Microeconomics
10th Edition
ISBN: 9781259655500
Author: David C Colander
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 12.1, Problem 10Q
To determine
Explain the total cost for Individual J’s firm.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
I want quickly
Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $28,000 a year. Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost?
Use the table below to answer the following question.
Units
Total Fixed Cost
Total Variable
of Output
(dollars)
Cost (dollars)
1
150
25
2
150
48
3
150
70
150
100
What is the marginal cost (MC) of producing the fourth unit of output?
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
Knowledge Booster
Similar questions
- Danielle decides to withdraw her savings of $70,000 and invest in starting her own clothing business. She normally earns $3,000 in interest from her savings. If Danielle earned an accounting profit of $60,000 last year, what was her economic profit?arrow_forwardMax Shreck, an accountant, quit his $80,000-a-year job and bought an existing tattoo parlor from its previous owner, Sylvia Sidney. The lease has five years remaining and requires a monthly payment of $4,000. The lease A. is part of the marginal cost of operating the tattoo parlor. B. is an implicit cost of operating the tattoo parlor. C. is a variable cost of operating the tattoo parlor. D. is a fixed cost of operating the tattoo parlor.arrow_forwardA company's marginal cost function is MC(x) (given below), where x is the number of units. Find the total cost of the first hundred units (x = 0 to x = 100). (Round your answer to the nearest cent.) MC(x) = 2e-0.02x $86.46 Need Help? Read Itarrow_forward
- Fixed costs can be defined as costs thatarrow_forwardUsing the figure above, what is the total cost for the firm?arrow_forwardQuestion 4 Identify the category of costs (sunk, fixed, or variable) for each type of cost for a Dunkin franchise location: The franchise application fee is a v cost. The cost of buying signage is a v cost. The sugar and sprinkles is a v cost. The opening advertising and promotion expenses are v costs The workers' wages are costs.arrow_forward
- A common name for fixed cost is “overhead.” If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is $1,000. What does the average fixed cost curve look like? Use your response to explain what “spreading the overhead” means.arrow_forwardi need in words not handwritten or picarrow_forwardWhich of the following would be considered a fixed cost of Marty Byrde’s Boat Rides & Rental? Group of answer choices The cost of boat maintenance. The cost of the gasoline to power the boats. The license fee to operate a boat rental business. The wages of the boat guides.arrow_forward
- A firm is producing 20 units with an average total cost of $25 and marginal cost of $15. If it were to increase production to 21 units. Find the total cost?arrow_forwarda software production firm, average product has started falling and total output indicated diminishing trend. The production manager Mr. Yahya called you and asked you to see the condition of marginal product. You analyzed the situation and reported that marginal product falling more than average product. Mr. Yahya got surprised. In your opinion which situation the firm is heading to?arrow_forwardYour construction company has built 50 houses so far this year at a total cost to the company of $8 million. If the company builds a 51st house, its total cost will increase to $8.18 million. What is the marginal cost of the 51st house?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning