The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner. Cheeseburger Production Costs Quantity (burgers per hour) 0 10 20 30 40 50 60 70 80 90 100 Average Variable Cost (dollars) $1.00 0.70 0.70 0.78 0.88 1.07 1.34 1.74 2.23 2.81 Average Total Cost (dollars) $6.60 3.50 2.57 2.18 2.00 2.00 2.14 2.44 2.86 3.37 Marginal Cost (dollars) $1.00 0.40 0.70 1.00 1.30 2.00 3.00 4.50 6.20 8.00 a. When moving from producing a quantity of 30 cheeseburgers per hour to 40 cheeseburgers per hour, the average total cost of production is (Click to select) and the marginal cost of cheeseburger production is [(Click to select) b. When moving from producing a quantity of 50 cheeseburgers per hour to 60 cheeseburgers per hour, the average variable cost of production is (Click to select) and the average total cost of cheeseburger production is (Click to select)

The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner. Cheeseburger Production Costs Quantity (burgers per hour) 0 10 20 30 40 50 60 70 80 90 100 Average Variable Cost (dollars) $1.00 0.70 0.70 0.78 0.88 1.07 1.34 1.74 2.23 2.81 Average Total Cost (dollars) $6.60 3.50 2.57 2.18 2.00 2.00 2.14 2.44 2.86 3.37 Marginal Cost (dollars) $1.00 0.40 0.70 1.00 1.30 2.00 3.00 4.50 6.20 8.00 a. When moving from producing a quantity of 30 cheeseburgers per hour to 40 cheeseburgers per hour, the average total cost of production is (Click to select) and the marginal cost of cheeseburger production is [(Click to select) b. When moving from producing a quantity of 50 cheeseburgers per hour to 60 cheeseburgers per hour, the average variable cost of production is (Click to select) and the average total cost of cheeseburger production is (Click to select)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Douglas Fur is a small manufacturer of fake-fur boots in Ottawa. The following table shows the company's total cost of production at various production quantities. Fill in the remaining cells of the table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 0 60 — — 1 160 2 220 3 270 4 340 5 450 6 630 On the following graph, plot Douglas Fur's average-total-cost (ATC) curve using the green points (triangle symbol). Next, plot its average-variable-cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal-cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $160, so you should start your ATC curve by placing a green point at (1, 160). For MC, plot the points between the integers; for example, the MC of increasing…
Refer to the table below. Quantity Cost (in dollars) Fixed Costs (in dollars) Total Costs (in dollars) Average Total Costs (in dollars per unit) Average Variable Costs (in dollars per unit) Marginal Costs (in dollars per unit) 0 0 40 40 - - - - - - 1 15 40 55 55 15 15 2 35 40 75 37.5 17.5 20 3 60 40 100 33.3 20 25 4 90 40 130 32.5 22.5 30 5 125 40 165 33 25 35 6 160 40 200 33.3 26.6 40 If this information were used to create a total cost graph, the curve should Question 6 options: begin at 40 on the vertical axis and slope upward. become steeper as quantity increases. become steeper due to diminishing returns. reflect all of the above.
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Suppose the imaginary company of Roobek is a small, Cedar Rapids-based American apparel manufacturer specializing in athleisure. The following table presents the brand’s total cost of production at several different quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 0 60 — — 1 155 2 220 3 255 4 300 5 350 6 450
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