Complete the following table. Also find the quantity that maximizes surpQuantity Total BenefitTotal CostMarginal Benefit Marginal Cost001540066.67220080026.675020001406060001007000800033.33150800020000Calculate the following marginal opportunity costs using the graph showing oranges andcherriesa. Increasing orange production from 50 to 80b. Increasing cherry production from 100 to 200c. Increasing orange production by 2d. Increasing cherry production by 30

The concept of the total cost is used to define average cost i.e.the total cost divided by the…

Answered: Quantity Total Benefit Total Cost 0 0 0…

Quantity Total Benefit Total Cost 0 0 0 15 2200 6000 7000 50 60 400 800 2000 8000 Marginal Benefit 66.67 140 33.33 Marginal Cost 26.67 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Costs ($) 800 500 450 300 TC TVC 0123 56 7 8 9 10 11 12 Units of output 1. Refer to the figure, Micro Oven's average fixed costs of producing two units of output are A. 300 B. 450 C. 225 D. 150
Hhh
Output TFC TVC TC MC ATC A 25 25 В 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 25 110 33.75 F 5 25 160 50 What is the marginal cost of the 4th unit of output? 40 25 50 Cannot be determined.
6 5 nts eBook Print References Mc Graw Hill Output 0 1 2 3 4 5 6 7 8 9 $ Total Cost $2,500 3,410 4,040 4,480 4,900 5,220 5,540 6,310 7,320 9,710 units variabl Cost $ 0 b. What is the value of total fixed cost? units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost 1 c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? Marginal cost: $ Average Total Cost 1 $ 3410 2020 1493.33 H a 1225 1044 923.33 901.42 915 1078.89 a Average Variable Cost D $ 1 625 500 416.67 35713 312.5 27778
Question 4 Barrels of Average Oil Marginal Marginal Total Produced Revenue Cost Costs $ 30.00 $ 4.00 $ 34.00 1 $ 50.00 $ 50.00 $ $ 50.00 $ 77.00 $ 50.00 $ 17.00 $ 17.00 $ 50.00 $ 23.00 $ 18.20 2 6.00 $ 40.00 $ 17.00 $ 50.00 $ 29.00 $ 20.00 $ 50.00 $ 36.00 $ 22.29 $ 50.00 $ 50.00 $ 25.75 $ 50.00 $ 90.00 $ 32.89 $ 50.00 7 8. 10 $ 124.00 $ 42.00 Consider the table above. What are the fixed costs of production for this firm? $4 $30 $50 $34
How do you find the marginal costs (questions d and e)
QUESTION 2 1. Mr. Jack is in the process of expanding his manufacturing business. He decided to opena plant in the coming year. He has four locations in mind. The costs information forthese locations is in the following table. Locations A B C D Fixed Costs 60,000 80,000 100,000 130,000 VariableCosts/unit 30 20 15 10 a.i. Write an equation to represent the total costs for each location.
QUESTION 21. Mr. Jack is in the process of expanding his manufacturing business. He decided to opena plant in the coming year. He has four locations in mind. The costs information forthese locations is in the following table.Locations A B C DFixed Costs 60,000 80,000 100,000 130,000VariableCosts/unit 30 20 15 10a.ii. Draw the total costs lines for each location on the same axes. (Use output rangesof 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis
A farmer has 8 hectares of agricultural land. The farmer will plant the land with rice and corn. 3 tons of rice can be harvested from 1 hectare of rice field, while 4 tons of corn can be harvested from 1 hectare of corn field. This farmer wants to get a yield of no less than 30 tonnes. If the cost of planting 1 hectare of rice field is 500 thousand and the cost of planting 1 hectare of corn field is 600 thousand. Then what is the minimum cost that must be incurred by the farmer?
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/
If average cost is incresing as output expands, a marginal cost equals average cost b marginal cost exceeds average cost c marginal cost is less than average cost d not enough information
Write a word or term that governs the following 1. are benefits given to the firm that originate from outside the firm. 2. exist when costs fall with larger size firm for technical and engineering reasons. 3. result from the way that larger firms can employ specialized workers.