The table below shows the costs incurred at Polly's potato farm.Complete the table.>>>Answer to 2 decimal places.L012344000-6020170-0000-0000-0000TP TVG TC00703292212292306090130AFC120 1902.19160 0.33AVC ATC0.943.130.65 1.410.24 0.410.75MC0.940.500.25

Cost is the total expenditure that is incurred in the production of output

Answered: L 0 2 1 32 30 3 TP 0 4 92 TVC 0 212 60…

L 0 2 1 32 30 3 TP 0 4 92 TVC 0 212 60 90 TC 70 130 160 292 120 190 AFC AVC ATC 2.19 0.33 0.24 0.94 3.13 0.65 0.41 1.41 0.75 MC 0.94 0.50 0.25

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

The table below shows the costs incurred at Polly's potato farm.
Complete the table.
>>>Answer to 2 decimal places.
L
0
1
2
3
4
4000-60
2017
0-0000-0000-0000
TP TVG TC
0
0
70
32
92
212
292
30
60
90
130
AFC
120 190
2.19
160 0.33
AVC ATC
0.94
3.13
0.65 1.41
0.24 0.41
0.75
MC
0.94
0.50
0.25

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3. Consider the following table: (1) (2) (3) (4) (5) (6) (7) (8) OUTPUT FC VC TC AFC AVC ATC MC 5000 5000 10 5000 (a) 7000 500 200 (b) 200 25 (C) 6000 (d) 200 (e) 440 (A 45 5000 (a) 14000 111 200 (h) 150 58 5000 12000 (i) 86 () 293 (k) 65 5000 (L) 20000 (m) 231 308 429 (n) 5000 18000 23000 71 257 329 (0) (i) List down only the formula that you would need to figure out the values in column 4-8. (ii) Copy the table on paper and fill in the blanks from (a) to (0). Show your calculation in the answer sheet.
11
What is the mc of the 2nd unit 10 20 30 50
Q Total Cost ATC AFC MC 0 10 - - - 10 12 12/10=1.2 10/10=1 12-10/10-0=0.2 20 16 16/20=0.8 10/20=0.5 16-12/20-10=0.4 30 26 26/30=0.867 10/30=0.333 26-16/30-20=1 40 38 38/40=0.95 10/40=0.25 38-26/40-30=1.2 50 75 75/50=1.2 10/50=0.2 75-38/50-40=3.7 60 120 120/60=2 10/60=0.167 120-75/60-50=4.5 If the market price is $1.00 then what output or q (in the units of 10) is the most profitable production level?
1 17 2 345 5 6 Seed Average Price 3 Marketing Year Index $/short ton 4 127.7 192.4 7 8 B 9 10 11 12 13 14 15 16 17 18 1 2 3 4 5 6 7 8 9 10 11 C 12 13 14 15 Historical Price Data Oil D 242 242 274 242 290 347.2 436 422.8 466 582 508 428 434 Average Price Index $/short ton 317.8 465 662.2 668.2 791.3 732 951 1123 1297.3 1312 1416 1664 1317.4 1182.4 1334.4 E Mash Average Price Index $/short ton 63 87 105 111 124 108 134 153 193 187 193 247 242 197 210
2
FC VC TC MC AFC AVC ATC 1. 160 65 3 10 20 55 4 28
What’s the the total fixed costs 8 10 12 Or 15