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![The table below provides the total variable cost for a firm.
Total
Quantity of
Output
Variable Cost
0
SO
1
$50
$60
3
$75
4
$100
If the fixed cost is $60, what is the average total cost of the 3rd unit?
$45
$25
$35
$135
$75](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9e8aa205-32aa-4f07-9b5c-13bb56a777db%2Fea2fd90b-c9e8-4581-896c-004359501aca%2Fbhnhim_processed.png&w=3840&q=75)
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- The table below shows cost data for producing different amounts of cleaning products. Use the given information to find the Average Variable Cost. Quantity Total Cost Average Variable Cost 11 1 2 فيا 4 5 28 46 60 65 68 4. 4. 1.2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to determine the nature of their long-run cost structure. Some cost data has been collected for you and appears in the table below. Quantity of Generators Labor Costs Tools Cost $2 $4 $7 $8 $15 $24 $28 $41 $65 $80 Total Cost Long Run Average Cost $10 12 14 16 20 30 42 1 4 5 8 9 10 70 100 (a) Fill in the missing values in the table. (b) Graph the firm's long-run average cost curve below. (c) Determine the range of output levels over which there exists economies and diseconomies of scale, and mark these ranges on your graph.Question 1 Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. Quantity of Output Total Cost $12 1 $14 2 $18 $24 4 $32 5 $42 6 $54 7 $68 The table above shows the total cost function for a typical firm producing hats in a perfectly competitive market. The market price for hats is $9 per hat. (a) Calculate the average variable cost of the fifth unit. Show your work. (b) What is the firm's profit-maximizing quantity of hats? Explain using marginal analysis. (c) Draw a correctly labeled graph showing the firm's demand and marginal cost curves, and show the profit-maximizing quantity of hats determined in part (b). (d) If the rent of the building the firm occupies increases, what will happen to the firm's profit-maximizing quantity of output in the short…
- Consider the production of hamburgers. The average total cost (ATC) and average fixed cost (AFC) of producing hamburgers are illustrated in the graph to the right Use the four-point curve drawing tool to graph the average variable cost of producing one, two, three, and four thousand hamburgers. Properly label this curve Carefully follow the instructions above, and only draw the required objects. Cost (cente per unit) 26 24- 22- 20 18- 16 14- 12- 10 B 6 4- 2 ATC AFG Quantity of hamburgers (in 1000s) Q duFill in the space (d) in the table below associated with the firm William Perry, Inc., that delivers refrigerators in the Chicago area, using the two inputs of labor and trucks. Number of Amount of Trucks Labor 2 2 2 2 2 2 2 0 1 2 3456 Total Output 0 75 (c) 380 (f) Average Product of Labor (a) (b) 100 (d) (e) 75 Marginal Product of Labor 100 50 (g) 0a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) Total cost ($) Marginal cost ($) 0 0 100 1 60 160 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100 b. Calculate AVariable cost/AQuantity. Quantity Variable cost ($) AVariable cost Total cost ($) ($)/ AQuantity 0 0 100 1 60 160 100 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100
- See the cost information in the table below. When this firm produces 5 units, what is the average total cost? Quantity produced/day Total Cost Variable Cost 0 $100 0 1 $175 $75 2 $200 $100 3 $250 $150 4 $280 $180 5 $360 $260 6 $400 $300Using 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…Question 6 of 20 Total Total Average Average Average Fixed Variable Total Marginal Variable Fixed Cost $200 Output Total (Q) Cost Cost Cost Cost Cost Cost $0 $200 $200 $150 $350 40 $200 $250 $450 60 $200 $450 $650 80 $200 $800 $1,000 For the cost data shown above, what is this firm's Average Variable Cost (AVC) when Output (Q) is 60? $7.50 $6.25 $5.00 $450 20
- Labor (workers) Output(units) Total fixed cost, TFC (dollars) Total variable cost, TVC (dollars) Total cost, TC (dollars) 0 0 20 0 20 1 4 20 25 45 2 9 20 50 70 3 13 20 75 95 4 16 20 100 120 5 18 20 125 145 Using the data in the above table, the average fixed cost of producing 16 units is $1.25 a unit. $1.54 a unit. $2.22 a unit. $1.11 a unit.The table below shows the weekly cost of producing cowboy hats. Complete the table by filling in the missing values. Instructions: Round your answers to 1 decimal place. Cowboy Hat Production Costs Total Fixed Cost (dollars) $2,000 Total Variable Cost (dollars) Total Cost (dollars) $2,000 Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) Output $0 10 300 24 $4 $230 20 2,460 23 123 30 660 66.7 22 40 2,900 72.5 50 1,200 24The cost information in the following table shows that as production increases Quantity produced/day Total cost Variable cost 0 $50 0 1 $75 $50 2 $110 $75 3 $155 $100 4 $210 $150 5 $270 $175 6 $345 $250 A.) variable cost increases at a uniform rate. b.) variable cost increases and then eventually falls c.) average total cost always falls d.) marginal cost eventually increases
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