Global Gas & Electric, a monopoly operating in the northwvest Philippines, Is represented in the table below. Global's executives would not provide you any more information than what's in this table, so you'll have to fil in the bianks. Fill in the table ( It to answer the following questions. (The output is measured in thousands of kilowatt hours of electricity.) ) and use Output Price TR MR TC ATC MC Profit 110 1 2 3 90 144 29 -3 42 80 300 56.75 261 301 348.5 40 60 55 55 450 -235 10 90

Global Gas & Electric, a monopoly operating in the northwvest Philippines, Is represented in the table below. Global's executives would not provide you any more information than what's in this table, so you'll have to fil in the bianks. Fill in the table ( It to answer the following questions. (The output is measured in thousands of kilowatt hours of electricity.) ) and use Output Price TR MR TC ATC MC Profit 110 1 2 3 90 144 29 -3 42 80 300 56.75 261 301 348.5 40 60 55 55 450 -235 10 90

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Explain why economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs.
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Suppose a local developer has built 24 houses so far this year at a total cost to the company of $4.8 million. If the company builds the 25th house, its total cost will increase to $5 million. Which of the following is correct? - all of the above - the marginal cost of the 25th house, if it is built, will be $200,000 - if the company can sell the 25th house for $250,000, then it should build it - for the first 24 houses, the average cost per house was $200,000
Under what condition will L&P agree to produce the allocatively efficient quantity?
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Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.
Question 9 □ Which of the following best explains why adding more of a variable input will eventually lead to smaller increases in output in the short run? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C d Owners will run out of good variable inputs to use. There will be less of the fixed input per variable input as more of a variable input is used. There will be less of the fixed input as more of the variable input is used. The amount of the variable input will decrease as more of it is used.
Q2: Complete the following table and show all costs curves graphically: Output TFC АС TC TVC AVC AFC MC 50 1 50 100 2 50 64 3 50 49.3 4 50 40.5 5 50 36 50 33.3 7 50 32.1 50 31.8 9. 50 32.4 10 50 35 11 50 39.5