Survey Of Economics
10th Edition
ISBN: 9781337111522
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 6, Problem 8SQ
To determine
The total fixed cost.
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Students have asked these similar questions
Which of the following measures of cost is best described as "the cost of a typical unit of output if total cost is divided evenly over all the units produced?"
a. average variable cost
b. average fixed cost
c. marginal cost
d. average total cost
Which of the following best describes total fixed cost?a.The change in total cost when one additional unit of output is produced.b.Total cost divided by the quantity of output produced.c.Total variable cost divided by the quantity of output produced.d.Cost that do not vary as output varies.
QUESTION 3
Match each of the following terms and descriptions
Fixed Cost
Total Cost
A. fixed cost plus variable cost
B. costs that change as output changes
C. the total quantity produced
D. costs that do not change as output changes
Total Product
Variable Cost
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Chapter 6 Solutions
Survey Of Economics
Ch. 6.5 - Prob. 1YTECh. 6 - Prob. 1SQPCh. 6 - Prob. 2SQPCh. 6 - Prob. 3SQPCh. 6 - Prob. 4SQPCh. 6 - Prob. 5SQPCh. 6 - Prob. 6SQPCh. 6 - Prob. 7SQPCh. 6 - Prob. 8SQPCh. 6 - Prob. 9SQP
Ch. 6 - Prob. 10SQPCh. 6 - Prob. 11SQPCh. 6 - Prob. 1SQCh. 6 - Prob. 2SQCh. 6 - Prob. 3SQCh. 6 - Prob. 4SQCh. 6 - Prob. 5SQCh. 6 - Prob. 6SQCh. 6 - Prob. 7SQCh. 6 - Prob. 8SQCh. 6 - Prob. 9SQCh. 6 - Prob. 10SQCh. 6 - Prob. 11SQCh. 6 - Prob. 12SQCh. 6 - Prob. 13SQCh. 6 - Prob. 14SQCh. 6 - Prob. 15SQCh. 6 - Prob. 16SQCh. 6 - Prob. 17SQCh. 6 - Prob. 18SQCh. 6 - Prob. 19SQCh. 6 - Prob. 20SQCh. 6 - Prob. 21SQCh. 6 - Prob. 22SQCh. 6 - Prob. 23SQCh. 6 - Prob. 24SQCh. 6 - Prob. 25SQ
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- This refers to the ratio of a small increment of cost and a small increment of output. a. Increment cost b. Marginal cost c. Differential cost d. All of thesearrow_forwardWhen output increases from 20 to 30 units the total cost increases from $500 to $600. Assuming the fixed cost is $200, which of the following is true? a. Average total cost falls b. The production cost per unit is increasing c. Average fixed costs rise d. Marginal cost is equal to fixed costarrow_forwardWhich type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost 4.all of the abovearrow_forward
- In the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c) Total cost d) Variable costarrow_forwardWhen marginal cost is greater than average variable cost, average variable cost iv (Click for List) at a maximum constant at a minimum falling risingarrow_forwardFor each term, explain the definition or calculation, and explain this concept to someone who is unfamiliar with it (try to use a real life example). a. Fixed cost b. Variable cost c. Total costarrow_forward
- ANSWER ALL FOR UPVOTEarrow_forwardQUESTION 4 Match each of the following terms and descriptions v Average Fixed Cost v Average Total Cost A. variable costs divided by output B. the additional cost of producing one more unit Average Variable Cost C. fixed costs divided by output D. total cost divided by output Marginal Cost QUESTION 5arrow_forwardMacmillan Learning a. In the accompanying diagram, place the points labeled Minimum AVC and Minimum ATC in their correct places. Marginal cost, average cost ($ per unit) True False Minimum AVC Minimum ATC F MC Quantity b. Average variable cost reaches its minimum point at a lower level of output than average total cost.arrow_forward
- Which of the following costs will not change as output changes? 1. A. marginal cost 2 B. total variable cost 3. C. average variable cost 4. D. total fixed costarrow_forwardQuestion 4 Use the following table for the (i),(ii) and (iii) questions. Quantity Total fixed cost Total variable cost 0 $800 $0 1 $800 $50 2 $800 $100 3 $800 $150 4 $800 $200 (i) What is the marginal cost of the third unit? A: $0 B: $50 C: $150 D: $250 (ii) What is the average total cost at the quantity of 4? A: $100 B: $150 C: $200 D: $250 (iii) From the information in the table above, is the marginal product diminishing? A: Yes, because the total cost is increasing as the quantity increases. B: Yes, because the total variable cost is increasing as the quantity increases. C: No, because the marginal cost is not increasing as quantity increases. D: No, because the total fixed cost is not increasing as quantity increases.arrow_forwardA company is planning to manufacture mountain bikes. Fixed monthly cost will be $100,000 and it will cost $100 to produce each bicycle. a. Write the cost function, C, of producing x mountain bikes. b. Write the average cost function, C, of producing x mountain bikes. c. How many mountain bikes must be produced each month for the company to have an average cost of $300 per bike?arrow_forward
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