Fill the missing values (highlighted in blue font) on the table below by using the following cost formulas:Let Q be the amount of the output a firm produces.The essential cost equation:TC = FC+ VCMathematically, if Q 0, then the average costs are defined as:TCFCVCA-Average, thenАТС 3 AFC + AVCTC:AFC=FC: AVC =VCATCAlso, the marginal cost between two levels of output: Q, and Q defined as:7G - TCAQATCMCQ Table#1: Varieties of CostsOutput (Q)(InstructionalModules perFixedVariableTotal CostsAverageFixed CostAverageAverageMarginalCost (MC)CostsCosts (VC)(TC)VariableTotal Cost(FC)(AFC)Cost (AVC)(АTC)Month)B =A=$100XXXXXXXXXXXXXXXXXXXXXXXXXXXXX10B =$140D1 =C1=D2=D3 =D4 =20B =F1=F2 =$12H3 = 7C2=F3=F4 =30B =H2 =H1 =C3 =$11H4 =40B =$520E1 =C4 =E2=E3 =E4=50B =G2=G1=C5 =G3 =$16.40G4 =1. The marginal cost is at a minimum in Table#1 when:A) The first 10 units are produced.C) Output inereases from 20 units to 30 units.Answer:B)Output increases from 10 units to 20 units.D)Output increases from 30 units to 40 units.2. In Table#1, the average total cost occurs at a production rate of:A) 10 units per day. B) 20 units per day. C) 30 units per day. D) 40 units per day.Answer:

Table#1: Varieties of Costs Output (Q) (Instructional Fixed Variable Total Costs Average Fixed Cost Average Variable Average Total Cost Marginal Cost (MC) Costs Costs (VC) (TC) Modules per (FC) (AFC) Cost (AVC) (АTC) Month) A= $100 XXXXXXXX XXXXXXXX XXXXXX XXXXXX 10 B = $140 D1 = C1= D2= D3 = D4 = 20 B = F1%= F2 = C2= $12 F3= F4 = 30 B = H2 = H1 = C3 = H3 = 7 H4 = $11 40 B = $520 E1 = C4 = E2= E3 = E4= 50 B = G2= G1= C5 = G3 = $16.40 G4 = 1. The marginal cost is at a minimum in Table#1 when: A) The first 10 units are produced. B) Output increases from 10 units to 20 units. C Qutrut increases from 20 units to 30 units Outnut inoren BBBBBB

Table#1: Varieties of Costs Output (Q) (Instructional Fixed Variable Total Costs Average Fixed Cost Average Variable Average Total Cost Marginal Cost (MC) Costs Costs (VC) (TC) Modules per (FC) (AFC) Cost (AVC) (АTC) Month) A= $100 XXXXXXXX XXXXXXXX XXXXXX XXXXXX 10 B = $140 D1 = C1= D2= D3 = D4 = 20 B = F1%= F2 = C2= $12 F3= F4 = 30 B = H2 = H1 = C3 = H3 = 7 H4 = $11 40 B = $520 E1 = C4 = E2= E3 = E4= 50 B = G2= G1= C5 = G3 = $16.40 G4 = 1. The marginal cost is at a minimum in Table#1 when: A) The first 10 units are produced. B) Output increases from 10 units to 20 units. C Qutrut increases from 20 units to 30 units Outnut inoren BBBBBB

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

The relationship between the price charged and the resulting amount purchased can be shown as the variable cost experience curve break-even chart target cost demand curve
3) A firm produces 50 000 boxes in one month and market price of these shoes is 10 TL per box. The total cost of the firm 400 000 TL and 20% of that cost is variable cost. Given that information a) Calculate the profit, ATC, AFC and AVC of that firm b) Suppose that market price is up to 11. The firm considers to increase its output to 55 000 when the price is 11 which however will lead to a total cost of 480 000. Should this firm increase its output and if so, why?
A. How much is the fixed cost to produce the natural-organic oil? B. How many barrels of natural-organic oil should the firm produce to maximize its profit? C. How much is the price of the natural-organic oil per barrel? D. At what production level would the marginal cost exceed the average cost? E. How many barrels of natural-organic oil reflect the lowest minimum average variable cost?
Total Cost (TC) equals: O Average Marginal Cost (AMC) plus Average Fixed Cost (AFC) O Total Marginal Cost (TMC) plus Total Explicit Cost (TEC) O Total Variable Cost (TVC) plus Total Fixed Cost (TFC) Total Variable Cost (TVC) plus Marginal Cost (MC)
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
question # 2
For each lettered space in the following table, determine the appropriate dollar amount.
Q.4 Marginal Cost is closely related to: (a) Total variable cost (b) Total cost (c) Total fixed cost (d) All of the above
(b) Also, use this information to then set up another diagram showing the firm's short run marginal cost (MC), average total cost (ATC), and average variable cost (AVC), with output on the horizontal axis (For the marginal cost, remember that when you graph marginal values you should always put them in the middle of the horizontal range that they are calculated over).
Question #1 only
When total revenue is $4000, explicit cost is $700, and implicit cost is $500, then calculate the economic gain.