OutputTotal Cost105ts12514031804240320The average fixed cost at a quantity of 2 is given byesterO 52.5O 105O 140O 35

Formula: Average fixed cost= total fixed cost / output

Answered: Output Total Cost 105 1 125 140 180 4.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following is a table of cost for a toy manufacturing firm. The variable input is labor. Use this table to answer the following question. Average variable Average fixed cost Average Variable Quantity of toys Total costs cost total cost costs $0 $20 $10 A $40 В In the cell B, which number is correct? 10 O 5 none of these options is correct O 15
Question 26 (1 point) Which of the following is an example of an economic barrier to entry? O A) Patent. B) Economies of scale. C) Licensing fee. D) Copyright. E) Sole ownership of a resource. Question 27 (1 point) Where is a monopolist's profit maximized? O A) Where marginal revenue is zero. B) Where average revenue equals average cost. C) Where average revenue equals marginal cost. D) Where marginal revenue equals marginal cost. E) Where marginal profit is maximum.
The profit (in dollars) from the sale of x lawn mowers is II(x) = 70 x -0.07 x2 - 750. The correct interpretation of the marginal average profit of producing 40 mowers is Select one: O a. Can not tell. O b.At production level of 40 mowers a unit increase in production will increase the total profit by $0.40 per mower. O c. At production level of 40 mowers the average profit is increasing at a rate of $0.40 per mower. O d. At production level of 40 mowers the average profit is $0.40 per mower.
Let's assume that a firm produces 60 products. Its total weekly cost (TC) at this output is $2,100. This includes TVC and TFC. We also know that the firm employs 3 part- time workers at a wage cost of $600 per worker per week. This is the firm's only variable cost (TVC). What is the firm's average fixed cost (AFC) at this output? O $2.50. O $2. O $5. O $100. O $10. Let's assume that a firm's total weekly costs are as follows: 1. Salaries of hired workers $5,000. 2. Supplies = $1,000. 3. Rent = $600, 4. The owners have invested a certain amount of their own money into the business. This could have earned them interest of $200 per week if they had chosen to put it into a bank instead of investing it into their business. 5. The value of the owner's time is estimated to be $800 per week. What are the firm's total economic costs? O $6.000 O $7.600. O $900. $7.500. O $6.700.
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Consider the following table Output Total Cost 105 125 140 3. 180 4 240 320 The fixed cost is given by 50 O 105 208 100 2.
The first unit of an eight-unit job took 64 minutes. If the work has a 75% learning curve, which is your estimate of the minutes that will be needed for the last unit (Apply the incremental unit Time Model)? O a. 48 O b. 54 O c. 36 O d. 27
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Output Total Cost 105 1 125 140 180 4. 240 320 The average fixed cost at a quantity of 2 is given by O 52.5 O 105 O 140