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- The Trouser Company has fixed costs of 2,400 per week. In addition, we have some information about its total costs of production.Output020406080100120140TC2400530067007200770091001200017400a) For each of the output levels in the table, calculate the Trouser Company’s average variable costs (AVC), average (total) cost (AC) and marginal cost (MC).b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm’s short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in the short run.Output quantity Total variable cost Total cost 0 $0 $250 25 450 50 300 X 75 375 100 600 850 125 X 1125 150 1200 X 175 1875 200 2000 2250Total Quantity Fixed Costs (FC) Variable Costs (VC) Costs of TC) Apples 0 80 1 80 117 197 332 2 80 252 485 3 4 80 656 845 80 765 6 80 1052 1197 1277 1440 1520 8 80 7
- Average Fixed cost Average Variable Cost Average Total Cost Output 0 1 $ 180.00 $ 135.00 $ 315.00 2 $ 90.00 $ 127.50 $ 217.50 3 $ 60.00 $ 120.00 $ 180.00 4 $ 45.00 $ 112.50 $ 157.50 5 $ 36.00 $ 111.00 $ 147.00 6 $ 30.00 $ 112.50 $ 142.50 7 $ 25.71 $ 115.70 $ 141.41 8 $ 22.50 $ 121.90 $ 144.40 9 $ 20.00 $ 130.00 $ 150.00 10 $ 18.00 $ 139.50 $ 157.50 Table 1-a (continued) Marginal Cost Price Total Revenue Marginal Revenue Output 0 $ 345.00 1 $ 300.00 2 $ 249.00 3 $ 213.00 4 $ 189.00 5 $ 165.00 6 $ 144.00 7 $ 126.00 8 $ 111.00 9 $…Your cousin Vinnie owns a painting company with fixed costs of $250 and the following schedule for variable costs: Quantity (Houses Painted per Month) 1 2 3 4 5 6 7 The efficient scale is Variable Cost (Dollars) 8 20 50 160 houses. 320 500 720 Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars)Average Fixed Average Average Total Total Product Cost Variable Cost Cost Marginal Cost 1 $ 150.00 $ 25.00 $ 175.00 $ 25.00 2 75.00 23.00 98.00 21.00 50.00 20.00 70.00 14.00 4 37.50 21.00 58.50 24.00 15 30.00 23.00 53.00 31.00 6. 25.00 25.00 50.00 35.00 7 21.43 28.00 49.43 46.01 8 18.75 33.00 51.76 68.07 16.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If the market price for this firm's product is $68.10, it will produce
- Quantity (Q) 1 2 3 456700 8 Total Fixed Cost (TFC) 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 Total Variable Cost (TVC) 0.00 17.00 30.00 41.00 48.00 57.00 77.00 81.00 Total Cost (TC) Average Average Average Fixed Variable Total Cost Cost Cost (AFC) (AVC) (ATC) Marginal Cost (MC)Average Fixed Average Average Total Total Product Cost Variable Cost Cost Marginal Cost $ 25.00 1 $ 150.00 $ 25.00 $ 175.00 75.00 23.00 98.00 21.00 3. 50.00 20.00 70.00 14.00 4 37.50 21.00 58.50 24.00 5 30.00 23.00 53.00 31.00 25.00 25.00 50.00 35.00 7 21.43 28.00 49.43 46.01 8 18.75 33.00 51.76 68.07 9. 16.67 39.00 55.67 86.95 10 15.00 48.00 63.00 128.97Total Total Total Average Average Average Product Fixed Variable Total Marginal Fixed Variable Total (Blankets) Cost Cost Cost Cost Cost Cost cost A B 1 70 25 95 70.0 25.0 95.0 F 70 40 110 35.0 D E 15.0 3 70 50 120 23.3 16.7 40.0 10.0 70 55 125 17.5 13.8 31.3 C 70 55 125 14.0 I J 0.0 70 70 140 11.7 11.7 23.3 15.0 70 G 170 14.3 24.3 30.0 70 145 215 8.8 18.1 26.9 45.0 The table describes the short-run daily costs of the Baby Blanket Company. What is the numerical value of A? What is the numerical value of B? ス 456 78 2.
- 33. Output Total Cost 0 $4.00 1 $7.00 2 $8.00 3 $12.50 4 $17.20 5 $22.00 6 $29.00 How much the fixed cost of producing 5 units?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 37The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If the company's fixed costs are $30, what is the average total cost in B? Variable Fixed Total Average Cost $30 $30 $30 $30 $30 $30 $30 Quantity Cost Average Total Marginal Cost Cost Variable Cost Cost $10 $25 $45 $70 $100 $135 2 3 A 456