Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 7, Problem 20SQ
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The cost curve for producing widgets passes through the following points and is piecewise linear in between. Solve, a. What is the fixed cost of producing 600 widgets? b. What is the variable cost of producing 600 widgets? c. What is the cost per unit if only 400 widgets are produced?
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The variable cost of producing 10 units is
A. $2
B. $2.50
C. $20
D. $16
Which of the following would shift a firm's short-run cost curves downward? a.an increase in excise taxes levied on the firm's product b.an increase in the demand for the firm's product c.an advance in technology d.an increase in employees' wages
Chapter 7 Solutions
Micro Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
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- 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_forwarde) In the following diagram of cost curves, how many short runs have been created? State and explain which SRATC will be chosen if the firm wants to produce at Q1, Q2 and Q3. SRATC, SRATC, SRATC, Q2 Q3 Quantity of Output Average Total Cost (dollars)arrow_forwardA firm is producing 100 units of output at a total cost of $800. The firm's average variable cost is $5 per unit. What is the firm's total fixed cost? A). $700 B). $500 C). $400 D). $300arrow_forward
- The total cost equation for producing X widgets is given by TC = $1,000 + $6X. The marginal cost per widget at a production level of 300 units is closest to which of the following? a. $2,800 b. $6 c. $8 d. $4,000.arrow_forwardX and X2 are the two factors used in production A firm's production function: fcx₁, x₂) = max {x₁, X₂} the price of X, is W₁=8, and the price of X₂ is W₂=10 The firm paproduce 100 total units of output, what is the total cost?arrow_forwardQuest manufacturing incurs the following costs per unit: labor $100/unit, materials $50/unit, and rent $100,000/month. If the Quest produces 500,000 units a month, calculate the following: a. total variable costs b. total fixed costs c. total costs Please show workarrow_forward
- Marginal cost tells us a. the amount fixed cost rises when output rises by one unit b. the marginal increment to profitability when price is constant c. the value of all resources used in a production process d. the amount total cost rises when output rises by one unitarrow_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_forward3. Given that the marginal cost function of a company is 3. To produce 1 unit of goods, the company must spend a total cost of $ 6. From this function determine: D. Average Cost (AC) E. Average Variabel Cost (AVC) F. Average Fixed Cost (AFC) Please solve subparts D,E,F thank uarrow_forward
- Cost curves. a) Why does the difference between AVC and ATC get smaller as Q increases? b) Why does MC intersect AVC and ATC at their minimum points? c) Explain the difference between the short run and the long run. d) What is meant by “economies of scale”? (Hint: it has to do with long run average cost) e) Give an example of economies of scale and explain.arrow_forward16. The total cost to make q quilts is C(q) = 73 +1.2q +0.05q2. a. What is a function for the marginal cost? b. Find a quantity that minimizes the average cost.arrow_forwardFor producing 200 chairs, the total fixed cost is R.O 2,000 and total variable cost is R.O 1,500. Find the total cost of production. a. R.O 200 b. R.O 1,500 c. R.O 2,000 d. R.O 3,500arrow_forward
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