**Table 13-7: The Flying Elvis Copter Rides**| Quantity | Total Cost | Fixed Cost | Variable Cost | Marginal Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost ||----------|------------|------------|---------------|---------------|--------------------|-----------------------|--------------------|| 0 | $50 | $50 | $0 | -- | -- | -- | -- || 1 | $150 | A | B | C | D | E | F || 2 | G | H | I | $120 | J | K | L || 3 | M | N | O | P | Q | $120 | R |**Refer to Table 13-7. What is the value of I+D?**Options:- 320- 250- 300- 270This is a cost table that includes values for total cost, fixed cost, variable cost, marginal cost, average fixed cost, average variable cost, and average total cost at different quantities. The question asks for the sum of the values I (from the table for quantity 2) and D (from the table for quantity 1). The reader is prompted to choose the correct answer from the provided options.

The values in the table are found out by using: TC(total cost)=TVC(variable cost)+TFC(fixed cost)MCn(marginal cost)=TCn-TCn-1AFC=TFCQAVC=TVCQAC=TCQ The completed table is: I+D=Variable cost at quantity 2 + Average fixed cost at quantity 1=220+50=270 So, the value of I+D is 270.

Business

Economics

Table 13-7 The Flying Elvis Copter Rides Quantity Total Fixed Variable Marginal Average Average Average Cost Cost Cost Cost Fixed Variable Total Cost Cost Cost $50 $50 $0 $150 A 1 D E F 2 G $120 K L 3 M IN P $120 R B.

Table 13-7 The Flying Elvis Copter Rides Quantity Total Fixed Variable Marginal Average Average Average Cost Cost Cost Cost Fixed Variable Total Cost Cost Cost $50 $50 $0 $150 A 1 D E F 2 G $120 K L 3 M IN P $120 R B.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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: $…
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A small coffee house has the following costs: building and pizza oven rentals 100,000 labor 120,000owners salary given up 85,000 value of entrepreneurial talent 30,000 raw material 100,000 Bank loan payment 15,000 interest given up by owner 5,000 revenue for the firm is expected to be 420,000 for the year. a. List by name and amount the firms fixed explicit costs b. List by name and amount the forms variable explicit costs c. List by name and amount the forms implicit cost d. Calculate the firms accounting profits and its economic profit e. Should the firms continue business in the long term if revenues and costs continue at the same lev? Why or why not?
variable fixed cost cost average total cost variable cost marginal total revenue marginal total cost wt price $20 revenue profit 1700 0 1700 0 0 -1700 1700 500 2200 5 5 2000 20 -200 1700 1200 2900 6 7 4000 20 1100 1700 2700 4400 9 15 6000 20 1600 1700 5200 6900 13 25 8000 20 1100 1700 9000 10700 18 38 10000 20 -700 1700 15000 16700 25 60 12000 20 -4700 1700 23800 25500 34 88 14000 20 -11500 1700 36800 38500 46 130 16000 20 -22500 1700 55800 57500 62 190 18000 20 -39500 1700 83000 84700 83 272 20000 20 -64700
O O Price (dollars) 160 120 8 40 0 2 4 Quantity According to the figure above, the total cost of producing 5 units is $24 $80 $8 $120 $40
please use following information that has been filled out to fill out next 2 graphs.
+ Output Variable Total AFC AVC ATC Marginal Price Cost Cost Cost $100 300 $150 350 $210 410 $300 500 $430 630 1 2 3 4 5 6 7 $600 $819 800 1019 180 170 160 150 140 130 120 Total Revenue MR Assume the producer was planning to produce a quantity of six units. What would you advise the producer to do in terms of production and pricing to maximize their profit? Provide an explanation of your reasoning. Be specific in your price and quantity targets.