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- Diagrams necessary if answer fast\table[[\table[[Output], [per], [Month]], Price, \table[[Total], [Revenue]], Total Cost,Total Profit, \table [[Marginal], [ Revenue** Output per Month Price 0 $1,000 100 Total Revenue $0 1,000 100,000 Total Cost Total Profit Marginal Revenue* Average Revenue* Profit per Cost Total Cost Unit (Price - ATC) $60,000 -$60,000 90,000 10,000 $1,000 $300 $900 $100 200 1,000 200,000 130,000 70,000 1,000 400 650 350 300 1,000 300,000 180,000 120,000 1,000 500 600 400 400 1,000 400,000 240,000 160,000 1,000 600 600 400 500 1,000 500,000 320,000 180,000 1,000 800 640 360 600 1,000 600,000 420,000 180,000 1,000 1,000 700 300 700 1,000 700,000 546,000 154,000 1,000 1,260 780 220 800 1,000 800,000 720,000 80,000 1,000 1,740 900 100 900 1,000 900,000 919,800 -19,800 1,000 1,998 1,022 -22 "Note that output levels are calibrated in hundreds in this example; that's why we have divided the change in total costs and revenues from one output level to another by 100 to calculate marginal revenue and marginal…answer the attaced question
- PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…Quantity/Output Total Fixed Cost Average Fixed Cost Total Variable Cost Average Variable Cost Total Cost Average Total Cost Marginal Cost (units) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) 0 $50 $0 10 $50 $20 25 $50 $40 45 $50 $60 60 $50 $80 70 $50 $100Is Fuel a variable, fixed or overhead cost?
- Utilities Some rental units have certain expenses included with the rent. Water, electricity, and heating are often referred to as utilities. Some tenancy agreements require the tenant to pay for utilities. 7. a) Bianca and Sarah rent a semi-detached house. They pay for utilities as well as rent. Complete the chart to determine their estimated annual cost for utilities. Average Billing Frequency Estimated Amount Billed Annual Cost Item Natural gas Monthly $118 Electricity Bi-monthly $140 Water Quarterly $120 Estimated Total Annual Cost b) A news report claimed that utility costs would rise by an average of 10% next year. Estimate how much Bianca and Sarah can expect to pay for utilities next year. 0Economics A company sells apples. Annual demand is 20,000, the order cost is $150.00 and the holding cost is 20% of the cost of each item. Cost of each item is $80.00. Calculate: a. The economic order quantity EOQ) b(i) the annual order cost ii) the annual holding cost iii ) total annual cost including cost of items.IIT Ball Bearings Inc. faces costs of production as follows: Quantity Total Fixed Cost Total Variable Cost 100 100 100 100 100 100 100 1 50 70 90 140 200 360 3 4 5 (A) Calculate the company's average fixed costs, average variable costs, average total costs, and marginal costs. (B) The price of a case of ball bearings is $50. Seeing that she can't make a profit, the Chief Executive Officer (CEO) decides to shut down Operations. What are the firm's profits/ losses? Was this a wise decision? Explain. (C) Vaguely remembering his introductory economics course, the Chief Financial Officer Tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. What are the firm's profits/losses at that level of production? Was this the best decision? Explain