Using 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 9 $1700
Using 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 9 $1700
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 6SQP
Related questions
Question
Using 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 costcurves.
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 |
--- |
--- |
---- |
---- |
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1 |
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$640 |
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2 |
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$720 |
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3 |
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$780 |
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4 |
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$820 |
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5 |
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$850 |
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6 |
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$890 |
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7 |
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$980 |
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8 |
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$1200 |
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9 |
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$1700 |
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