Question 6The table below describes the cost functions for a food manufacturer.Total Fixed Variable Totaloutput CostAvg.TotalAvg.FixedAvg.VariableMarginalCostCostCostCostCostCost10019021703340410085a. Fill in the blanks in the table.b. Identify the level of output at which this firm reaches its efficient scale and explainhow you reach that conclusion.

Total cost is the sum of fixed cost and variable cost. Fixed cost does not depend on output and…

Question 6 The table below describes the cost functions for a food manufacturer. Total Fixed Variable Total Cost Avg. Total Avg. Fixed Avg. Variable Marginal Cost output Cost Cost Cost Cost Cost 100 1 90 2 170 3 340 4 100 85 a. Fill in the blanks in the table. b. Identify the level of output at which this firm reaches its efficient scale and explain how you reach that conclusion.

Question 6 The table below describes the cost functions for a food manufacturer. Total Fixed Variable Total Cost Avg. Total Avg. Fixed Avg. Variable Marginal Cost output Cost Cost Cost Cost Cost 100 1 90 2 170 3 340 4 100 85 a. Fill in the blanks in the table. b. Identify the level of output at which this firm reaches its efficient scale and explain how you reach that conclusion.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I DO NOT NEED THE TABLE INSTEAD I NEED THE ANSWERS TO THE QUESTIONS BELOW Quantity of Output Total Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 1 $20 2 $35 3 $45 4 $60 5 $80 6 $105 7 $140 8 $185 9 $250 10 $340 Imagine yourself running a pizza restaurant over a short term horizon. Think about the following potential changes in your costs. For each, try to discern which would affect your fixed costs from those that are variable costs. Specifically, how would each scenario shift your Average Variable Cost, Marginal Cost, and Average Total Cost curves? Explain your answers. The wages of hourly workers increase The cost of cheese increases The rent on the building housing your restaurant increases The price of gasoline (for pizza delivery) decreases
36 Total Total Average Average Output Fixed Variable Total Variable Total Marginal (Q) Cost Cost Cost Cost Cost Cost I of 150 $500 $400 $900 $2.67 200 $500 $800 $1,300 $6.50 The table above shows costs for a firm. When Output (Q) changes from 150 to 200, Marginal Cost (MC) is equal to: Select one: a. $400 b. $8.00 c. $4.00 d. $5.00
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Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
Using the following table construct the cost schedule for a firm operating in the short run Graph the average variable cost, average total cost and marginal cost curves. Quantity- Production (thousands) Total Fixed cost Total Variable cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $400 0 $400 --- --- ---- ---- 1 $640 2 $720 3 $780 4 $820 5 $850 6 $890 7 $980 8 $1200…
question 28 (Figure) The figure shows the cost curves for a representative firm. At an output level of five units, the average fixed, variable, and average total costs, respectively, would be Cost 180 160 140 120 100 80 60 40 0 012345 A. $120; $66.67; $186.67 B. $40, $80, $120 C. $66.67; $53.33; $120 D.$100; $120; $220 13 14 15 16 Quantity & Moving to another question will save this response. Question 28 of 4.
Read the question and given information carefully. Show all necessary steps and reasoning that lead to the answers. You nead to draw graphs. a-Define diseconomies of scale and draw the long run average cost curve of a company that demonstrates diseconomies of scale b-List 2 reasons of diseconomies of scale and (in no more than 50 words for each reason) explain how each reason can contribute to diseconomies of scale
Average cost (cents per copy) 9 10 2 單選: 0 a. 3.7 b. 5 c. 4000 - d. 4 e. 16 f. 8.5 g. 16000 ATC₁ 2 What is Dustin's long-run average cost if the output is 3,000 copies per day? 6 8 10 Quantity (thousands of copies per day) ATC2 ATC3 ATCA 4
4.a) Consider the following table for a wheat farmer in long run: Q (wheat) 12 345 6 7 VC (in TK) 20 30 60 120 240 500 700 Calculate ATC for each unit. Then find out minimum efficient scale. b)What are the relationships between ATC and MC? Explain it with a relevant graph.