Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total Variable cost (TVC) and (2) Draw Total Variable cost (TVC) and Total cost (TC) curves Quantity (Q) Total fixed cost (TFC) Total Variable cost (TVC) Total Cost (TC) 1500 1500 1500 1 1528 1500 2 1675 1500 1800 1500 4 2100 1500 2950 in

Given the quantity produced (Q), Total fixed cost (TFC) and Total Cost (TC), (1) calculate Total Variable cost (TVC) and (2) Draw Total Variable cost (TVC) and Total cost (TC) curves Quantity (Q) Total fixed cost (TFC) Total Variable cost (TVC) Total Cost (TC) 1500 1500 1500 1 1528 1500 2 1675 1500 1800 1500 4 2100 1500 2950 in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below provides a simple cost schedule for a firm in the short run, complete 1a – 1d using the data. Total Output in thousands (Q) Total Fixed Cost $(TFC) Total Variable Cost (TVC) Total Cost (TC) Marginal Cost (MC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Average Total Cost (ATC) 0 $50 $50 1 $50 20 $70 20 50 20 70 2 $50 $85 3 $50 $95 4 $50 $100 5 $50 $110 6 $50 $130 7 $50 $165 8 $50 $215 9 $50 $275 Fill in the missing data using the cost calculations for short run costs
The President of ACME wants to know why he shouldn't produce at the point when average costs are the lowest. Explain to him why this is not the best production level.
Find average variable cost given:- Total variable cost is $490 and the output is 30 units
When marginal cost equals average variable cost, average variable costiv (Click for List) falling constant at a maximum at a minimum rising
Total Average Average Average Margin Product Fixed Cost Variable Cost Total Cost Cost 1 $100.00 $17.00 $117.00 $17 50.00 16.00 66.00 15 33.33 15.00 48.33 13 25.00 14.25 39.25 12 20.00 14.00 34.00 13 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8. 12.50 17.50 30.00 30 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 identical firms in this industry and total, or market, demand is as shown in the second table, equilibrium price will be Price Quantity Demanded $50 3,000 42 6,000 36 9,000 32 11,000 20 14,000 13 19,500 Multiple Choice • $32. • $42. • $36. • $20.
Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
Moonbucks has the following cost schedules: Quantity (bottle) Variable Cost (RM) Total Cost (RM) 0 0 100 1 90 190 2 170 270 3 240 340 4 300 400 5 370 470 6 450 550 7 540 640 8 650 750 9 780 880 10 930 1030 Calculate average variable cost, average total cost, and marginal cost for each quantity.
Calculate average variable Cost if total variable cost is $1000 and output is 20
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Suppose a monopolist knows it has two types of customers. The inverse demand for the customers in the first market is P = 60 – Q while the inverse demand for the customers in the second market is P = 50 – 2Q. The marginal cost is €10 in both markets. Suppose the firm wishes to charge a two-part tariff to its customers but it cannot distinguish between the customers in the first and second markets. Calculate the entry (fixed) fee that the firm should charge in these circumstances.
Calculate average fixed cost if total fixed cost is $700 and output is 15 units
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