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- How does fixed cost affect marginal cost? Why is this relationship important?Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.
- Are fixed costs also sunk costs? Explain.What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
- Are there fixed costs in the lung-run? Explain briefly.A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
- Consider the following cost information for a pizzeria: a.What is the pizzeria's fixed cost? b.Construct a table in which you calculate the marginal cost per dozen pizzas using the information on total cost.Also,calculate the marginal cost per dozen pizzas using the information on variable cost.What is the relationship between thes set of numbers?Explain.NoneConsider the following cost information for a pizzeria a. What is the pizzeria's fixed cost? b. Construct a table in which you calculate the marginal cost per dozen pizzas using the information on the total cost. Also, calculate the marginal cost per dozen pizzas using the information on variable cost. What is the relationship between these sets of numbers? Explain.
