1. A firm produces 200 units and total cost of production is $4000. When they increase output to 220, the cost rises to $4 200. What is the marginal cost?
Q: Please answer the following questions: a. Explain how input, output and cost are interrelated. b.…
A: 1. a) The relationship between output and inputs used in the production process is given by the…
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A: Given: Rent for equipment=$320 per day Total Cost of 20 pairs=1200
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A: Total cost = Fixed cost + Variable cost TC = $6400 Q = 800
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A: Labor (workers) Output (bikes) Total fixed cost (dollars0 Total variable cost (dollars) Total cost…
Q: The table shows a firm's total and marginal costs. Output Total cost ($) Marginal cost ($) 1 200 20…
A: Marginal cost=Change in Total CostChange in outputAverage Fixed cost=Fixed CostQuantityTotal…
Q: QUESTION 20 Solve the problem. 750,000 + 0.55x The average cost per unit, y, of producing x units of…
A: The given average total cost (y) function, y= 750,000+0.55xx The ATC should not exceed $8.05. So,…
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A: Answer to the question is as follows :
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A: The additional cost of producing one extra item is reflected in the marginal cost. As a result, it…
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Q: Fertilizer Q TFC TVC TC MC ATC AVC AFC TR MR 25 70 1300 100…
A: The formula used to calculate different costs are : TC = TFC + TVCAFC = TFCQAVC = TVCQATC = AFC +…
Q: Quèstion 33 The increase in total cost that results from producing one additional unit of output is…
A: Average Fixed Cost is the total fixed cost per unit of output. Average Variable Cost is the total…
Q: Problem 2, From the data given below, calculate: O Average fixed cost, (ii) Average variable cost,…
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Q: 1) In the following market, Marginal Product Marginal cost Workers Output Total Cost Average Total…
A: marginal product = change in total product/change in labor TFC is independent of output produced…
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A: cost of production is the monetary value spent on inputs in producing output . And it is the…
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A: Which of the following cost curves is never U - shaped.
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A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Answer the following questions: show working a. What is the firm's fixed cost? b. If the firm…
A: Hey, Thank you for the question. According to our policy we can only answer up to 3 sub parts per…
Q: a. Calculate and fill in the column of marginal products. What pattern do you see? How might you…
A: Marginal product of labor refers to the amount of additional output that obtained by increasing one…
Q: Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it…
A: Marginal cost refers to the additional cost of producing an extra unit of output. Average variable…
Q: 4. If the 15th unit of output has a marginal cost of $29.50 and the average cost of producing 14…
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A: When firms operate in a market, they incur different costs. The total cost is the sum of fixed costs…
Q: 6) If a firm produces 100 units of output and has an average total cost of $6 then what is their…
A: Average total cost refers to total cost divided by a total unit of output produced. It is the sum of…
Q: Output AFC, ȼ AVC, ȼ 1 50.00 100.00 2 25.00 80.00 3 16.67 66.67 4 12.50 65.00 5…
A: Total cost is the product of average cost and quantity produced. It is also the aggregate of total…
Q: Solve the following Workers Output Marginal product Total costs ATC MC 0 0 1…
A: since you have asked a multipart question and according to our policy we can only solve the first 3…
Q: Quantity otTabor (workers) Total product (lawns mowed per hour) 0. 0. 3 4. 15 22 6. 26 28 table…
A: Marginal productivity of labor measures change in productivity after hiring an additional unit of…
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Q: a) "The above production schedule shows that the firm is producing in the long run because quantity…
A: Answers 1) The labour cost is BDT 25 and the capital cost is BDT 25. a) This statement is false…
Q: 2. A firm produces 200 units and total cost of production is $4000. When they increase output to…
A: The total cost(TC) of the firm refers to the sum of all costs which is incurred in producing a…
Q: Output AFC AVC ATC MC 0 $ --- $ ---…
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Q: FIGURE 7-3 $100 90 80 70 40 30 20 10 1 2 3 4 5 6 7 8 9 10 Quantity of Output Refer to Figure 7-3.…
A: please find the answer bThe marginal cost (MC) curve is calculated by dividing the change in total…
Q: 1. Visualizing average costs and marginal costs as a slope? Take an example 2. Long run average…
A: (1) Average cost is the total cost upon quantity. Marginal cost is the cost of producing one more…
Q: Now fill in the column for marginal cost. (Recall that MC = ATC/AQ). What pattern do you see? %3D
A: Marginal product is defined as the output contributed by an additional unit of worker. It is…
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Q: statements is true or false and explain If marginal cost is larger than average cost, average cost…
A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.
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A: The decision to accept the offer or not depends on the marginal cost (MC) and marginal benefit (MB)…
Q: Find the value of A. Quantity Total Cost $5,000 Fixed Cost Variable Cost Average Total Cost Average…
A: The sum of fixed cost and variable cost makes total cost.
Q: Use the following to answer questions 5-6: Production Data for Baseball Bat Company Total output…
A: Diminishing marginal returns are set in when each additional labor hired leads to less extra output.
Q: 7. Figure I below represents the unit costs of Firm X. Identify what EACH cost curve A to D,…
A: 7) Curve A represents the Marginal cost curve. It is a U shaped curve which cuts the other cost…
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Q: OUTPUT TOTAL COST 40 1 49 57 64 4 70 77 6. 85 : The TVC of producing 4 units of output is : The AFC…
A: "The total variable cost represented by TVC indicates the total of all the variable costs of inputs…
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A: Average Total Cost (ATC) can be calculated by dividing the Total Cost (TC) by Quantity (Q).
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- (a) How would one estimate the full cost to an airline if one of its planes is held over for 24 hours in an airport for repair? (b) A company has spent $10 million to develop a product for market. During the product’s first two years, the company’s profit was $6 million. In recent years, the market was flooded by rival products and now the company is reassessing its product. If it abandons the product, it can recover $2 million of its original investment by selling its production facility. If it continues to produce the product, its estimated revenues for successive two-year periods will be $5 million and $3 million and its costs will be $4 million and $2.5 million. (After four years the plant will have zero resale value.) What would be the company’s best course of action? (c) Two decades ago, the global demand and supply curves for copper were: Qd = 15-10P and Qs = -3 + 14P, where Q is measured in millions of metric tons per year. Find the competitive price and quantity. Suppose that…In the long run, if 1,000 units are produced at a cost of $8,000 and 1,200 units at a cost of $9,200, then in this output range there are Select one: a. economies of scale b. increasing marginal returns c. diminishing marginal returns d. decreasing marginal costs e. diseconomies of scaleThe table below shows the monthly cost of producing vintage model cars for collectors. Instructions: Enter your answers as a whole number. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below. Vintage Model Car Production Costs Output 0 100 200 300 400 Total Fixed Cost (dollars) $3,000 3000 3000 3000 3000 Total Variable Cost (dollars) 1,200 1,700 3,700 III Total Cost (dollars) $3,000 5,700
- Output Total Fixed Cost (TFC) Total Variable Cost (TVC) Total Cost (TC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Average Cost (AC) Marginal Cost (MC) 0 200 - 1 40 2 44 3 330 4 50 90 5 37A company is planning to manufacture wheelchairs that are light, fast, and beautiful. Fixed monthly cost will be $500,000 and it will cost $400 to produce each radically innovative chair. a. Write the cost function, C, of producing x wheelchairs. b. Write the average cost function, C, of producing x wheelchairs. c. How many wheelchairs must be produced each month for the company to reach an average cost of $450 per chair?Eliza works in a diner and creates luscious pies. She has the following average total cost schedule (see the picture below): H Quantity of Pies Produced 600 601 Average Total Cost in HongKong Dollars 300 301 The current level of production of Eliza is 600 (six-hundred) pies, which all have been sold. A customer desperately texted you that they wanted to buy one of her pies. They offer 550 HK$. Should Eliza accept the offer? If not, why?
- Problem: A large company has determined the relationship between the price (p) of their product and the demand (D) as p = 450 - 0.03D. The fixed cost per year is $500,000 and the variable cost per unit is $101.50. a. Determine the optimal demand (D) to maximize profit? b. How much is the maximum profit? c. What are the break-even points in terms of number of units? d. What are the revenues and total costs at these break even-points?Melvin manufactures a single product. Total cost per unit is $70 when production is 100 units per week, and $62.50 when production is 160 units per week. What are the total fixed costs per week?Complete the Daily Production Cost Schedule table below. Quantity MR = Price per Unit TFC TVC AFC AVC TC ATC MC 0 $ 325.00 $ 100.00 1 $ 325.00 $ 100.00 $ 400.00 2 $ 325.00 $ 100.00 $ 600.00 3 $ 325.00 $ 100.00 $ 750.00 4 $ 325.00 $ 100.00 $ 950.00 5 $ 325.00 $ 100.00 $ 1,200.00 6 $ 325.00 $ 100.00 $ 1,525.00 7 $ 325.00 $ 100.00 $ 1,950.00 Abbreviations: MR: Marginal revenue TFC: Total fixed cost TVC: Total variable cost AFC: Average fixed cost AVC: Average variable cost TC: Total cost ATC: Average total cost MC: Marginal cost
- Total cost is 1200.output is 20.fixed cost is 1000.what is variable cost?Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it were tom increase production to 1,001 units, its total cost would rise to $5,008. What does this information tell you about the firm? (a) Marginal cost is $5, and average variable cost is $8. (b) Marginal cost is $8, and average variable cost is $5. (c) Marginal cost is $5, and average total cost is $8. (d) Marginal cost is $8, and average total cost is $5.10. Chef Company makes and sells pre-packed lunches. The variable cost of each lunch is $4. The lunches are sold for $10 each. Fixed operating expenses amount to $6,000. Using the space below, prepare a break-even graph. Indicate the following on the graph: (a) fixed cost, (b) total cost, (c) total revenue, (d) loss, (e) breakeven point, and (f) profit area. I Q