Table 1A: Costs and Total Production for a Competitive FirmTotalTotalTotalTotal Marginal AverageAverageAverageProduct Fixed Cost VariableCost CostFixed Cost VariableTotal(Q)(TFC)Cost (TVC) (TC) (MC)(AFC)Cost (AVC) Cost (ATC)1.$20.00$40.00FK.$50.00BG.$58.00H.W*పటలాక$70.00D$85.00E JYRefer to Table 1A. Blanks Fand Y can be best filled with values ofandrespectively.O $11.00: $22.00O $10.00: S21.00O $10.00: $22.00O $11.00: $21.00POR STA,C.寸 5

Fixed cost is independent of output produced whereas variable cost varies with the level of…

Table 1A: Costs and Total Production for a Competitive Firm Total Total Total Total Marginal Average Average Average Product Fixed Cost Variable Cost Cost Fixed Cost Variable Total (Q) (TFC) Cost (TVC) (TC) (MC) (AFC) Cost (AVC) Cost (AT 1 $20.00 $40.00 K U $50.00 L 3. $58.00 H. R W 4 $70.00 D I $85.00 E Y Refer to Table 1A. Blanks Fand Y can be best filled with values of and respectively. O $11.00; $22.00 O $10.00; $21.00 O $10.00; $22.00

Table 1A: Costs and Total Production for a Competitive Firm Total Total Total Total Marginal Average Average Average Product Fixed Cost Variable Cost Cost Fixed Cost Variable Total (Q) (TFC) Cost (TVC) (TC) (MC) (AFC) Cost (AVC) Cost (AT 1 $20.00 $40.00 K U $50.00 L 3. $58.00 H. R W 4 $70.00 D I $85.00 E Y Refer to Table 1A. Blanks Fand Y can be best filled with values of and respectively. O $11.00; $22.00 O $10.00; $21.00 O $10.00; $22.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

36 Total Total Average Average Output Fixed Variable Total Variable Total Marginal (Q) Cost Cost Cost Cost Cost Cost I of 150 $500 $400 $900 $2.67 200 $500 $800 $1,300 $6.50 The table above shows costs for a firm. When Output (Q) changes from 150 to 200, Marginal Cost (MC) is equal to: Select one: a. $400 b. $8.00 c. $4.00 d. $5.00
Output (Concession Stand Items) Number of Workers Employed Per day Price of Labor Per Worker Per Day Total Variable Cost of Labor Total Fixed Costs Per Day Total Cost Per Day Average Price of Concession Stand Items Total Revenue Profit Average Variable Cost Average Fixed Cost Average Total Cost Marginal Cost Marginal Revenue 0 0 $120 $2,000 $8.00 100 2 $120 $2,000 $8.00 400 4 $120 $2,000 $8.00
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: $…
5
Using the following table construct the cost schedule for a firm operating in the short run Graph the average variable cost, average total cost and marginal cost curves. Quantity- Production (thousands) Total Fixed cost Total Variable cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $400 0 $400 --- --- ---- ---- 1 $640 2 $720 3 $780 4 $820 5 $850 6 $890 7 $980 8 $1200…
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
+ 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.
Tammy quit her job as a math teacher making $70,000 per year to start her own online business. The first-year revenue totaled to $200,000. During the first year of online business, Tammy paid $50,000 for the office rent and $20,000 for utilities and supplies. What is the amount of accounting profit generated from Tammy’s online business? $60,000 $200,000 $130,000 $70,000