1. Complete the following table: (SHOW YOUR WORKINGS)TotalTotalTotal CostMarginalCostQuantityAverageFixed cost Fixed CostAverageVariableAverageTotal costVariablecostcost40014006040050034001204400130400550

A company must bear two forms of costs while production, variable costs and stuck costs. Variable…

Answered: Quantity Average Fixed cost Fixed Cost…

Quantity Average Fixed cost Fixed Cost Total Total Average Variable Total Cost Average Total cost Marginal Variable Cost cost cost 400 1 400 60 2 400 500 400 120 4 400 130 5 400 550

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 government imposes a $1000 per year license fee on all pizza restaurants. As a result, which cost curves shift? average total cost and average fixed cost average total cost and marginal cost average variable cost and marginal cost O average variable cost and average fixed cost
Average Fixed Average Average Total Total Product Cost Variable Cost Cost Marginal Cost $ 25.00 1 $ 150.00 $ 25.00 $ 175.00 75.00 23.00 98.00 21.00 3. 50.00 20.00 70.00 14.00 4 37.50 21.00 58.50 24.00 5 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 7 21.43 28.00 49.43 46.01 8 18.75 33.00 51.76 68.07 9. 16.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97
Total Cost Marginal Cost (Dollars) Average Variable Cost (Dollars per pair) Fixed Cost Variable Cost Average Total Cost (Dollars per pair) Quantity (Pairs) (Dollars) (Dollars) (Dollars) 120 80 1 200 40 2 240 45 3 285 55 4 340 85 425 115 6 540 On the following graph, plot Douglas Fur's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $200, so you should start your ATC curve by placing a green point at (1, 200). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $80, so you should start your MC curve by placing an orange square at (0.5, 80).) Note: Plot your points in the order in which you would like them…
mework 6 i 1 Saved nics Game Obituary Project Help Save & Exit Submit a. Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost. Instructions: Round your responses to the nearest whole number. Rate of nts Total Cost Output Marginal Cost Average Average Average Fixed Cost Variable Cost Total Cost 0 $600 Print 1 800 2 1,050 3 1,400 4 5 1,800 2,300 Mc Graw Hill b. Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph. Instructions: Use the tools provided 'ATC' and 'MC' to draw each curve point by point (plot 5 points total for each curve). Round your points for ATC up to the nearest $25. Q Search Prev 1 of 4 Next > 3/
Use the following information to determine the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, and marginal costs.Total Output Costs TFC TVC AFC AVC ATC MC 0 $100 1 $150 2 $225 3 $230 4 $300 5 $400
Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost $ 25.00 Total Product $150.00 $175.00 98.00 70.00 $25.00 75.00 23.00 21.00 3 50.00 20.00 14.00 37.50 21.00 58.50 24.00 30.00 23.00 53.00 31.00 6 25.00 25.00 50.00 35.00 21.43 28.00 49.43 46.01 51.76 55.67 63.00 18.75 33.00 68.07 16.67 39.00 86.95 10 15.00 48.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. We can infer that, at zero output, this firm's total fixed, total variable, and total costs are O $150, $25, and $175, respectively. O zero, $25, and $175, respectively. O $150, zero, and $150, respectively. O zero, zero, and zero, respectively.
. Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in Chicago. The following table shows the company’s total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 0 120 — — 1 200 2 240 3 285 4 340 5 425 6 540 On the following graph, plot Douglas Fur’s average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and…
Section 11.5 The Short-Run and Long-Run Average Total Cost Curves exhibit 1 SRATC for small plant SRATC for medium plant SRATC tor large plant LRATC B $500 $400 Economies of Scale Constant Returns to Saie 1,000 1,200 Quantity of Computers (per day) Notice that the long-run average total cost (LRATC) curve is much flatter than the short-run average total cost (SRATC) curve. This is because firms can be more flexible in the long run-they can choose which short-run cost curve they want to operate along, by choosing their plant scale. But they cannot do this in the short run, during which they are stuck with their existing short-run cost curve. That is, in the short run, the firm operates with the short-run curve it has based on past decisions. However, in the lang run, the firm is able to choose the short-run curve it wants to use. In Exhibit 1 above, explain why the curve between A and B looks different than the curve from A to C. Provide an example of how a firm could opt to follow the…
a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) Total cost ($) Marginal cost ($) 0 0 100 1 60 160 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100 b. Calculate AVariable cost/AQuantity. Quantity Variable cost ($) AVariable cost Total cost ($) ($)/ AQuantity 0 0 100 1 60 160 100 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100
Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. (Hint: Determine the total fixed cost first.) Instructions: Enter your answers rounded to two decimal places. Total Average Fixed Cost Average Total Cost Marginal Cost Output Variable Total Cost Cost 1 $10.00 $9.76 $9.76 $19.76 2 $19.06 $14.53 $9.30 $29.06 3 $3.33 $12.63 $37.90 4 $2.50 $36.31 $11.58 $8.41 $46.31 $2.00 $44.30 $10.86 LO
Average Fixed cost Average Variable Cost Average Total Cost Output 0 1 $ 180.00 $ 135.00 $ 315.00 2 $ 90.00 $ 127.50 $ 217.50 3 $ 60.00 $ 120.00 $ 180.00 4 $ 45.00 $ 112.50 $ 157.50 5 $ 36.00 $ 111.00 $ 147.00 6 $ 30.00 $ 112.50 $ 142.50 7 $ 25.71 $ 115.70 $ 141.41 8 $ 22.50 $ 121.90 $ 144.40 9 $ 20.00 $ 130.00 $ 150.00 10 $ 18.00 $ 139.50 $ 157.50 Table 1-a (continued) Marginal Cost Price Total Revenue Marginal Revenue Output 0 $ 345.00 1 $ 300.00 2 $ 249.00 3 $ 213.00 4 $ 189.00 5 $ 165.00 6 $ 144.00 7 $ 126.00 8 $ 111.00 9 $…
The table below shows the weekly cost of producing cowboy hats. Complete the table by filling in the missing values. Instructions: Round your answers to 1 decimal place. Cowboy Hat Production Costs Total Fixed Cost (dollars) $2,000 Total Variable Cost (dollars) Total Cost (dollars) $2,000 Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) Output $0 10 300 24 $4 $230 20 2,460 23 123 30 660 66.7 22 40 2,900 72.5 50 1,200 24