What are the total variable costs of producing]300LCD screens per day? The diagram to the right displays short-run cost curves fora facility that produces liquid crystal display (LCD) screens for cell phones.a. What are the daily total fixed costs of producing 300 LCD screens? $999 (Round your answer to thenearest penny.)b. What are the total variable costs of producing 300 LCD screens per day? $the nearest penny.)(Round your answer toCosts (dollars per LCD screen)12.00-11.00-10.00-9.00-8.00-7.00-6.00-5.004.003.00-2.00-5.004.253.331.00-0.00+0200:300+AVC400600200800Output (LCD screens per day)AFC1000

Answered: ort-run cost curves for display (LCD)…

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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What are the total variable costs of producing

]300

LCD screens per day?

The diagram to the right displays short-run cost curves for
a facility that produces liquid crystal display (LCD) screens for cell phones.
a. What are the daily total fixed costs of producing 300 LCD screens? $999 (Round your answer to the
nearest penny.)
b. What are the total variable costs of producing 300 LCD screens per day? $
the nearest penny.)
(Round your answer to
Costs (dollars per LCD screen)
12.00-
11.00-
10.00-
9.00-
8.00-
7.00-
6.00-
5.00
4.00
3.00-
2.00-
5.00
4.25
3.33
1.00-
0.00+
0
200:300
+
AVC
400
600
200
800
Output (LCD screens per day)
AFC
1000

Expert Solution

Step 1: Define total cost

Fixed cost is the cost that remains same at all levels of output.
Variable cost refers to the cost that changes at all levels of output.
Total cost is the sum of Fixed cost and variable cost.

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