Independent University, BangladeshECN-201: Principles of MicroeconomicsSpring 2021Final Assignment1. Use the table below to answer the following questions:CostsTotal Cost MarginalCostRevenuesPrice ($)QuantityProducedMarginalRevenueTotalQuantityDemandedRevenue17016015014010014018423323028045451301201101009533539567874758575a. Find the average fixed cost and average variable cost for the 4" unit of output.b. How much does profit change if 6 units are sold instead of 5?

Quantity Demanded Total Cost Marginal Cost Quantity Demanded Price Total Revenue Marginal Revenue…

Independent University, Bangladesh ECN-201: Principles of Microeconomics Spring 2021 Final Assignment 1. Use the table below to answer the following questions: Costs Total Cost Revenues Total Revenue Price ($) Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue 100 170 140 160 184 150 3 230 140 130 120 10 100 95 4 280 335 395 475 575 4 5 6. 6 7 8 8 a. Find the average fixed cost and average variable cost for the 4" unit of output. b. How much does profit change if 6 units are sold instead of 5?

Independent University, Bangladesh ECN-201: Principles of Microeconomics Spring 2021 Final Assignment 1. Use the table below to answer the following questions: Costs Total Cost Revenues Total Revenue Price ($) Quantity Produced Marginal Cost Quantity Demanded Marginal Revenue 100 170 140 160 184 150 3 230 140 130 120 10 100 95 4 280 335 395 475 575 4 5 6. 6 7 8 8 a. Find the average fixed cost and average variable cost for the 4" unit of output. b. How much does profit change if 6 units are sold instead of 5?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 27778
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: $…
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1. Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for variable costs: Quantity Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost (Houses Painted per Month) (Dollars) (Dollars) (Dollars) (Dollars) 1 15 2 35 3 60 4 90 5 135 6 240 7 480 The efficient scale is houses. ? #2 image : The city government is considering two tax proposals: • A lump-sum tax of $300 on each producer of hamburgers. • A tax of $1 per burger, paid by producers of hamburgers. Which of the following statements is true as a result of the lump-sum tax? Check all that apply. Which of the following statements is true as a result of the lump-sum tax? Check all that apply. Average variable cost will increase. Average total cost will increase. Average…