Fill in the table Costs of Production of a Soap Manufacturer Bar of Soap (Quantity) Total Fixed Cost Total Variable Cost Total Cost Average Cost Average Fixed Cost Average Variable Cost Marginal Cost 100 1,000 1,500 2,500 25 10 15 200 1,000 2,000 3,000 15 5 10 500 300 1,000 2,500 3,500 11.67 3.33 8.33 500 400 1,000 3,000 4,000 10 2.50 7.50 500 500 1,000 3,500 4,500 9 2 7 500 600 1,000 4,000 5,000 8.33 1.67 6.67 500 700 1,000 5,000 6,000 8.57 1.43 7.14 1,000 800 1,000 6,000 7,000 8.75 1.25 7.50 1,000 900 1,000 7,000 8,000 8.89 1.11 7.78 1,000 1,000 1,000 9,000 10,000 10 1 9 2,000 Using the data in the table, graph and explain the following: a. Total cost b. Average cost, Average Variable cost and Average Fixed cost. c. Total cost and Marginal cost
Fill in the table Costs of Production of a Soap Manufacturer Bar of Soap (Quantity) Total Fixed Cost Total Variable Cost Total Cost Average Cost Average Fixed Cost Average Variable Cost Marginal Cost 100 1,000 1,500 2,500 25 10 15 200 1,000 2,000 3,000 15 5 10 500 300 1,000 2,500 3,500 11.67 3.33 8.33 500 400 1,000 3,000 4,000 10 2.50 7.50 500 500 1,000 3,500 4,500 9 2 7 500 600 1,000 4,000 5,000 8.33 1.67 6.67 500 700 1,000 5,000 6,000 8.57 1.43 7.14 1,000 800 1,000 6,000 7,000 8.75 1.25 7.50 1,000 900 1,000 7,000 8,000 8.89 1.11 7.78 1,000 1,000 1,000 9,000 10,000 10 1 9 2,000 Using the data in the table, graph and explain the following: a. Total cost b. Average cost, Average Variable cost and Average Fixed cost. c. Total cost and Marginal cost
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
- Fill in the table
|
Costs of Production of a Soap Manufacturer |
|||||||
|
Bar of Soap (Quantity) |
Total Fixed Cost |
Total Variable Cost |
Total Cost |
Average Cost |
Average Fixed Cost |
Average Variable Cost |
Marginal Cost |
|
100 |
1,000 |
1,500 |
2,500 |
25 |
10 |
15 |
|
|
200 |
1,000 |
2,000 |
3,000 |
15 |
5 |
10 |
500 |
|
300 |
1,000 |
2,500 |
3,500 |
11.67 |
3.33 |
8.33 |
500 |
|
400 |
1,000 |
3,000 |
4,000 |
10 |
2.50 |
7.50 |
500 |
|
500 |
1,000 |
3,500 |
4,500 |
9 |
2 |
7 |
500 |
|
600 |
1,000 |
4,000 |
5,000 |
8.33 |
1.67 |
6.67 |
500 |
|
700 |
1,000 |
5,000 |
6,000 |
8.57 |
1.43 |
7.14 |
1,000 |
|
800 |
1,000 |
6,000 |
7,000 |
8.75 |
1.25 |
7.50 |
1,000 |
|
900 |
1,000 |
7,000 |
8,000 |
8.89 |
1.11 |
7.78 |
1,000 |
|
1,000 |
1,000 |
9,000 |
10,000 |
10 |
1 |
9 |
2,000 |
Using the data in the table, graph and explain the following:
a. Total cost
b. Average cost, Average Variable cost and Average Fixed cost.
c. Total cost and Marginal cost
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
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
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
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)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
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-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education