Total Quantity Fixed Costs (FC) Variable Costs (VC) Costs of TC) Apples 0 80 1 80 117 197 332 2 80 252 485 3 4 80 656 845 80 765 6 80 1052 1197 1277 1440 1520 8 80 7
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![Total
Quantity
Fixed Costs (FC)
Variable Costs (VC) Costs
of
TC)
Apples
0
80
1
80
117
197
332
2
80
252
485
3
4
80
656
845
80
765
6
80
1052
1197
1277
1440
1520
8
80
7](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1d9fac7-0855-44d8-9101-20cf0ea2fbbc%2F43c82255-46cd-4877-b2b4-60a3ce7d85a5%2Fn0ylsig.jpeg&w=3840&q=75)
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- Use the following information to answer question 22-23 Number of Workers Hired A 5 6 7 B a) fourth b) sixth seventh d) eighth Question 22 Diminishing marginal returns set in when the process C) seventh d)eigth Number of Meats Sold Question 23 Average product will fall above marginal product when the a) fourth b) sixth 3) zero 60 140 230 total costs total variable costs 300 320 d) total fixed costs Question 24 The maximum loss a fimm should experience in the short nun is equal worker is added to the production worker is hiredOutput (unit) Total Cost (RM) Price (RM) 1 550 660 2 670 585 3 720 510 4 740 435 800 360 960 285 1190 210 135 60 8 1520 2160 Table 3 Table 3 shows data for a firm's production and costs in the long run. a. Based on Table 3, compute the marginal cost, average cost, marginal revenue, and average revenue as the output increases from 0 to 9 units. C. Based on your calculation from question (a), show the quantity and price where the equilibrium condition is found.2. Understanding the role of fixed cost in the short run Consider an airline's decision about whether to cancel a particular flight that hasn't sold out. The following table provides data on the total cost of operating a 100-seat plane for various numbers of passengers. Total Cost Number of Passengers (Dollars per flight) 30,000 10 45,000 20 50,000 30 53,000 40 55,000 50 57,000 58 000 60 00D'Rs 70 58,500 80 59,000 90 59,300 100 59,500 Given the information presented in the previous table, the fixed cost to operate this flight is S At each ticket price, a different number of consumers will be willing to purchase tickets for this flight. Assume that the price of a flight is fixed for the duration of ticket sales. Use the previous table as well as the following demand schedule to complete the questions that follow. Price Quantity Demanded (Dollars per ticket) (Tickets per flight) 900 700 50 300 70 100 100 Complete the following table by computing total revenue, total cost, variable cost,…
- Figure: Short-Run Costs Cost curves (dollars) $200 150 100 50 total cost F: 0 1 2 3 D average total cost average variable cost marginal cost A 4 C Please, look at the above figure, which represents short run costs curves. Curve A represents the curve. B 5 6 7 8 9 10 11 Quantity of output (per day)Output AFC AVC ATC MC 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 9 33 138 171 290 10 30 160 190 360 Refer to the chart above. The total fixed costs are what?Labor (mechanics) 0 1 2 3 4 Output (bikes) 0 20 50 60 64 Total fixed costs (dollars) 220 Alberto's marginal cost of producing the 20th bike is $ [Round your answer to two decimals.] Total variable cost (dollars) 120 Total cost (dollars) The table above gives costs at Alberto's Bike Shop. While Alberto is a bike enthusiast, unfortunately, Alberto's record keeping has been spotty. Each mechanic is paid $120 a day and labor costs are the only variable costs of production. What is the marginal cost of producing the 20th bike?
- es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 277782. Find the volumes over which each site for making a product is the lowest cost. Site Fixed Variable 1 20,000 18 2 10,000 32,000 23 166 4. 35,000 20 a) What is the highest volume where site 2 is the lowest cost? b) What is the lowest volume where site 3 is the lowest cost?Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost 10 90 900 675 15 80 1200 825 20 70 1400 25 60 1500 30 50 1500 35 40 1400 1025 1250 1500 1850
- Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…A small coffee house has the following costs: building and pizza oven rentals 100,000 labor 120,000owners salary given up 85,000 value of entrepreneurial talent 30,000 raw material 100,000 Bank loan payment 15,000 interest given up by owner 5,000 revenue for the firm is expected to be 420,000 for the year. a. List by name and amount the firms fixed explicit costs b. List by name and amount the forms variable explicit costs c. List by name and amount the forms implicit cost d. Calculate the firms accounting profits and its economic profit e. Should the firms continue business in the long term if revenues and costs continue at the same lev? Why or why not?3. A firm manufactures women clothing. The following costs are incurred by the firm: (i) Cloth and Pablos $45 000 S1 200 (ii) (ii) Permanent workers (salary) (iv) Part-time worker Thread $22 000 S 1300 $20 000 $89 500 (v) Rent (a) Calculate the total fixed cost of the firm. (b) Calculate the total variable cost of the firm.
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