Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 9.8, Problem 1QQ
To determine
Short run average total cost .
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Students have asked these similar questions
Just Section B and C
not A
3. XYZ corporation produces widgets. Its short-run marginal cost curve is given by MC (q) =
10 – 5q + q² (this is a parabola whose minimum occurs at q = 2.5). XYZ's fixed costs are 10.
In a two panel diagrams, graph the following cost curves: (a) total cost, (b) total variable cost,
(c) total fixed cost, (d) marginal cost, (e) average variable cost, and (f) average total cost.
Your diagrams do not need to be scale, but must be internally consistent (i.e. the relationships
between different curves must be correct). You do not need to find mathematical expressions
for the other cost curves – you only need to sketch lines that are consistent with the shape of
the marginal cost curve.
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1
2
3
4
5
Problem 1. Fill out the missing data.
Quantity
Total Cost
Marginal Cost
Fixed Cost
Variable Cost
Average Total Cost
-
Average Variable Cost
7
10
37
22.5
10.50
15
The market price for the firm's output is $14.50.
a) What quantity will the firm produce?
Q =
b) What is the firm's profit?
Profit=
P =
P =
c) What is the breakeven price?
d) What is the shutdown price?
f) Are consumers or producers affected by the tax more? Explain.
Chapter 9 Solutions
Microeconomics
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Indicate how each of the following would shift the...Ch. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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