Answered: Quantity Variable Cost Total Cost O…

Business

Economics

Quantity Variable Cost Total Cost O vats of juice 1 2 $0 10 25 $ 30 40 55 45 70 75 100 130 165 4 100 135

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 12AA

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Question

Jane’s Juice Bar has the following cost schedules:
a. Calculate average variable cost, average total cost, and marginal cost for each
quantity.
b. Graph all three curves. What is the relationship between the marginal-cost curve
and the average-total-cost curve? Between the marginal-cost curve and the averagevariable-cost curve? Explain.

Quantity
Variable Cost
Total Cost
O vats of juice
1
2
$0
10
25
$ 30
40
55
45
70
75
100
130
165
4
100
135

Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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