Homework Answers
Q15
Answer
Option D
MC cuts the minimum of ATC and AVC as the MC is ca change in the
total cost and the AVC and ATC are averages of it.
=======
Q16
Answer
Option C
MC is a change in the total cost and MC found by differentiation of
the TC function
MC=dTC/dQ=14+18Q+9Q^2
Q=4
MC=14+18*4+9*4^2
=230
==========
Q17
Answer
Option A
Variable cost is the cost function without the constant term
VC=14Q+9Q^2+3Q^3
AVC=VC/Q=14+9Q+3Q^2
Q=10
AVC=14+9*10+3*10^2
AVC=404
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5. The minimum points of the average variable cost and average total cost curves occur where the a. marginal cost curve lies below the average variable cost and average total cost curves. b. slope of total cost is the smallest. c. average variable cost and average total cost curves intersect. d. marginal cost curve intersects those curves. 6. The Carters' oldest son attends Big State University. He and his parents pay all his foes and tuition. These payments count in...
15. When marginal cost is less than average total cost, a. marginal cost must be falling....
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
On a short-run cost curve graph, if the market price, the marginal cost, and average total cost curve all intersect at o...
On a short-run cost curve graph, if the market price, the marginal cost, and average total cost curve all intersect at one point, then what would that mean? Multiple Choice A- The business is making a high level of economic profit. B- The business has done an excellent job at cutting costs. C- The business is breaking even and the economic profit is either zero or very low. D- The business is ready for bankruptcy and we can definately say...
average total cost curve is rising. then the marginal co curve will be: A. Below the...
average total cost curve is rising. then the marginal co curve will be: A. Below the average fixed cost curve. B. Falling with greater output.. C. Above the average total cost curve. D. Below the average total cost. curve. 18. Explicit costs; A. Include only payments to labor... B. Are the sum of actual monetary pa he sum of actual monetary payments made for resources used to produce a good. t rades a aaed. Laclude the market value of all...
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QUESTION 3 When average total cost is at its minimum: a. marginal cost is equal to...
QUESTION 3 When average total cost is at its minimum: a. marginal cost is equal to average total cost b. average variable cost plus average fixed cost is declining with increases in output c. marginal cost is equal to average variable cost d. average total cost is equal to average variable cost e. average variable cost is declining with increases in output
Total cost function is: TC=20 + 2Q+5Q^2. What is the total cost, average total cost, average...
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Which of the following cost curves would the marginal cost curve NOT cross at its mimimum...
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5. The cost of producing an additional unit of output is the firm’s a. Marginal cost b. Average total cost c. Variab...
5. The cost of producing an additional unit of output is the firm’s a. Marginal cost b. Average total cost c. Variable cost d. Average variable cost 6. Which of the following equations represents a typical (generic) production function studied by economists? a. E = mc2 b. MC = (change in total costs)/(change in quantity) c. Profit = Total Revenue – Total Costs d. Q = f(K,L) e. ECON 202 = fun 7. A firm would never choose to continue...
The minimum point of the average variable cost curve (AVC) is referred to as the a....
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5. The minimum points of the average variable cost and average total cost curves occur where the a. marginal cost curve lies below the average variable cost and average total cost curves. b. slope of total cost is the smallest. c. average variable cost and average total cost curves intersect. d. marginal cost curve intersects those curves. 6. The Carters' oldest son attends Big State University. He and his parents pay all his foes and tuition. These payments count in...
15. When marginal cost is less than average total cost, a. marginal cost must be falling. b. average variable cost must be falling. c. average total cost is falling. d. average total cost is rising. 16. Which of the following is not a characteristic of a competitive market? a. Buyers and sellers are price takers. b. Each firm sells a virtually identical product. c. Entry is limited d. Each firm chooses an output level that maximizes profits. 17. If a...
average total cost curve is rising. then the marginal co curve will be: A. Below the average fixed cost curve. B. Falling with greater output.. C. Above the average total cost curve. D. Below the average total cost. curve. 18. Explicit costs; A. Include only payments to labor... B. Are the sum of actual monetary pa he sum of actual monetary payments made for resources used to produce a good. t rades a aaed. Laclude the market value of all...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Average Total Cost 0 $24 $16 $50 $108 Refer to Table 13-16. What is the fixed cost of producing units of output? a. $16 b. $24 C. $12 d. $0 20. Refer to Table 13-16 in Question 19. What is the total cost of producing 2 units of output? a $76 b. $74 C. $58 d. $50 21. Refer to Table 13-16 in...
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