TFC $0 Q (output) TVC TC AFC AVC ATC MC $10 $5 $15 $15 $16.75 2 Using the above table, the AFC, the AVC, and the ATC when output is 1 unit are 1) $5, $10, and $5, respectively. O 2) $5, $10, and $15, respectively. 3) $0, $10, and $10, respectively. 4) $10, $10, and $20, respectively. O12 34

TFC $0 Q (output) TVC TC AFC AVC ATC MC $10 $5 $15 $15 $16.75 2 Using the above table, the AFC, the AVC, and the ATC when output is 1 unit are 1) $5, $10, and $5, respectively. O 2) $5, $10, and $15, respectively. 3) $0, $10, and $10, respectively. 4) $10, $10, and $20, respectively. O12 34

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Definition of economic costs Shen lives in San Diego and operates a small company selling drones. On average, he receives $727,000 per year from selling drones. Out of this revenue from sales, he must pay the manufacturer a wholesale cost of $427,000. He also pays several utility companies, as well as his employees wages totaling $254,000. He owns the building that houses his storefront; if he choose to rent it out, he would receive a yearly amount of $31,000 in rent. Assume there is no depreciation in the value of his property over the year. Further, if Shen does not operate the drone business, he can work as a blogger and earn a yearly salary of $26,000 with no additional monetary costs, and rent out his storefront at the $31,000 per year rate. There are no other costs faced by Shen in running this drone company. Identify each of Shen's costs in the following table as either an implicit cost or an explicit cost of selling drones. Implicit Cost Explicit Cost The wholesale cost for…
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