Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 14, Problem 4SPPA
To determine
Based on the case study, construct the average fixed cost,
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Matt's candle factory rents equipment for making candles and
hires students
Matt pays $140 a day for equipment and $200 a day for each
student hired
The table shows Matt's total product schedule
Construct Matt's total variable cost and total cost schedules Fill
in the columns in the table.
GEXER
Labor
(workers
per day)
23WN
4
5
Total
product
(candles per day)
33
54
71
85
Total variable
cost
Total
cost
(dollars per day)
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Chapter 14 Solutions
Foundations of Economics (8th Edition)
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- Firm’s Cost Schedulearrow_forwardUse the following table to answer the questions that follow. Total Output Cost TFC TVC AFC AVC ATC MC0 $20 1 $40 2 $60 3 $90 4 $120 5 $180 6 $280 a. Calculate the total fixed costs, total variable costs, average fixed costs, average variable costs, average total costs, and marginal costs b. Plot each of the cost curves. c. At what quantity of output does marginal cost equalaverage total cost and average variable cost?arrow_forwardHealthy Harry’s Juice Bar has the following cost schedules:Q VARIABLE COST TOTAL COST0 0 301 10 402 25 553 45 754 70 1005 100 1306 135 165Calculate average variable cost, average total cost and marginal cost for each quantity. Graph all three curves. Also explain the relationship between:i) Marginal cost curve and the average total cost curveii) Marginal cost curve and the average variable-cost curvearrow_forward
- Fill out the following cost chart. Round to the nearest tenth.arrow_forwardMegan’s Snow Shoveling Service, in which Megan is the only employee, has the following cost schedule. Quantity(sidewalks shoveled per day) Variable Cost Total Cost AVC ATC MC 0 $0 $30 - - - 1 10 40 2 25 55 3 45 75 4 70 100 5 100 130 6 135 165 Calculate average variable cost, average total cost, and marginal cost for each quantity and graph all three curves.arrow_forward1. Economies and Diseconomies of scale 2. Graph of marginal cost, average cost and average total cost. Take an example 3. Marginal cost, average variable cost, and average total cost. Take an examplearrow_forward
- mework 6 i 1 Saved nics Game Obituary Project Help Save & Exit Submit a. Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost. Instructions: Round your responses to the nearest whole number. Rate of nts Total Cost Output Marginal Cost Average Average Average Fixed Cost Variable Cost Total Cost 0 $600 Print 1 800 2 1,050 3 1,400 4 5 1,800 2,300 Mc Graw Hill b. Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph. Instructions: Use the tools provided 'ATC' and 'MC' to draw each curve point by point (plot 5 points total for each curve). Round your points for ATC up to the nearest $25. Q Search Prev 1 of 4 Next > 3/arrow_forwardConstruct the average fixed cost, average variable cost, and average total cost schedules and the marginal cost schedule.arrow_forwardSolve it correctlyarrow_forward
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