Find the value of X. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $5,000| $1,000 $1,000 $4,000 10 ***** **** 25 8000 40 11300 X 55 15050 19700 70 $220 $1000 $4000 $10,300

Find the value of X. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $5,000| $1,000 $1,000 $4,000 10 * 25 8000 40 11300 X 55 15050 19700 70 $220 $1000 $4000 $10,300

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Find the value of X.
Quantity Total Cost Fixed Cost Variable Cost Marginal Cost
$5,000|
$1,000
$1,000
$4,000
10
***** ****
25
8000
40
11300
X
55
15050
19700
70
$220
$1000
$4000
$10,300

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Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost 10 90 900 675 15 80 1200 825 20 70 1400 25 60 1500 30 50 1500 35 40 1400 1025 1250 1500 1850
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Calculate and plot the following: No of units Total cost 0 2 1 9 2 12 3 15 4 20 5 30 6 42 Variable cost Fixed cost Average fixed cost Average variable cost Marginal cost
variable fixed cost cost average total cost variable cost marginal total revenue marginal total cost wt price $20 revenue profit 1700 0 1700 0 0 -1700 1700 500 2200 5 5 2000 20 -200 1700 1200 2900 6 7 4000 20 1100 1700 2700 4400 9 15 6000 20 1600 1700 5200 6900 13 25 8000 20 1100 1700 9000 10700 18 38 10000 20 -700 1700 15000 16700 25 60 12000 20 -4700 1700 23800 25500 34 88 14000 20 -11500 1700 36800 38500 46 130 16000 20 -22500 1700 55800 57500 62 190 18000 20 -39500 1700 83000 84700 83 272 20000 20 -64700
+ Output Variable Total AFC AVC ATC Marginal Price Cost Cost Cost $100 300 $150 350 $210 410 $300 500 $430 630 1 2 3 4 5 6 7 $600 $819 800 1019 180 170 160 150 140 130 120 Total Revenue MR Assume the producer was planning to produce a quantity of six units. What would you advise the producer to do in terms of production and pricing to maximize their profit? Provide an explanation of your reasoning. Be specific in your price and quantity targets.