Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the firm's variable cost of producing 2,600 gadgets? a $1,000 b $1,750 c $2,000 d none of the above
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Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day.
What is the firm's variable cost of producing 2,600 gadgets?
a
|
$1,000
|
b
|
$1,750
|
c
|
$2,000
|
d
|
none of the above
|
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- Firm Measures: Productivity, Costs, Revenues, and Profits Labor Total Product (TP) Fixed Cost (TFC) Variable Cost (TVC) $800,000 $ 0 $800,000 $ 800,000 $800,000 $800,000 d. e. f. g. 0 1 2 4 5 6 1. 0 8000 30000 45000 56000 60000 63000 $800,000 $800,000 $800,000 $1,500,000 $2,250,000 $3,130,000 $4,200,000 $5,040,000 a. Solve for marginal product (MP) in each row, except for where labor = 0. b. After which worker does the region of diminishing marginal returns begin? c. Specialization and division of labor are observed in which one of the three Price $80 $80 $80 $80 $80 $80 $80 regions? Solve for total cost (TC) in each row. Solve for average variable cost (AVC) in each row, except for where labor = 0. Solve for marginal cost (MC) in each row, except for where labor = 0. Why are the MC and MP inversely related to one another? While it is because as one increases, the other decreases, please explain the meaning behind the inverse relationship that exists between worker productivity and…Output (unit) Total cost (RM) Total fixed cost (RM) Total variable cost (RM) Average fixed cost (RM) Average variable cost (RM) Average total cost (RM) Marginal cost (RM) 0 600 600 - - - - - 10 1050 600 450 60 45 105 45 20 1450 600 850 30 42.5 72.5 40 30 1800 600 1200 20 40 60 35 40 2100 600 1500 15 37.5 52.5 30 50 2450 600 1850 12 37 49 350 60 2850 600 2250 10 37.5 47.5 40 70 3300 600 2700 8.57 38.57 47.14 45 80 3850 600 3250 7.5 40.625 48.125 55 90 4500 600 3900 6.67 43.34 50 65 100 5250 600 4650 6 46.5 52.5 75 Which time period is the firm operating? Why?\table[[\table[[Output], [per], [Month]], Price, \table[[Total], [Revenue]], Total Cost,Total Profit, \table [[Marginal], [ Revenue** Output per Month Price 0 $1,000 100 Total Revenue $0 1,000 100,000 Total Cost Total Profit Marginal Revenue* Average Revenue* Profit per Cost Total Cost Unit (Price - ATC) $60,000 -$60,000 90,000 10,000 $1,000 $300 $900 $100 200 1,000 200,000 130,000 70,000 1,000 400 650 350 300 1,000 300,000 180,000 120,000 1,000 500 600 400 400 1,000 400,000 240,000 160,000 1,000 600 600 400 500 1,000 500,000 320,000 180,000 1,000 800 640 360 600 1,000 600,000 420,000 180,000 1,000 1,000 700 300 700 1,000 700,000 546,000 154,000 1,000 1,260 780 220 800 1,000 800,000 720,000 80,000 1,000 1,740 900 100 900 1,000 900,000 919,800 -19,800 1,000 1,998 1,022 -22 "Note that output levels are calibrated in hundreds in this example; that's why we have divided the change in total costs and revenues from one output level to another by 100 to calculate marginal revenue and marginal…
- UNITS OF VARIABLE TOTAL MARGINAL AVERAGE PRICE OF INPUT PRODUCT PRODUCT PRODUCT INPUT TOTAL VARIABLE COST AVERAGE VARIABLE COST TOTAL FIXED TOTAL AVERAGE TOTAL MARGINAL COST COST COST COST 012345678 0 $1 $2 6 $1 2 15 $1 27 $1 37 $1 45 $1 50 $1 52 $1 50 $1 ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ ଖ $2 $2 $2 $2 $2 $2 $2 $2Output Variable Total AVC AFC ATC MC (boxes) Cost Cost $0 $10 1 $20 $15 3 $69 $3.33 $23 4. $2.50 $27 $39Bags/Participants Fixed Cost Variable Cost Total Cost $1,700 $- $1,700 100 $1,700 $500 $2,200 200 $1,700 इ1,200 $2,900 $1,700 $2,700 $4,400 300 $1,700 $5,200 $6,900 400 $1,700 $9,000 $10,700 500 $16,700 $1,700 $15,000 600 $1,700 $23,800 $25,500 700 $36,800 $38,500 $1,700 800 $55,800 $57,500 $1,700 900 $84,700 $83,000 $1,700 1,000 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? Please select any/all correct answers: Using Qb = F/(MR - AVC) where Qb is the break even quantity, the event would break even at 283 bags. %3D O Using the profit-maximizing rule, MR 2 MC, the quantity of bags that will maximize profits is 200 bags. O Using the profit-maximizing rule, MR > MC, the quantity of bags that will maximize profits is 300 bags. O The break even quantity cannot be determined in this case. «< Question 2 of 9 A Moving to another question will save this…
- Cost/Unit $30 $23 $20 $18 $10 25 ATC₁ 30 ATC₂ 40 ATC₂ 45 ATC4 OutputBags/Participants Fixed Cost Variable Cost Total Cost 0 $1,700 $ - $1,700 100 $1,700 $500 $2,200 200 $1,700 $1,200 $2,900 300 $1,700 $2,700 $4,400 400 $1,700 $5,200 $6,900 500 $1,700 $9,000 $10,700 600 $1,700 $15,000 $16,700 700 $1,700 $23,800 $25,500 800 $1,700 $36,800 $38,500 900 $1,700 $55,800 $57,500 1,000 $1,700 $83,000 $84,700 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? A Use the profit maximizing rule, MR ≥ MC, buy 300 bags. B Use the profit maximizing rule, MR ≥ MC, buy 200 bags. C Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. D Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.MC $35 ATC AVC 15 10 500 Units of output Cost per unit ($)
- Economics A company sells apples. Annual demand is 20,000, the order cost is $150.00 and the holding cost is 20% of the cost of each item. Cost of each item is $80.00. Calculate: a. The economic order quantity EOQ) b(i) the annual order cost ii) the annual holding cost iii ) total annual cost including cost of items.Typed plz and asap please provide a quality solution for better ratings and maintain accuracy in solution and take care of plagiarism also thanksThe figure shows graphs of the total cost function and the total revenue function for a commodity. (Assume cost and revenue are measured in dollars.) 500 400 300 200 100 میرا 10 20 30 (a) Label each function correctly. function A -Select- function B -Select- (b) Determine the fixed costs. (c) Locate the break-even point. A B 40 50 60 Determine the number of units sold to break even. units (d) Estimate the marginal cost MC and marginal revenue MR. MC = MR-