Jan's Bike ShopOutput Marginal Total variable Fixed cost|(workers) (bikes) Product cost(dollars) (dollars)Labor$0$5---1100100$52250$103350$15450$20255$25430$30The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping hasbeen spotty. At what output level is average fıxed cost at its lowest?430O 100250

Answer: Average fixed cost: it is the per-unit fixed cost of production. The average fixed cost is…

Jan's Bike Shop Labor Output Marginal Total variable Fixed cost (workers) (bikes) Product cost(dollars) (dollars) $0 $5 1 100 100 $5 2 250 $10 3 350 $15 14 50 $20 5 255 $25 6 430 $30 The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. At what output level is average fıxed cost at its lowest? O 430 100 250

Jan's Bike Shop Labor Output Marginal Total variable Fixed cost (workers) (bikes) Product cost(dollars) (dollars) $0 $5 1 100 100 $5 2 250 $10 3 350 $15 14 50 $20 5 255 $25 6 430 $30 The table above gives costs at Jan's Bike Shop. Unfortunately, Jan's record keeping has been spotty. At what output level is average fıxed cost at its lowest? O 430 100 250

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If you know that average variable cost is at a minimum, then you can deduce that marginal cost is higher than average variable cost. O marginal cost is equal to average variable cost. O marginal cost is lower than average variable cost. none of the available choices are correct. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
7 8 9 10 $4100 $5400 $7300 O a. $120 and $730 O b. $120 and $931.11 O c. $120 and $811.11 O d. $120 and $109.89 $10880 $135 $980 What is the average fixed cost and average variable cost if nine instructional modules are produced?
Nina is a farmer that grows and sells tomatoes. Her total explicit and implicit costs are 950000 per year, and her explicit fixed cost are 340000 per year. Nina could otherwise earn 60000 in her next best alternative lone of business or employment. Each bushel of tomatoes sells for $40. This year, nina sold 25000 bushels of tomatoes. What are ninas average fixed costs, average variable costs, and average total costs of production? Interpret what each of these costs mean for nina. What is ninas economic profit? What is her accounting profit?
QUESTION 21. Mr. Jack is in the process of expanding his manufacturing business. He decided to opena plant in the coming year. He has four locations in mind. The costs information forthese locations is in the following table.Locations A B C DFixed Costs 60,000 80,000 100,000 130,000VariableCosts/unit 30 20 15 10a.ii. Draw the total costs lines for each location on the same axes. (Use output rangesof 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis
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• Calculate TC, AC, MC, AVC, AFC, and graphically shows the calculated and given costs. Quantity Fixed Costs S Variable Costs $ 300 1 300 50 300 90 300 120 300 150 300 190 300 240 300 290 8. 300 350 N3 4 56 70
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3. A firm manufactures women clothing. The following costs are incurred by the firm: (i) Cloth and Pablos $45 000 S1 200 (ii) (ii) Permanent workers (salary) (iv) Part-time worker Thread $22 000 S 1300 $20 000 $89 500 (v) Rent (a) Calculate the total fixed cost of the firm. (b) Calculate the total variable cost of the firm.
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