Suppose Ralph has a chicken Enter your search term with the totalcost function shown in the accopmanying table.Quantity ofTotal Cost ($)ChickensWhat sRalph's fixed cost?8001,0001,0002,0001,2003,0001,4004,0001.500Ralph's fixed cost:$45,0001,6006,0001,8007,0002,000Ralph pays his workers $100 each, and labor is the onlyvariable cost. At a quantity of 1000 chickens, how many8,0002,400workers does he hire?

Fixed Cost refers to the cost that does not change with the change in level of output

Answered: Suppose Ralph has a chicken Enteryour…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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25 es A firm's long run total costs are given in the table below. Instructions: Round your answers to two decimal places. a. Fill in the long run average total cost column. Output 1 2 3 st in 5 6 7 Long run total cost ($) 18 24 28 30 34 40 283 48 (Click to select) 63 80 Long run average total cost ($) K b. Over what production range does this firm experience economies of scale? (Click to select) c. Over what production range does this firm experience constant returns to scale? (Click to select) d. Over what production range does this firm experience diseconomies of scale?
When marginal costs are below average total costs, O Average total costs are falling O Average total costs are rising O Average total costs are minimized O Average fixed costs are rising
Consider the following cost table. For the 7th unit, fınd the total variable cost and the average total cost. Total Fixed Cost 2.00 Total Cost 3.00 Quantity 3.00 3.00 3.00 3.00 8.00 2. 11.00 13.00 14.50 16.00 16.00 21.00 3.00 3.00 6. 3.00 3.00 26.00 34.00 69 3.00 10 3.00 46.00 VC-$3, ATC-$21 O vC-$23, ATC-$3.25 O Not enough data O VC-$18. ATC-$3
The table below shows the long run total cost function for a firm. The firm's cost function exhibits: Quantity of Output 0 2 3 4 5 Odiseconomies of scale Total Cost ($) O constant returns to scale O economies of scale O decreasing marginal cost O increasing marginal cost 10 20 30 40 50 K
Use the table to answer the uestion below: Quantity Total Cost 0 10 1 23 2 32 3 40 4 55 Calculate marginal cost for the third unit?
The munager af a T-airt stand found that the cost to prodice 30 Tahirts is $112 59, while the cont to produce 40 T-shirts is S401.58. Assume the cont C a linear function of a, the number of Tshrts produced. Calculate the marginal cost of a T-shirt, that s the change in cost of producing one additional T-shirt. (Round to 2 decimal places
Plz explain
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4. Give an example of a fixed cost and a variable cost.
Use the figure below to answer the following questions. Average cost (dollars per sweater) 12 H Select one: OA. Plant A OB. Plant B O C. Plant C O D. Plant D O E. none of the above 10 8 6 4 2 0 5 10 ATCA ATCB ATCC ATCD 15 20 25 30 Output (sweaters per day) Figure 11.4.2 Refer to Figure 11.4.2, which illustrates the short-run average total cost curves for four different plant sizes. Which plant has the lowest average total cost for an output rate of 5 sweaters a day?
Kanye runs a musical dinner theater. Last year, he earned 50000 in revenue and had explicit cost of 20000. Kanye could have made 29750 selling video games on the internet and received an additional 10000 if he rented out the store and equipment. Calculate kanyes implicit costs.

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