Done<Chapter 9 Problems i501:51:16eBookAAMcGrawHillTABLE 1Fill in the table below. Assume fixed cost is $100 and price is $64.Instructions: Round your AVC, ATC answers to the nearest whole number.Output123456VariableCost$30TABLE 25080125190280If Price Were$9040Total Costezto.mheducation.comFill in the table below.Instructions: Leave no cells blank. You must enter 'O' for the answer to grade correctly.Shut down(OperateSavedAverage Variable Average TotalCostCostWhat Would the Firm Do in the:Short Run?Long Run?O< PrevGo out of business)(Stay in business5 of 5#✪MarginalCostHelpHow Much WouldOutput Be in theShort Run?3.5Next >Save & ExitCSuCheck my w

In economics, cost refers to the value of the resources, such as money, time, labor, materials, or…

Fill in the table below. Assume fixed cost is $100 and price is $64. Instructions: Round your AVC, ATC answers to the nearest whole number. TABLE 1 Output 1 2 3 A LO 5 6 Variable Cost $30 50 80 125 190 280 Fill in the table below. Total Cost Average Variable Average Total Cost Cost Marginal Cost urado correctly

Fill in the table below. Assume fixed cost is $100 and price is $64. Instructions: Round your AVC, ATC answers to the nearest whole number. TABLE 1 Output 1 2 3 A LO 5 6 Variable Cost $30 50 80 125 190 280 Fill in the table below. Total Cost Average Variable Average Total Cost Cost Marginal Cost urado correctly

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7 8 9 10 $4100 $5400 $7300 O a. $120 and $730 O b. $120 and $931.11 O c. $120 and $811.11 O d. $120 and $109.89 $10880 $135 $980 What is the average fixed cost and average variable cost if nine instructional modules are produced?
Nina is a farmer that grows and sells tomatoes. Her total explicit and implicit costs are 950000 per year, and her explicit fixed cost are 340000 per year. Nina could otherwise earn 60000 in her next best alternative lone of business or employment. Each bushel of tomatoes sells for $40. This year, nina sold 25000 bushels of tomatoes. What are ninas average fixed costs, average variable costs, and average total costs of production? Interpret what each of these costs mean for nina. What is ninas economic profit? What is her accounting profit?
9. Firm's Cost Schedule Gilberto's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Quantity Variable Cost Total Cost Marginal Cost (Vats of juice) (Dollars) (Dollars) (Dollars) Average Variable Cost Average Total Cost (Dollars) (Dollars) о 0 30 1 2 3 4 5 100 135 ' བྷ ཐཱུ བྷཱུ ཋ ཏྟཱ ཤྲཱ 10 40 55 45 75 70 100 130 165 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Gilberto's Juice Bar. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of juice to 2 vats of juice is $5, then you would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to plot the average-variable cost curve starting at 1 vat of juice, and use the green points (triangle symbol) to plot the average-total-cost curve also starting at 1 vat of juice. Cast 8 20 я 20…
13. Which diagram correctly shows the relationship between marginal cost and average cost? £ S marginal cost average cost output output marginal cost average cost 15 £ D B average cost marginal cost output marginal cost average cost output
Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Average Total Cost (Dollars per bike) Number of Factories Q = 100 O = 200 O = 300 Q = 400 O = 500 O = 600 1 260 200 160 200 280 400 2 330 240 160 160 240 330 400 280 200 160 200 260 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. kes Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce using On the following graph, plot the three short-run average total cost curves (SRATC) for Ike's Bikes from the previous…
8. Consider a firm's short run and long run average costs depicted below: 300 270 240 210 180+ Wunt 150 120+ 90 60 30 ---- W X AC LRAC 200 400 600 800 1000 1200 1400 1600 1800 2000 # of units Suppose this firm has been producing 400 units per month for a long time. If it decides to increase its output to 800 units per month, then its average cost will O A. fall from $300/unit to $150/unit initially, then rise to $240/unit eventually. O B. fall from $300/unit to $60/unit initially, then rise to $240/unit eventually. O C. fall from $300/unit to $60/unit and remain there. O D. fall from $300/unit to $240/unit and remain there. O E. rise from $150/unit to $240/unit initially, then fall to $60/unit eventually. OF. rise from $150/unit to $300/unit initially, then fall to $60/unit eventually. O G. fall from $150/unit to $60/unit and remain there. OH. rise from $150/unit to $240/unit and remain there.
15 3. Jane's Juice Bar has the following cost schedules: Quantity 0 vats of juice $0 1 10 12 25 3 45 4 70 100 135 10 1 12 13 14 15 Variable cost Total cost $30 40 55 75 100 130 165 Calculate average variable cost, average total cost, and marginal cost for each quantity. Put these numbers in the table below. Quantity Average variable cost Average total cost Marginal cost a. b. Graph all three curves (average variable cost, average total cost and marginal cost) using Excel or a piece of grid paper. Attach the graph to this assignment. What is the relationship between the marginal-cost curve and the average total cost curve? Between the marginal cost curve and the average variable cost curve? Explain
2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to determine the nature of their long-run cost structure. Some cost data has been collected for you and appears in the table below. Quantity of Generators Labor Costs Tools Cost $2 $4 $7 $8 $15 $24 $28 $41 $65 $80 Total Cost Long Run Average Cost $10 12 14 16 20 30 42 1 4 5 8 9 10 70 100 (a) Fill in the missing values in the table. (b) Graph the firm's long-run average cost curve below. (c) Determine the range of output levels over which there exists economies and diseconomies of scale, and mark these ranges on your graph.
1:27 Ces A firm's output, variable costs, and total costs are given in the table below. Instructions: Enter your answers as a whole number. a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity 10 20 30 50 Quantity 0 10 20 30 40 Variable cost ($) b. Calculate AVariable cost/AQuantity. 50 50 120 200 300 420 Variable cost 50 120 200 300 Total cost ($) 420 100 150 220 300 400 520 Total cost ($) 100 150 220 300 400 520 Marginal cost ($) AVariable cost ($)/ AQuantity
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
QUESTION 8 Other things equal, if the fixed costs of a firm were to increase by $100.000 per year, which of the following would happen? B.Average fixed costs and average variable costs would O D. Average fixed costs would rise, but marginal O C. Average fixed costs and A. Marginal costs and average variable costs would both rise. average total costs would rise rise costs would fall