Total Product234510Average Fixed Cost$150.0075.00economies of scale50.0037.5030.0025.0021.4318.7516.6715.00the law of diminishing marginal utilitydiseconomies of scale.Average VariableCost$25.0023.0020.0021.0023.0025.0028.0033.0039.00Average Total Cost$175.0098.0070.0058.5053.0050.0049.4351.7655.67Marginal Cost$25.0021.0014.0024.0031.0048.0063.00The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflectsA the law of diminishing returns.35.0046.0168.0786.95128.97

One of the primary concepts in economics is the concept of marginal cost, which is the extra expense…

The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects A the law of diminishing returns. the law of diminishing marginal utility Ⓒdiseconomies of scale economies of scale

The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects A the law of diminishing returns. the law of diminishing marginal utility Ⓒdiseconomies of scale economies of scale

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Total Product
2
3
4
5
10
Average Fixed Cost
$150.00
75.00
economies of scale
50.00
37.50
30.00
25.00
21.43
18.75
16.67
15.00
the law of diminishing marginal utility
diseconomies of scale.
Average Variable
Cost
$25.00
23.00
20.00
21.00
23.00
25.00
28.00
33.00
39.00
Average Total Cost
$175.00
98.00
70.00
58.50
53.00
50.00
49.43
51.76
55.67
Marginal Cost
$25.00
21.00
14.00
24.00
31.00
48.00
63.00
The accompanying table gives cost data for a firm that is selling in a purely competitive market. The marginal cost column reflects
A the law of diminishing returns.
35.00
46.01
68.07
86.95
128.97

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