Fill in the blanks in the following table and then answer the question that follows. (Note: Round youranswers to two decimal places. For example, round 0.6666 to 0.67, or 0.1666 to 0.17.)Units ofPrice TotalVariable Total Marginal Average of VariableInputProduct ProductProduct Input Cost0$11$12$13$14$15$16$17$18$10616304045484948TrueFalse^^^^^^^^000000003000$$$$$AverageVariableCost$$$$$$$$TotalFixed TotalCost Cost$2$2$2$2$2$2$2$2$2$$$000000True or False: Once a firm confronts diminishing marginal product, larger and larger additions of thevariable factor are required to expand output by 1 unit. This will cause marginal cost to rise.

Marginal Product = Change in Total Product / Change in Input Average Product = Total Product / Units…

Fill in the blanks in the following table and then answer the question that follows. (Note: Round your answers to two decimal places. For example, round 0.6666 to 0.67, or 0.1666 to 0.17.) Units of Variable Total Marginal Average of Input Product Product 0 1 2 00 N O UAWN 3 4 5 6 7 8 0 6 16 30 40 45 48 49 48 True False AA MA Price Total 00000000 Product Input Cost $1 $1 $1 $1 $1 $1 $1 $1 Average Variable Variable Cost $1 000000000 $ $ $ $ $ 00000000 Total Fixed Total Cost Cost $2 $2 $2 $2 $2 $2 $2 $2 $2 1000000000 $ $ True or False: Once a firm confronts diminishing marginal product, larger and larger additions of the variable factor are required to expand output by 1 unit. This will cause marginal cost to rise.

Fill in the blanks in the following table and then answer the question that follows. (Note: Round your answers to two decimal places. For example, round 0.6666 to 0.67, or 0.1666 to 0.17.) Units of Variable Total Marginal Average of Input Product Product 0 1 2 00 N O UAWN 3 4 5 6 7 8 0 6 16 30 40 45 48 49 48 True False AA MA Price Total 00000000 Product Input Cost $1 $1 $1 $1 $1 $1 $1 $1 Average Variable Variable Cost $1 000000000 $ $ $ $ $ 00000000 Total Fixed Total Cost Cost $2 $2 $2 $2 $2 $2 $2 $2 $2 1000000000 $ $ True or False: Once a firm confronts diminishing marginal product, larger and larger additions of the variable factor are required to expand output by 1 unit. This will cause marginal cost to rise.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is FALSE? OA A process costing system would be used by manufacturers of commodities, such as flour or sugar. OB A job order costing system would be used by manufacturers of custom made products OC. Aprint and copy shop would likely use a process costing system OD. A service firm would likely use a job order costing system
A. Use the SR Cost Table below to compute for the values that corresponds to letters a to e. 9 0 1 2 3 4 5 6 7699 8 10 TFC A. 50 TVC 0 18 38 54 73 94 118. 145 175 207 241 TC AVC ATC/AC MC b. C. d. e. B. Based on the SR Cost Table above, draw, in ONE graph, the MC, AVC, and AC. Please label all axes, coordinates, and curves. Use five (5) coordinates per curve.
es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 27778
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