Refer to the table below. The table shows Long-Run Total Costs Quantity 1 2 4 6 7 Firm 1 $180 $280 $470 $680 $890 $1,200 $1,510 Firm 2 $120 $250 $390 $540 $700 $870 $1,050 Firm 3 $150 $300 $450 $600 $750 $900 $1,050 Firm 4 $210 $340 $490 $620 $850 $1,060 $1,290 Firm 4's efficient scale occurs at what quantity? 2 4 O O

Refer to the table below. The table shows Long-Run Total Costs Quantity 1 2 4 6 7 Firm 1 $180 $280 $470 $680 $890 $1,200 $1,510 Firm 2 $120 $250 $390 $540 $700 $870 $1,050 Firm 3 $150 $300 $450 $600 $750 $900 $1,050 Firm 4 $210 $340 $490 $620 $850 $1,060 $1,290 Firm 4's efficient scale occurs at what quantity? 2 4 O O

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter21: Production And Costs

Section21.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

See similar textbooks

Similar questions

Which time period is the firm operating? Why?
The table below shows the monthly cost of producing vintage model cars for collectors. Instructions: Enter your answers as a whole number. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below. Vintage Model Car Production Costs Output 0 100 200 300 400 Total Fixed Cost (dollars) $3,000 3000 3000 3000 3000 Total Variable Cost (dollars) 1,200 1,700 3,700 III Total Cost (dollars) $3,000 5,700
what is the average fixed cost of producing 16 units?
Make a copy of your spreadsheet and double the fixed costs. How does this change your answer to question 2? Explain in detail. Q TC TFC TVC AFC AVC ATC SMC TR MR Total Profit Average Profit Profit Margin 0 6000 6000 Infinity infinity 0 -6000 infinity 100 12000 6000 6000 60.0 60.00 120.0 60.0 30000 300.0 18000 180.0 240.0 200 15000 6000 9000 30.0 45.0 75.0 30.0 60000 300.0 45000 225.0 270.0 300 21000 6000 15000 20.0 50.0 70.0 60.0 90000 300.0 69000 230.0 240.0 400 33000 6000 27000 15.0 67.5 82.5 120.0 120000 300.0 87000 217.5 180.0 500 48000 6000 42000 12.0 84.0 96.0 150.0 150000 300.0 102000 204.0 150.0 600 65000 6000 59000…
TC 400+150Q-3Q2 +0.02Q3 400 Based on this equation, find total fixed cost calculate total fix cost -
Refer to the following: Output 0 50 100 150 200 Total Cost $ 300 800 1050 1650 2400 Average Variable Cost when 150 units of output are produced is $ 9 The additional cost of producing the 117th unit of output is $ Explain
2
Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per week, and $62.50 when production is 160 units per week. What are the total fixed costs per week?
ATC, AAC, AVC, MC (/uni 270.00 24000 21000 180.00 150.00 120.00 10:00 60.00 30.00 0:00 02 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Units of Output (0) Unit Cost Curves Refer to the graph above. The curves are not labeled. To help get this question right, you must first label the curves. An output level of 18 is identified with the dark vertical line. The shaded rectangular area (height times width) is the O average sunk cost. O total sunk cost O total avoidable fed cost. O total avoidable cost. O None of the above
The Trouser Company has fixed costs of 2,400 per week. In addition, we have some information about its total costs of production.Output020406080100120140TC2400530067007200770091001200017400a) For each of the output levels in the table, calculate the Trouser Company’s average variable costs (AVC), average (total) cost (AC) and marginal cost (MC).b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm’s short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in the short run.
. Given the following fixed and variable costs and the volumes, calculate the total andunit costs.
Output (unit) Total cost (RM) Total fixed cost (RM) Total variable cost (RM) Average fixed cost (RM) Average variable cost (RM) Average total cost (RM) Marginal cost (RM) 0 600 600 - - - - - 10 1050 600 450 60 45 105 45 20 1450 600 850 30 42.5 72.5 40 30 1800 600 1200 20 40 60 35 40 2100 600 1500 15 37.5 52.5 30 50 2450 600 1850 12 37 49 350 60 2850 600 2250 10 37.5 47.5 40 70 3300 600 2700 8.57 38.57 47.14 45 80 3850 600 3250 7.5 40.625 48.125 55 90 4500 600 3900 6.67 43.34 50 65 100 5250 600 4650 6 46.5 52.5 75 Which time period is the firm operating? Why?