Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table: FixedVariableMarginalTotalMarginalOutput(pizzasper hour)TotalAverageAverageAverageCostCostCostCostFixedVariableCostRevenueRevenue(8)(dollarsper hour)(1)(2)(3)CostCost(6)(7)(4)(5)10121230341454569Write down the formulas for all the calculations in the table above, from columns 1- 8:

Fixed cost is independent of output produced.

Answered: (pizzas per hour) Cost Cost Cost Cost…

(pizzas per hour) Cost Cost Cost Cost Fixed Variable Cost Revenue Revenue (dollars (1) (2) (3) Cost Cost (6) (7) (8) per hour) (4) (5) 10 1 21

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: In the following table, indicate how each cost and curve is affected, if at all. Cost Effect on Cost…

A: Variable cost is the cost that changes with the quantity of good produced. Fixed cost are the costs…

Q: On the following graph, plot Douglas Fur’s average total cost (ATC) curve using the green points…

A: Average costs will be costs per one unit of creation (per one set of boots, for this situation).…

Q: KE Ann cuently produces cookies and bread at point A in the graph Use the graph to complete the…

A: The graph that shows the combinations of two goods that an economy can produce with the available…

Q: Based on the graph provided i. What is Freda’s marginal cost for each cookie? ii. What is Freda’s…

A: Marginal Opportunity Cost : Marginal Opportunity Cost may be defined as that amount of a good…

Q: minimum average total cost is $15 at a quantity of 200 hamburgers. His total fixed cost is $300. Use…

A: Given information: AVC at 100 hamburgers is $10, and AVC is the minimum at this point. ATC at 200…

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is total cost at 0 units and…

Q: A utility company is considering the following plans to provide a certain service required by…

A: Plan Q Investment required - P500,000 Estimated life - 18 years Salvage value - 20% Annual…

Q: In this chapter, we discuss how physicians’ marginal products rise up to 25 hours and then slowly…

A: Total output mirrors production efficiency, while additional output per input (marginal product) is…

Q: What are the fixed and variable cost?

A: Fixed costs are that cost which remains same and incur even when there is no production. Variable…

Q: QUESTION 6 Easy-toothy is a price-taking producer of tooth fairy's sling bags (these are bags for…

A: In a perfectly competitive market, firms are price takers because they do not have any control over…

Q: In the short run, the average total cost of producing 200 pizzas is $ A In the long run, the average…

A: The short run is the period where at least one factor of production is fixed and cannot be changed.…

Q: The table below shows Crystal’s total cost of producing different quantities of tie-dyed t-shirts…

A: In Economics, Total cost refers to the sum of fixed costs and variable costs. Fixed cost is the…

Q: The amount that a firm pays for all of the inputs that go into producing goods and services is the:…

A: Understanding the components of production costs is fundamental to assessing the financial…

Q: Use the information in the graph to the right to find the values for the following at an output…

A: Total cost refers to the total amount of money that a producer pays to the factors for production…

Q: A woman complained to “Dear Abby” that a laundry charged $1.25 each to launder and press her…

A: Price discrimination refers to the situation where seller is selling the same product or services in…

Q: I am trying to figure out how to do the marginal cost and how to get the total cost answers w what…

A: As per the guidelines, we only answer one question at a time. So, I am answering the first one.…

Q: boots is $95, so you should start your MC curve by placing an orange square at (0.5, 95).) Note:…

A: Given Quantity and Total cost where, MC = change in TC / Change in Qty FC = 60 remains fixed at…

Q: Which of the following is not a variable cost at the sandwich shop? O Cost of labor

A: We have to find which is not a variable cost at the sandwich shop.

Q: Use the following graph to illustrate the relationship between the cost per bag of potato chips and…

A: It can be defined as a graphical tool that shows the relationship between the cost of producing any…

Q: Suppose that a firm that makes bicycles buys its tires, in pairs, and frames from other firms, and…

A: The study of economics can be divided into microeconomics and macroeconomics. Microeconomics studies…

Q: Vicky currently produces corn and beef at point A in the graph. What is Vicky's marginal cost of…

A: The production possibility frontier refers to a boundary between those combinations of the products…

Q: Ebba Kantzen says the following: "I am currently producing 10,000 pizzas per month at a total cost…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: Suppose Larry runs a small business that manufactures shirts. Assume that the market for shirts is a…

A: Let us calculate the total cost, total revenue, marginal revenue and marginal cost of the shirts…

Q: An electronic-parts manufacturer with U-shaped short-run cost curves is producing 10.000 units per…

A: The cost function represents the relationship between cost and output. It shows the production…

Q: The following graph shows the aggregate demand (AD) and short-run aggregate supply (SRAS) curves.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: gumb d. Graph the average and marginal cost curves for gumballs assuming v = 3, w = 5.

A: Average cost AC is given by the ratio of total cost by the total quantity. Marginal cost is the…

Q: Output per hour 0 1 2 3 4 5 Total Cost $ $ $ $ $ $ 1,000 1,200 1,600 2,200 3,000 4,000

A: We have to subtract total cost from total revenue to measure maximum profit

Q: nd: Output (Q) 1 2 3 4 AVC 9 TFC 10 10 10 10 AFC 10 5 3.33 2.5 ATC 15 16 18 TC MC XXXX

A: Formulas for solving the given question: TC = TFC+TVC ATC = TC/Q AFC = TFC/Q AVC = TVC/Q MC = TCn-…

Q: A book that sounds just perfect for me, Kate Raworth’s Doughnut Economics is available on Amazon for…

A: Pricing refers to the process of determining the monetary value or cost that a business or…

Q: Nimubs, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the…

A: Cost functions are crucial tools for understanding and analyzing the cost framework for a firm's…

Q: The table below provides information about the cost of inputs and value of output for the production…

A: To calculate the value added at each stage of production and the total contribution of the bike to…

Q: What is the summary of the video "See the true cost of your cheap chicken"

A: The eye opening video that exposes the cruel face of contract farming

Q: To make a decision about opening a restaurant, what is the relevant cost for Aram? $50 thousand has…

A: Explicit costs are ordinary business expenses that appear in the general ledger and have a direct…

Q: 4. Distinguish between economies of scale and diseconomies of scale. Give examples of why a firm may…

A: The average fixed cost (AFC) is the fixed cost that doesn't change with the adjustment of the…

Q: Consider a production process where flowers are grown (the output) using gardeners (labor) and…

A: Approach to solving the question:1. Define the costs involved in production: labor and capital.2.…

Q: Until recently, Mark worked as a financial advisor, earning $65,000 annually. Then he inherited a…

A: Explicit costs refer to the costs that include the monetary transactions while implicit costs refer…

Q: Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost…

A: Marginal cost = (change in total cost / change in quantity) Fixed cost is equal to the total cost at…

Q: MC AFC AC AVC Quantity Refer to the diagram above. Based on the information illustrated in the…

A: The additional expense required to produce a single additional piece of output is known as the…

Q: The table below describes the hourly cost Sam faces as he washes more cars. Sam's Car Wash Costs…

A: The Total Cost is the real cost of producing a specific amount of output. In other words, the total…

Q: Timeline By When? What Will Who Will Do It? (Day/Month) Be Done? Action Steps Responsibiliti es…

A: A crucial component of modern economics is the increased sustainability of producers and consumers.…

Question

Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table:

Fixed
Variable
Marginal
Total
Marginal
Output
(pizzas
per hour)
Total
Average
Average
Average
Cost
Cost
Cost
Cost
Fixed
Variable
Cost
Revenue
Revenue
(8)
(dollars
per hour)
(1)
(2)
(3)
Cost
Cost
(6)
(7)
(4)
(5)
10
1
21
2
30
3
41
4
54
5
69
Write down the formulas for all the calculations in the table above, from columns 1- 8:

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

S Costs 35 3:0 25 20 15 10 0 2 3 Quantity (Vats of juice) E Marginal Cost O Search Average Variable Cost Average Total Cost Which of the following statements are true according to the previous graph? Check all that apply. The marginal-cost curve is above the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve is below the average-total-cost curve when output is greater than four and average total cost is rising. The marginal-cost curve lies below the average-variable-cost curve. C (((.
True/False: Ryan has coffee shop. If the marginal cost of producing the tenth cup of coffee is $1.50, and if the average total cost of producing the nine cups of coffee is $2, then find the average total cost of producing the ten cups of coffee. Show your work.
A firm has the following average total cost curves: Quantity ATC11 ATC22 ATC33 ATC44 1 100 150 50 200 2 80 130 45 170 3 60 110 40 140 4 50 90 45 110 5 55 70 60 90 6 85 60 80 70 7 120 75 100 65 In the long run what is the average total cost when five goods are produced? $
You have the following information about long-run total cost for the following firms: Quantity Arnold’s Apples LRATC Belle’s Bananas LRATC Cam’s Cantaloupes LRATC 1 120 33 42 2 140 72 68 3 160 117 98 4 180 168 132 5 200 225 170 6 220 288 212 7 240 357 258 Do any of these firms experience economies of scale? How do you know?
At Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of scarves costs $53. What is Stacy's Marginal Cost of an extra hat?
What is the trend in cost?
Pick the proper graph illustrating the cost curves for a typical firm. 01 02 1 cost 2 cost None of the Above Mont Sai MC ATC AFC -AVC quantity MC ATC AFC -AVC quantity 3 cost 4 cost MC ATC MC AVC AFC quantity ATC AVC AFC quantity
The president of Toyota's Georgetown plant was quoted as saying, "Demand for high volumes saps your energy. Over a period of time, it eroded our focus (and] thinned out the expertise and knowledge we painstakingly built up over the years." Based on this quote, what must be true of the plant's average cost of production curve? A) It is U-shaped. 9 It is a ray from the origin. B) It is upward-sloping. D) It is downward-sloping.
What two lines on a cost curve diagram intersect at the zero-profit point?
Jane's Juice Bar has the following cost schedules: In the following table, complete the marginal cost, average variable cost, and average total cost columns. Quantity Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost (Vats of juice) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0 0 30 1 5 35 2 15 45 3 30 60 4 50 80 5 75 105 6 105 135 On the following graph, use the orange points (square symbol) to plot the marginal-cost curve for Jane's Juice Bar. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing production from 1 vat of juice to 2 vats of juice is $5, then you would plot a point at (1.5, 5).) Then use the purple points (diamond symbol) to plot the average-variable cost curve starting at 1 vat of juice, and use the green points…
Megan’s Snow Shoveling Service, in which Megan is the only employee, has the following cost schedule. Quantity(sidewalks shoveled per day) Variable Cost Total Cost AVC ATC MC 0 $0 $30 - - - 1 10 40 2 25 55 3 45 75 4 70 100 5 100 130 6 135 165 Calculate average variable cost, average total cost, and marginal cost for each quantity and graph all three curves.
Compute the firm’s profit for A, B, and C and enter this data into the table.