Marginal Cost(using total cost)QuantityTotalVariableMarginal CostCostCost(using variable cost)$300$0------135050$50$50239090$40$404201204450150490190540240 Complete the table (above) in which you calculate the marginal cost per dozen pizzas usingthe information on total cost. Also, calculate the marginal cost per dozen pizzas using theinformation on variable cost. I completed the first two rows. What is the relationshipbetween these sets of numbers? Explain?

Fixed cost of production is that portion or part of firm's costs which remains same at each level of…

Answered: Total Marginal Cost (using total cost)…

Total Marginal Cost (using total cost) Quantity Variable Marginal Cost Cost Cost (using variable cost) $300 $0 1 350 50 $50 $50 390 90 $40 $40 3 420 120 4 450 150 5 490 190 540 240

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Table showing Total Cost and Quantity of Output Quantity of Total Average Total Marginal Cost Output…

A: Average total cost of the total cost per unit of output. Marginal cost is the change in total cost…

Q: Calculate the value of total cost if average cost is $42 and total units is 5

A: In the above given question, we are given with the values of average cost and total units as:-…

Q: Question attached

A: Costs are the expenses that firms incur in the production of goods and services.

Q: Output Total Cost 0 $4.00 1 $7.00 2 $8.00 3…

A: The main objective of any firm is profit maximization and a firm maximizes its profit by producing…

Q: Find the total profit of firm if total revenue is $800 and total cost is $480

A: The information being given is:- Total revenue = $800 Total cost = $480 We have to calculate profit

Q: Misleading product cost numbers are most likely the result of misallocating 1 direct material cost 2…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Total variable Total Average variable Output Average total cost Total Average fixed cost Marginal…

A: Here, different cost functions of a firm is given for different output level.

Q: Match each of the following graphs to the correct cost behavior. 6 Total Cost ($) Total Cost ($)…

A: Cost behavior can be of three main types depending on their tendencies to increase, decrease or…

Q: Revenue and cost functions for a company are given in the graph. (a) Estimate the marginal cost at q…

A: Revenue refers to the total amount of money earned by a company or organization from its operations…

Q: The graph to the right shows the short run. curve for a small manufacturing firm in the 12.0- 11.0…

A: Costs refers to the sum of money that a production incurs in its process. It can be in the form of…

Q: Find the value of B. Quantity Total Cost Fixed Cost Variable Cost Average Total Cost Average Fixed…

A: "Average fixed cost measures the fixed cost of production per unit of output."

Q: IIT Ball Bearings Inc. faces costs of production as follows: Quantity Total Fixed Cost Total…

A: (A) Total Cost = Total Fixed Cost + Total Variable Cost Marginal Cost = Change in Total Cost /…

Q: In 1997 Fuller and coworkers at Texas A&M University estimated the operating costs of cotton gin…

Q: The cost structure of a manufacturer of microchips is described in the table shown below. The firm's…

A: Total cost is the cost that includes both variable costs and variable costs of a company.

Q: Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for…

A: Average Fixed Cost, AFC = Fixed Cost / Output Average Variable Cost, AVC = Variable Cost / Output…

Q: Fill in the blanks below with the missing information. Output quantity Total variable cost Total…

A: Here, the given table shows the information about total variable cost and total cost of the company…

Q: Healthy Harry’s Juice Bar has the following cost schedules: Q VARIABLE COST TOTAL COST 0 0 30 1 10…

A: A cost curve is the locus of all points representing the cost incurred in the production of a…

Q: Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $140 for a…

A: It is the difference between cost price and the selling price of product. The markup is the amount…

Q: What is the total cost associated with producing eight units of the control variable, Q identify…

A: Marginal Cost refers to the additional cost incurred due to production of additional unit of output.…

Q: If output is 34 unit and total cost is $1300 Find average Cost

A: According to the question, the values given are:- Output = 34 units Total cost = $1300 We need to…

Q: Quèstion 33 The increase in total cost that results from producing one additional unit of output is…

A: Average Fixed Cost is the total fixed cost per unit of output. Average Variable Cost is the total…

Q: $1,000,000- $500.000- 7,500 15.000 22.500 30,000 37,500 45.000 A B C. Total cost $2,500,000-…

A: Here we have to calculate the total Costs and break even points.The term "total cost" describes the…

Q: Accounting profit is $1500 and the explicit cost is $450 Calculate the value of total revenue

A: please find below the calculation.

Q: Find the value of X. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $5,000| $1,000…

A: Total cost is the sum of fixed cost and variable cost

Q: Write a short note on Increasing economies of scale – meaning and effect on costs

A: The production function depicts the technical association between the quantities of output (Q) that…

Q: Find the total profit of firm if total revenue is $600 and total cost is $430

A: Answer: Given, Total revenue = $600 Total cost = $430 Total profit = Total revenue - Total cost…

Q: If total cost is $600 and output is 10 units Calculate average cost

A: According to the above mentioned question, we have:- Total cost= $600 Output = 10 units Average…

Q: Solve for A. Variable and fixed cost B. Estimated increase in cost for additional days…

A: Cost function = FC+MC* Q Whete VC = MC*Q FC = cost at Q=0

Q: The total cost to produce hundred motors bikes is $1000. Calculate the average cost of producing the…

A: Given information: Total number of motorbikes = 100 Total cost of production = $1000

Q: Find the value of Y. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $1,000| $1,000…

A: Fixed cost (FC): - it is the cost incurred on the fixed capital assets like land, building,…

Q: Macmillan Learning Use your knowledge of cost functions to calculate the missed cost data in the…

A: Total cost is a sum of variable cost and fixed cost. Fixed cost remains constant throughout…

Q: Beaverduck Bus Company wants to compute the cost of adding a third daily bus between Eugene and…

A: The total cost is calculated by adding the total fixed cost the firm needs to give up along with the…

Q: Output Total Fixed Cost (TFC) Total Variable Cost (TVC) Total Cost (TC) Average Fixed Cost (AFC)…

A: Total cost is the sum of fixed cost and variable cost.=> TC = FC + VC Fixed cost is the cost that…

Q: Use the information in the table to answer the below question. Price Quantity Total Revenue Total…

A: The total variable cost is an add up of the total amount that a company spends on expenses that…

Q: Calculate average cost if average fixed cost is $33 and average variable cost is $40

A: The information being given is:- Average fixed cost = $33 Average variable cost = $40 Average cost…

Q: t nces Output 0 1 2 3 $ 4 5 6 7 8 9 Total Cost $2,500 3,410 4,040 4,480 4,900 5,220 5,540 6,310…

A: Disclaimer- “Since you have asked multiple questions, we will solve the first three questions for…

Q: utput (unit) Total cost (RM) Total fixed cost (RM) Total variable cost (RM) Average fixed cost…

A: The firm is operating in the short run.

Q: Calculate average variable Cost if total variable cost is $1000 and output is 20

A: The average variable cost is the cost per unit of output. Total variable cost is the total…

Q: At what level of output is average cost a minimum? What is the average cost (AC) at that output?…

A: Average cost, also known as average total cost (ATC), is a financial metric used in economics and…

Q: The following table shows total costs for Jenny's florist. Output Total costs (TC) Total variable…

Question

Marginal Cost
(using total cost)
Quantity
Total
Variable
Marginal Cost
Cost
Cost
(using variable cost)
$300
$0
---
---
1
350
50
$50
$50
2
390
90
$40
$40
420
120
4
450
150
490
190
540
240

Complete the table (above) in which you calculate the marginal cost per dozen pizzas using
the information on total cost. Also, calculate the marginal cost per dozen pizzas using the
information on variable cost. I completed the first two rows. What is the relationship
between these sets of numbers? Explain?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Based on this graph,Calculate the total cost for 500 pairs of shoes.
1,200 B TC 1,000 850 700 TVC A 500 2 3 Number of microwave ovens 6. Refer to the figure above. Based on the information shown, the average fixed costs of producing two units of output are: 500 Cost in dollars
Draw a graph showing the fixed cost, variable cost, average total cost, marginal cost curves, and explain the graph. 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.
Consider the following cost information for a pizzeria: Quantity (Dozens of pizzas) 0 1 2 3 4 5 6 The pizzeria's fixed cost is $ Total Cost Variable Cost (Dollars) (Dollars) 300 0 350 50 390 90 420 120 450 150 490 190 540 240