Table 13-7The Flying Elvis Copter RidesTotalFixedQuantity CostVariableMarginalAverageAverageAverageFixedVariableTotalCostCostCostCostCostCost10$50$50$01$150ABCDE2GH$120K3MNPQ$120RRefer to Table 13-7. What is the value of L?a. $60b. $135c. $270d. $240

To determine the value of L , which represents the Average Total Cost (ATC) for producing 2 units,…

Answered: Table 13-7 The Flying Elvis Copter…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Problem Solving a. Compute the average cost and marginal cost Units of output Total Cost Average Cost Marginal Cost 30 40 55 75 100 130 165 b. Plot in a graph the average cost and the marginal cost. c. What is the efficient production of the firm? Explain its implication if the firm produce more than its efficient output.
a. The following presents the costs and revenues for a firm. Quantity Marginal Cost Marginal Total Cost Total Profit Revenue Revenue 15 1 30 100 48 190 3 59 300 4 68 450 5 74 500 79 505 7 81 308 Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. i. How many units should the firm produce to maximise profit? b. Describe the relationship between the marginal product and the total product of a firm
None
1. Visualizing average costs and marginal costs as a slope? Take an example 2. Long run average total cost curve? Take an example 3. Minimium efficient scale and market concentration? Take an example
Table 7 Jimmy's Gigaplots Factory Quantity of gigaplots 1 ~ 3 2 4 5 679 BAC Select one: Fixed Cost O a. $22.17 O b. $22.57 O c. $16.34 O d. $22.00 aguila Variable Cost $13 $28 $64 $108 $133 Total Cost $38 $70 $110 $185 Average Average Fixed Variable Cost Cost Refer to Table 7. What is the average total cost of producing 6 gigaplots at Jimmy's Gigaplot factory? Average Total Margina Cost Cost
Only answer 7, 8 and 10
i. Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. How many units should the firm produce to maximise profit?
Mariam has a small bakery. She spends 200KD a month to rent a building for his company, 600KD a month for renting the machines, and 10KD for one hour of employees work. Mariam produced 300 cakes this month and sold at a price of 5KD. She has used 40 working hours. Calculate: 1. Mariam's fixed cost 2. Mariam's total cost of producing 300 cakes 3. Mariam's revenue when she sold 300 cakes 4. Mariam's profit when she sold 300 cakes
4. Complete the following schedule: Quantity 0 1 2 3 4 5 6 7 Total Cost $9 $12 $16 $21 $30 $40 $52 $6 ATC MC Assuming the price of this product is $12, at what output is (a) Total profit maximized (b) Total revenue maximized (c) Profit per unit maximized
22. Which one of these will continuously increase as more products are produced? a. None of the choices b. Variable cost c. Average fixed cost d. Fixed cost
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: $…
6. No. of COWS (Head) 0 25 50 75 100 125 150 175 200 225 250 275 If the price of beef was $98.00 what is the optimum number of cows and the profit or loss at that number and price? Output (cwt. of beef) 0 104 220 322 413 494 568 629 676 710 730 737 Total Total Average Average Average Marginal Marginal Total Total Profit Cost Variable Fixed Revenue Revenue Fixed Total Cost Cost Costs Costs Cost 20,000 20,000 XXX XXX XXX 20,000 24,500 43.27 192.31 235.58 90.91 131.82 20,000 29,000 40.91 20,000 33,500 41.93 62.11 104.04 20,000 38,000 43.58 48.43 92.01 45.55 40.49 86.03 20,000 42,500 47,000 27,000 20,000 47.54 35.21 82.75 20,000 51,500 50.08 31.80 81.88 31,500 36,000 20,000 56,000 53.25 29.59 82.84 57.04 28.17 85.21 40,500 20,000 60,500 45,000 20,000 65,000 61.64 27.40 89.04 49,500 20,000 69,500 67.16 27.14 94.30 Total Variable Cost 0 4,500 9,000 13,500 18,000 22,500 Ans. Ans. XXX 43.27 38.79 44.12 49.45 55.56 60.81 73.77 95.74 132.35 225.00 642.86 98.00 98.00 98.00 98.00 98.00 98.00 98.00…

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Table 13-7 The Flying Elvis Copter Rides Total Fixed Quantity Cost Variable Marginal Average Average Average Fixed Variable Total Cost Cost Cost Cost Cost Cost 10 $50 $50 $0 1 $150 A B C D E 2 G H $120 K 3 M N P Q $120 R Refer to Table 13-7. What is the value of L? a. $60 b. $135 c. $270 d. $240