Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 8SQ
To determine
The total fixed cost.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
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
>
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 these
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
Knowledge Booster
Similar questions
- Which type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost 4.all of the abovearrow_forwardIn the short run, which cost is fixed and cannot be changed? a) Average cost b) Marginal cost c) Total cost d) Variable costarrow_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_forwardWhich of the following is true of the relationship between Average Cost and Marginal Cost Select one: a. None of the answers given b. Average increases when marginal cost decreases c. Average costs decreases when marginal cost increases d. Average costs increases when marginal cost increasesarrow_forward
- The Santa Clara County increases the property taxes for all fast food restaurants. Which cost curves will be affected as a result of this policy? 1. average total cost and average fixed cost. 2. average variable cost and average total cost. 3. average variable cost and marginal cost. 4. average variable cost and average fixed cost.arrow_forwardI already filled out the table, but I don't understand how to answer 3. a, b, and c.arrow_forward1.7 Use the information in the graph to find the values for the following costs at an output level of 500. a. Total fixed cost b. Total variable cost c. Total cost d. Marginal cost MC $35 ATC AVC 15 10 500 Units of output Cost per unit ($)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning