Table 13-1Measures of Cost for ABC Inc. Widget FactoryVariableTotalCostsCosts$1$3$18$6$21$10$30$21Quantityof Widgets0123456FixedCosts$15$15 Refer to Table 13-1. What is the fixed cost ofproducing three widgets?a. $0b. S1c. $15d. $18Refer to Table 13-1. What is the variable cost ofproducing five widgets?a. $13.00b. $14.00c. $15.00d. $16.00

Fixed cost: Fixed cost is defined as the cost which is independent of the level of output or…

Refer to Table 13-1. What is the fixed cost of producing three widgets? a. $0 b. S1 c. $15 d. $18 Refer to Table 13-1. What is the variable cost of producing five widgets? a. $13.00 b. $14.00 c. $15.00 d. $16.00

Refer to Table 13-1. What is the fixed cost of producing three widgets? a. $0 b. S1 c. $15 d. $18 Refer to Table 13-1. What is the variable cost of producing five widgets? a. $13.00 b. $14.00 c. $15.00 d. $16.00

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: Business X is producing 100 units at a cost of 100. It then produces at additional 100 units at a…

A: Marginal cost measures the change in total cost due to a change in quantity. i.e., Marginal cost =…

Q: Please use the following table to answer the question. Q AVC TVC TFC TC MC 0 - $0 $150 - $25 $150…

A: Total cost is the cost of producing all the units of good. Fixed cost is the cost that does not…

Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…

Q: It is common for people trying to lose weight to notice that the first 10 pounds are much easier to…

A: Marginal cost is the change in total cost, per unit change in output.

Q: 3) A music publisher calculated the cost of printing music using an engraved plate technology and…

A: Total cost is an addition of Total Fixed cost and Total Variable cost. Total Fixed cost is that cost…

Q: a. What are Caroline’s explicit and implicit costs? b. What is Caroline’s accounting profit? What…

A: (Solving the first question). Answer 1: a. Explicit costs are those costs which are required to…

Q: j. What is happening to average total costs when they equal marginal costs? k. Marginal costs equal…

A: The table including the variable input, total product, price of input and Total Fixed cost is given…

Q: a. Complete the following table by filling in the fixed cost (FC), variable cost (VC), total cost…

A: Formula to calculate:- Total Cost:- TC=Variable cost+Fixed cost Marginal Cost:-…

Q: a) What is Quantity of cars TC $500,000 540,000 560,000 570,000 590,000 620,000 660,000 720,000…

A: The total sum that a producer must pay to create all of their goods and services is referred to as…

Q: 2. SCHOOL SPIRIT As president of Student Council, Brandy is getting T-shirts made for a pep rally.…

A: The average cost (AC) is the total cost (TC) of producing a certain number of units of a product,…

Q: A price-taking firm makes air conditioners. The market price of one of its new air conditioners is…

A: Airconditioner per day to maximize profit= 2 per day Marginal costs are follow as presented in the…

Q: Units TP VC FC TC МС of Labor

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Consider the following table: What is average total costs at 6 units of output?

A: Total Cost (TC) refers to the number of units produced by a firm in a given year. Total Fixed Cost…

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

A: The marginal cost is the cost of producing one additional unit of a good. In this case, it is the…

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: Given the following table: OUTPUT 0 123456 Part 1: The TVC of producing 4 units of output is Number…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost are the cost that doesn't change…

Q: Using the following table about quantities and total costs, with a price of $3, answer this…

A: QuantityTotal Costs…

Q: Required a. How much is the fixed cost to produce the natural-organic oil? b. How many barrels of…

A: The fixed cost does not change with change in the level of output. The variable cost changes with…

Q: 3.2. MP34U. Music Ventures sells a very popular MP3 player, the MP34u. The firm currently sells one…

A: Introduction Demand elasticity is a measure of how much the total demand for a good or service…

Q: PProblem 3-Page (174): The following table gives you information on the total cost of Mac's ice…

A: Average total cost is alluded to as the entirety of all production costs divided by the total…

Q: d. What is the average variable cost of cleaning seven classrooms? e. What is the marginal cost of…

A: Total cost = Total fixed cost + Total variable cost Total fixed cost is those cost which are not…

Q: You a a discount for buying multiple notebooks. The first costs you $30. Buying a second gives you a…

A: Marginal cost is the change in total cost per unit change of output.

Q: Use the following table and use your previous calculations at what quantity of output does marginal…

A: Total cost is the sum of total fixed cost and total variable cost. Marginal cost is the addition to…

Q: The last column of Table 2.2 shows the marginal cost of Good U, which we also assume that the fixed…

A: We know; MC = Change in TC / Change in Q So; Change in TC = MC x Change in Q Average Cost = Total…

Q: Table 8.5 Output Total Cost 0 15 1 25 2 33 3 40 4 48 5 58 6 70 Refer to Table 8.5. The marginal…

A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.

Q: 27. If a firm will produce an additional unit of good or services, determine what will happen to…

A: In the market, firm may change its production decision with the change in the market situation and…

Q: Please help me to answer Q8

A: Question 8:Marginal Cost: It refers to the additional cost incurred when one more unit of a good is…

Q: 22. Suppose an artist put on 5 concerts in Korea last month for an average total cost of $1 million…

A: Average Total Cost(ATC) is the total cost divided the total quantity. ATC=total costtotal quantity…

Q: 6. If the Marginal Cost for a product is found to be MC = 8x + 60, and the Marginal Revenue is given…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Refer to the information provided in Table below to answer the question that follow. Number of…

A: The sum of all the variable costs incurred by a business in the production of goods or services is…

Q: Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only…

A: Given information: Ike Bikes is a manufacturer of bikes, currently producing bikes in its only one…

Q: Part I Given that the marginal cost (mc) to manufacture an Iphone per day is represented by the…

A: Answer - "Thank you for submitting the questions .But, we are authorized to solve one question at a…

Q: You are planning to setting up a Fruity Juice Stand. The stand itself costs IDR 2,000,000,- The…

A: Given:- Stand cost=IDR 2,000,000Plastic glass cost=IDR 5000 Please find images attached for detailed…

Q: Find a. The willingness to pay distribution of the movie goers. b. The average price they would be…

A: The willingness to pay (WTP) is the maximum price at or below which a consumer will definitely buy…

Q: 4. Use the information in the following graph to find the values for the following at an output…

A: Marginal cost or MC: It's the additional cost incurred when producing one more unit of output. It's…

Q: The table below shows the maximum output levels for Here and There. Cloth Computers Here 110 or 60…

Q: Suppose the total costs of production for a book publishing firm are given by: TC=5+20+30² Compute…

A: TC= 5+2Q+3Q2AC= TC/Q = 5/Q+2+3QMC= dTC/dQ= 2+6QThis the second option iscorrect.

Q: Below is the productivity per worker (kilos per day) in the wheat and bean industries of Caledonia…

A: Opportunity Cost: It refers to the foregone revenue on the next best alternative if we pick a…

Q: .Which of the following is an example of a fixed cost? A. cost of employees who work overtime B.…

A: In general, a firm incurs various costs in the daily business and these costs can be classified as…

Q: Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1.…

Question

Table 13-1
Measures of Cost for ABC Inc. Widget Factory
Variable
Total
Costs
Costs
$1
$3
$18
$6
$21
$10
$30
$21
Quantity
of Widgets
0
1
2
3
4
5
6
Fixed
Costs
$15
$15

Refer to Table 13-1. What is the fixed cost of
producing three widgets?
a. $0
b. S1
c. $15
d. $18
Refer to Table 13-1. What is the variable cost of
producing five widgets?
a. $13.00
b. $14.00
c. $15.00
d. $16.00

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 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

Three college students are considering operating a tutoring business in economics. This business would require that they give up their current jobs at the stu- dent recreation center, which pay $6,000 per year. A fully equipped facility can be leased at a cost of $8,000 per year. Additional costs are $1,000 a year a. What are fixed costs?b. What are variable costs? c. What is the marginal cost?
f production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the aver ecimal places.) Output (q) VC C MC AFC AVC AC 1 $100 $64 112 $164 $64 48 $100.00 $64.00 $164.00 50.00 56 00 106.00 2 100 212 3. 100 144 244 32 33.33 48.00 4. 100 160 16 25.00 40.00 65.00 100 192 292 -32 20.00 58 40 9. 100 340 48 16.67 40.00 56.67 7. 100 -304 404 14.29 4343 57.71 100 -384 484 80 48.00 60.50 53.33 59.20 9. 100 480 580 96 11.11 64.44 10 100 592 112 10.00 F.
1:27 Ces A firm's output, variable costs, and total costs are given in the table below. Instructions: Enter your answers as a whole number. a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity 10 20 30 50 Quantity 0 10 20 30 40 Variable cost ($) b. Calculate AVariable cost/AQuantity. 50 50 120 200 300 420 Variable cost 50 120 200 300 Total cost ($) 420 100 150 220 300 400 520 Total cost ($) 100 150 220 300 400 520 Marginal cost ($) AVariable cost ($)/ AQuantity
economic
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
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: $…
1. How does fixed cost affect marginal cost? Why is this relationship important? 2. Is it possible for total utility to increase while marginal utility diminishes? Explain. 3. Define economies of scale and explain why they might arise. Define disecononies of scale and explain why they might arise.
You own a company that produces widgets. You currently produce 100 widgets; each widget sells for $100 and costs $80 to produce. At this production level, what are your total costs? A. TC = $80 B. TC = $8,000 C. TC = $20 D. TC = $2,000
Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows:Output TFC TVC TC AFC AVC ATC MC 0. 10001. 1002. 1003. 4004. 4505. 16006. 32007 6400 A) Given the partial data available, finish the table and calculate all the costs. B)What is the minimum efficient scale of Vinnie’s company?C)What is the marginal cost of 6 houses?D)If Vinnie charges $825 per house, how many houses he should paint to maximize profit
Use the following table to answer the next question. Output 0 1 2 3 4 5 Total Cost $5 9 12 15 20 27 The average total cost of producing 4 units of output is $ type your answer... Marginal cost is equal to average total cost between type your answer... and type your answer... units of output.
At Emory's Pens and Pencils when they produce 50 pens their total cost is $80. Emory's marginal cost to produce the 51st pen is $1. What is the average total cost of producing 51 pens?
Provide details/explanations of your solutions,indicate any formulas you are using and clearly show your work.