Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs: Qty of houses painted per month 1 2 3 4 5 6 7 Variable Cost $10 $20 $40 $80 $160 $320 $640 Calculate average fixed cost, average variable cost, and average total cost for each quantity. What is the efficient scale of the painting company?

Q: The average cost is $13 and the output produced is 10 units Calculate total cost

A: The average  cost is the cost per unit of output. Total  cost is the total expenditure that keeps on…

Q: Allstate Heating Company has $12,000 fixed costs each week. Its total variable costs change as the…

A: Cost is an economic concept that refers to the amount of resources, typically measured in terms of…

Q: 5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles.…

A: As per the question, the short run is the period where the firm would not be able to adjust with…

Q: Your cousin Vinnie owns a painting company with fixed costs of $250 and the following schedule for…

A: Fixed cost does not depend on quantity produced. It remains fixed. Variable cost increases with…

Q: The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If…

A: TC = Total cost  that is related to production. It is the sum of Fixed cost and Variable cost. TC =…

Q: Long-Run Q 10 90 AC $

A: In the short run, some inputs are fixed and some are variable. Whereas in the long run, all the…

Q: Eliza works in a diner and creates luscious pies. She has the following average total cost schedule…

A: Microeconomics is concerned with persons, so, the interaction in a market between a firm and a…

Q: If average fixed cost is $30  Calculate total fixed cost if output is 30 units

A: According to the above question, the values given are:- Average fixed cost = $30 Output = 30 units…

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: If average cost is $30 and the output is 15 units. Calculate total cost

A: (Q)If the average cost is $30 and the output is 15 units. Calculate total cost

Q: The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If…

A: TC = Total cost  that is related to production. It is sum of fixed cost and variable cost. TC = TFC…

Q: Your cousin Vinnie owns a painting company withfixed costs of $200 and the following schedule…

A: Cost is the expenditure incurred by firms on the production of goods and services. Production costs…

Q: Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for…

A: Total cost is a sum of fixed cost and variable cost. Fixed cost remains constant and does not depend…

Q: Define Fixed Cost and provide an example.

A: A company's fixed expenses are critical. Profit forecasting and calculating the break-even point are…

Q: The total fixed cost, total variable cost, and total cost curves are shown for a company that…

A: Average Total CostThe average total cost (ATC) is a key economic metric that represents the average…

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: 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: Total cost is 1200.output is 20.fixed cost is 1000.what is variable cost?

A: The concept of total cost is used in practically all business units. The main advantage of using the…

Q: What is this firm's efficient scale?

A: The production level at which a company achieves the lowest ATC per unit is referred to as its…

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: efficient scale is houses.

A: Efficient scale is the scale at which firm can produce its output at minimum average cost.…

Q: Consider the following cost table. For the 7th unit, find the total variable cost and the average…

A: Total cost is the total expenditure done by producer in the production process. There are two types…

Q: Table: Cost Data Quantity of Output 0 1 2 3 6 7 Variable Cost (VC) 0 50 70 100 140 190 250 320 Total…

A: The price a company pays on average as a fixed expense to create a good for the market is known as…

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: Your cousin Vinnie owns a painting company with fixed costs of $200 and thefollowing schedule for…

A: Cost is defined as an expenditure that is incurred in the production of a product or service or to…

Q: Using the following table about product X, graph the average variable costs, and answer the…

A: Total cost is the sum of fixed cost and variable cost.  --- Total cost and fixed is the same at zero…

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: Output AFC AVC ATC MC 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75…

A: Total fixed cost is the sum of all fixed cost required to produce goods and services in a specific…

Q: Average fixed cost is $22 and output is 12 units Calculate total fixed cost

A: The information being given is:- Average fixed cost = $22 Output = 12 units  We have to calculate…

Q: The following questions focus on the exchange rate between the euro and the South Korean won. Assume…

A: An exchange rate is the value of one country's currency in terms of another country's currency. It…

Q: See the cost information in the table below. When this firm produces 5 units, what is the average…

A: The objective of the question is to calculate the average total cost when the firm produces 5 units.…

Q: Calculate and plot the following: No of units Total cost 0 2 1 9 2 12 3 15 4 20 5 30…

A: The total cost in any firm is equal to the sum of the fixed costs, like the cost of land, machines,…

Q: Draw a graph showing the fixed cost, variable cost, average total cost, marginal cost curves, and…

A: Fixed Cost (FC):Fixed costs are expenses that do not vary with the level of production or the…

Q: If average total cost is $100, average variable cost is $30 and output is 50 units. What is the…

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