Microeconomics
11th Edition
ISBN: 9781260507041
Author: Colander, David
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 12, Problem 1QAP
(a)
To determine
Explain how a firm’s true costs are revealed.
(b)
To determine
Explain the optimal method of finding out costs.
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Students have asked these similar questions
Consider the following chart. How much is
the marginal cost when total output increases
from 390 pounds to 450 pounds?
Total Output
Total Cost
Marginal Cost
(Pounds)
(TC = FC + VC)
0
150
150
300
240
450
320
600
390
750
450
900
420
1050
$1.50
$2.25
$2.00
$2.50
2. If c=3q-3q2+q3is a cost function, when is marginal cost decreasing?
Use the information in the graph to find the values for the following costs at an output level of 500.
Total fixed cost is $(Enter your response as an integer.)
Total variable cost is $(Enter your response as an integer.)
Total cost is $(Enter your response as an integer.)
3
€500
Units of output
MC
G
ATC
AVC
Chapter 12 Solutions
Microeconomics
Ch. 12.1 - Prob. 1QCh. 12.1 - Prob. 2QCh. 12.1 - Prob. 3QCh. 12.1 - Prob. 4QCh. 12.1 - Prob. 5QCh. 12.1 - Prob. 6QCh. 12.1 - Prob. 7QCh. 12.1 - Prob. 8QCh. 12.1 - Prob. 9QCh. 12.1 - Prob. 10Q
Ch. 12.A - Prob. 1QECh. 12.A - Prob. 2QECh. 12.A - Prob. 3QECh. 12.A - Prob. 4QECh. 12.A - Prob. 5QECh. 12.A - Prob. 6QECh. 12.A - Prob. 7QECh. 12 - Prob. 1QECh. 12 - Prob. 2QECh. 12 - Prob. 3QECh. 12 - Prob. 4QECh. 12 - Prob. 5QECh. 12 - Prob. 6QECh. 12 - Prob. 7QECh. 12 - Prob. 8QECh. 12 - Prob. 9QECh. 12 - Prob. 10QECh. 12 - Prob. 11QECh. 12 - Prob. 12QECh. 12 - Prob. 13QECh. 12 - Prob. 14QECh. 12 - Prob. 15QECh. 12 - Prob. 16QECh. 12 - Prob. 17QECh. 12 - Prob. 1QAPCh. 12 - Prob. 2QAPCh. 12 - Prob. 3QAPCh. 12 - Prob. 4QAPCh. 12 - Prob. 5QAPCh. 12 - Prob. 1IPCh. 12 - Prob. 2IPCh. 12 - Prob. 3IPCh. 12 - Prob. 4IPCh. 12 - Prob. 5IPCh. 12 - Prob. 6IP
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- Suppose the fixed cost of building a nuclear power plant is $1 billion. Suppose also that the only variable cost is the labor of Homer Simpson, and he earns $10 per hour. If the plant generates 1,000 kilowatts each hour, and has already generated 1 billion kilowatts, what can you say about the marginal cost of the next kilowatt? (A) The marginal cost is equal to $0.01. (B) The marginal cost is equal to $1.01. D The marginal cost is falling. The marginal cost is rising.arrow_forwardPlease answer fast please arjent help pleasearrow_forwardUsing the figure above, what is the total cost for the firm?arrow_forward
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