You can think of the result in any one game as being Eric's marginal free-throw percentage. Based on your previous answer, you can deduce thatwhen Eric's marginal free-throw percentage is above the average, the average must beYou can now apply this analysis to production costs. For a U-shaped average total cost curve, when the marginal cost curve is below the average totalcost curve, the average total cost must bev . Also, when the marginal cost curve is above the average total cost curve, the average totalcost must be. Therefore, the marginal cost curve intersects the average total cost curve GameGame ResultTotalGame Free-Throw PercentageAverage Free-Throw Percentage16/86/8757522/88/1632/410/2048/1018/308/1026/40On the following graph, use the orange polnts (square symbol) to plot Eric's free-throw percentage for each game Individually, and use the greenpolnts (triangle symbol) to plot his overall average free-throw percentage after each game.Note: Plot your polnts In the order In which you would like them connected. Line segments will connect the polnts automatically.(?10006Game Free-Throw Percentage807060Average Free-Throw Percentage5040202010123GAMEFREE-THROW PERCENTAGE

Both Average Cost and Marginal Cost are derived from Total Cost Average Cost = Total Cost / Quantity…

You can think of the result in any one game as being Eric's marginal free-throw percentage. Based on your previous answer, you can deduce that when Eric's marginal free-throw percentage is above the average, the average must be You can now apply this analysis to production costs. For a U-shaped average total cost curve, when the marginal cost curve is below the average total cost curve, the average total cost must be Also, when the marginal cost curve is above the average total cost curve, the average total cost must be . Therefore, the marginal cost curve intersects the average total cost curve

You can think of the result in any one game as being Eric's marginal free-throw percentage. Based on your previous answer, you can deduce that when Eric's marginal free-throw percentage is above the average, the average must be You can now apply this analysis to production costs. For a U-shaped average total cost curve, when the marginal cost curve is below the average total cost curve, the average total cost must be Also, when the marginal cost curve is above the average total cost curve, the average total cost must be . Therefore, the marginal cost curve intersects the average total cost curve

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following table shows the capital and labor requirements for 10 different levels of production. Assuming that the price of labor (PL) is $8 per unit and the price of capital (PK) is $6 per unit, compute and graph total cost, marginal cost, and average cost for the firm. To do this, fill in the total cost for each output level in the table below. (Enter your responses as whole numbers.) 9 0 1 2 3 4 5 6 7 8 9 10 K 0 20 20 20 20 20 20 20 20 20 20 L 0 3 7 10 13 17 23 31 41 53 67 TC 0 Cost per unit ($) 0 1 2 3 4 5 6 7 8 9 10 11 12 Units of output Q ✔
If the average cost function of a good is 15 AC = +20 + 11 '이 find the fixed costs and an expression for the marginal cost function. The fixed costs are (Type a whole number.) The expression for the marginal cost function is (Simplify your answer. Type an expression using Q as the variable.)
Let's play around with the concepts of total cost versus marginal cost Suppose a grocery store figures out that it costs $500 per week to hire a full time worker who can fill pickup orders. Create a table with room for 5 columns and 6 rows in your notes Use the top row for titles. The first (left) column should be titled Number of Workers and should have 0, 1, 2, 3, 4 as values. We're going to analyze whether the store should hire 0, 1, 2, 3 or 4 workers. Title the next column Total Cost (TC) and the third column Marginal Cost (MC). Put an X in the MC square corresponding to 0 workers. That would be the cost of going from negative 1 workers to 0 workers, let's leave it blank YOu'll see that marginal columns tend to start across from the first unit. We'll use the remaining columns later. What is the Marginal Cost per week of hiring the 4th worker? $500 O $1,000 O $1,500 $2,000
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please only solve part d, e, f
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When thinking about cost analysis in Microeconomics, what are the real-world problems that occur when applying theories of scale? Describe and give an example of each.
Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1,000 gumballs per hour. a. Explain why the cost per hour of producing 1,000 gumballs is 2v + w (where v is the hourly rent for gumball presses and w is the hourly wage). b. Assume Acme can produce any number of gumballs they want using this technology. Explain why the cost function in this case would be TC = q(2v +w), where q is output of gumballs per hour, measured in thousands of gumballs. c. What is the average and marginal cost of gumball production (again, measure output in thousands of gumballs)? (show the complete formula) Draw the graph for the average and marginal cost curves for gumballs assuming v=3, w-5 (show working) Now draw the graph for these curves for v=6, w=5.( show working) Explain why these curves have shifted.
can you explain the solution for part b like for example how did they get M=y^2/2 and L=2y^2
Consider the table below that describes the costs associated with producing a good (Q). Q Total Variable Cost Total Cost 0 0 30 1 30 60 2 50 80 3 65 95 4 77 107 5 87 117 6 100 130 7 120 150 8 160 190 9 220 250 10 300 330 What is the value of the average total cost when Q=2? Enter your answer as a number below. Do not include a "$" sign.
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