e. If TFC doubled, what is the marginal cost of the 8th unit? Marginal cost: $

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Please provide solution for E 

The table below shows some of the costs of production for a the Clean-Cut Chain Saws manufacturing company:
a) Complete the table. Round your answers to nearest whole numbers.
Total
Variable Cost
Average
Average
Total Cost
Average
Fixed Cost
Output
Total Cost
Marginal Cost
Variable Cost
$ 2,100
24
3,00e
900
3000
900
2100
006
1900
1467
3,800
1700
800
850
1050
2300
767
675
700
525
3
4,400
600
4, 800
2700
400
1200
4
5
5,190
3000
300
1020
600
420
5,400
3300
300
900
550
350
6,000
3900
600
857
557
300
6,700
4600
700
838
575
263
9
7,500
5400
800
833
600
233
b. What is the value of total fixed cost?
2100
c. What is the most productive level of output?
6 units
d. At what output is economic capacity?
Output:
units
e. If TFC doubled, what is the marginal cost of the 8th unit?
Marginal cost: $
Transcribed Image Text:The table below shows some of the costs of production for a the Clean-Cut Chain Saws manufacturing company: a) Complete the table. Round your answers to nearest whole numbers. Total Variable Cost Average Average Total Cost Average Fixed Cost Output Total Cost Marginal Cost Variable Cost $ 2,100 24 3,00e 900 3000 900 2100 006 1900 1467 3,800 1700 800 850 1050 2300 767 675 700 525 3 4,400 600 4, 800 2700 400 1200 4 5 5,190 3000 300 1020 600 420 5,400 3300 300 900 550 350 6,000 3900 600 857 557 300 6,700 4600 700 838 575 263 9 7,500 5400 800 833 600 233 b. What is the value of total fixed cost? 2100 c. What is the most productive level of output? 6 units d. At what output is economic capacity? Output: units e. If TFC doubled, what is the marginal cost of the 8th unit? Marginal cost: $
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps with 8 images

Blurred answer
Knowledge Booster
Inputs
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.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education