D 1 2 B 4 5 5 7 B 9 D 1 2 3 4 5 6 7 8 9 0 1 A Hammers Price Fixed Costs Quantity 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 B 32.00 2,900 C Fixed Costs Variable Costs 30.40 57.37 84.33 111.28 138.23 165.18 192.12 219.07 246.04 273.01 300.00 327.01 354.04 381.11 408.20 435.33 462.49 489.70 516.95 544.25 571.60 599.01 626.48 654.01 681.61 D E Total Costs Revenue F Profit AC G H MR MC J

D 1 2 B 4 5 5 7 B 9 D 1 2 3 4 5 6 7 8 9 0 1 A Hammers Price Fixed Costs Quantity 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 B 32.00 2,900 C Fixed Costs Variable Costs 30.40 57.37 84.33 111.28 138.23 165.18 192.12 219.07 246.04 273.01 300.00 327.01 354.04 381.11 408.20 435.33 462.49 489.70 516.95 544.25 571.60 599.01 626.48 654.01 681.61 D E Total Costs Revenue F Profit AC G H MR MC J

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

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Total Fixed Total Variable Labor Output (workers) (units per day) (dollars) Cost Cost (dollars) 20 20 20 20 20 20 25 50 75 100 125 2 19 13 4. 16 1S
Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?
Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the price of the output is $1, how many units of output should the firm produce to maximize profit? What is the firm’s profit level?
Total Fixed Total Variable Labor (workers) (units per day) Output Cost cost (dollars) (dollars) 20 20 25 50 1 2 3 715 13 16 20 20 100 4. 5. 18 20