $1,300 $6.50 The table above shows costs for a firm. When Q = 150, Average Total Cost (ATC) is equal to: Select one: а. $3.33 b. $900 c. $6.00 d. $2.67
Table Cost.EX2: Costs and Outputs for a Competitive Firm Total Total Output Fixed Variable (Q) Costs (TFC) Costs (TVC) $30.00 $0.00 $30.00 $40.00 9. $30.00 $90.00 6. 12 $30.00 $130.00 $30.00 $190.00 15 $30.00 $260.00 Refer to Table Cost.EX2. For the 6 units, the average total cost is about O $5.00 O S20.00 O $16.67 O $15.00
No written by hand solution
Refer to the following figure: Dollars $10 $8 Output The firm's breakeven point is at at ———• Question options: $20; $10 $10; $20 $25; $20 $20; $8 $25 and its shutdown point is
Table Cost.EX2.2: Data for a Competitive Firm Marginal Marginal Output Cost Revenue (Q) (MC) (MR) 10 $3.00 $4.00 11 $3.50 $4.00 12 $4.00 $4.00 13 $4.50 $4.00 14 $5.00 $4.00 15 $5.50 $4.00 16 $6.00 $4.00 Refer to Table Cost.EX2.2. If the firm wishes to maximize profit, it should produce units. O 10 O 12 O 11 6.
True or False
For questions 4-6: A firm has weekly revenue of $900. The firm's total cost is $1250 per week. The firm shuts down if 300 400 4 2 weekly fixed cost is less than 500 600 The firm's variable cost is $800 and its fixed cost, all of which is sunk, TRUE is $300. The firm will shut down. 2. FALSE The firm's total cost is $1200 and its fixed cost is $500. The firm shuts 20% 2. 40% down if the percentage of fixed costs that is avoidable is equal to or 60% greater than 80% >
In the short run, a firm will produce a positive amount of output as long as _____ Group of answer choices price exceeds average variable cost. price is less than average variable cost. fixed cost exceeds total revenue. price exceeds marginal cost. average variable cost is less than average total cost.