3.Draw a picture that shows the marginal cost,the average variable cost and the averagetotal cost.Variable Total MarginalAverageAverageAverageUnits of FixedOutput Cost Cost Cost Cost Fixed Cost Variable Cost Total Cost010012345678910125145157177202Q01 2TC 101824TR 011 222362703263984904.6 Consider the data in the table below. TC is total cost, T R istotal revenue, and Q is output.331334 563948584455 6678698277 88910100 12099 110(a) Add some extra rows to the table and for each level of output calculate the MR, the MC andtotal profit.(c) What is the profit-maximizing output?(d) How can you tell that this firm is in a competitive industry?(b) Next, compute AFC, AVC, and ATC for each output level, and draw these three cost curveson a diagram.

Costs refer to the sum of money that the production or consumption of a good or service. It is…

Draw a picture that shows the marginal cost, the average variable cost and the average total cost. Units of Fixed Variable Total Marginal Output Cost 0 1 2 3 4 5 6 7 8 9 10 Average Average Average Cost Cost Cost Fixed Cost Variable Cost Total Cost 100 125 145 157 177 202 236 270 326 398 490 4.6 Consider the data in the table below. TC is total cost, T R is total revenue, and Q is output. Q0 1 2 3 TC 10 18 24 TR 0 11 22 31 39 33 44 5 48 55 6 58 66 7 8 69 77 10 120 99 110 (c) What is the profit-maximizing output? (d) How can you tell that this firm is in a competitive industry? 82 100 88 (a) Add some extra rows to the table and for each level of output calculate the MR, the MC and total profit. (b) Next, compute AFC, AVC, and ATC for each output level, and draw these three cost curves on a diagram.

Draw a picture that shows the marginal cost, the average variable cost and the average total cost. Units of Fixed Variable Total Marginal Output Cost 0 1 2 3 4 5 6 7 8 9 10 Average Average Average Cost Cost Cost Fixed Cost Variable Cost Total Cost 100 125 145 157 177 202 236 270 326 398 490 4.6 Consider the data in the table below. TC is total cost, T R is total revenue, and Q is output. Q0 1 2 3 TC 10 18 24 TR 0 11 22 31 39 33 44 5 48 55 6 58 66 7 8 69 77 10 120 99 110 (c) What is the profit-maximizing output? (d) How can you tell that this firm is in a competitive industry? 82 100 88 (a) Add some extra rows to the table and for each level of output calculate the MR, the MC and total profit. (b) Next, compute AFC, AVC, and ATC for each output level, and draw these three cost curves on a diagram.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q15
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Refer to Figure 8.1. Which graph best represents a variable cost function? 2$ Lレ 24 Output Output A B $ Output Output
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