The following incomplete table shows a firm’s various costs of producing up to 6 units of...
The following incomplete table shows a firm’s various costs of producing up to 6 units of output. Fill in as much of the table as possible. If you cannot determine the number in a box, explain why it is not possible to do so.
|
Q |
TC |
TVC |
TFC |
AC |
MC |
AVC |
|
1 |
100 |
|||||
|
2 |
50 |
30 |
||||
|
3 |
10 |
|||||
|
4 |
30 |
|||||
|
5 |
||||||
|
6 |
80 |
Homework Answers
| Q | TC | TVC | TFC | AC | MC | AVC |
| 1 | 100 | 70 | 30 | 100 | 70 | |
| 2 | 80 | 50 | 30 | 40 | -20 | 25 |
| 3 | 90 | 60 | 30 | 30 | 10 | 20 |
| 4 | 150 | 120 | 30 | 37.5 | 60 | 30 |
| 5 | 30 | |||||
| 6 | 30 | 80 |
TC=TFC+TVC
AC=TC/Q
MC=change in TC
AVC=VC/Q
It is not possible to compute the number in the other boxes as the information about TVC or MC is not given
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The following incomplete table shows a firm’s various
costs of producing up to 6 units of...
1. The following incomplete table shows a firm’s various costs of producing up to 6 units...
1. The following incomplete table shows a firm’s various costs of producing up to 6 units of output. Fill in as much of the table as possible. If you cannot determine the number in a box, explain why it is not possible to do so. Q TC TFC TVC MC ATC AFC AVC 1 100 2 160 3 20 4 95 5 170 6 120
3. The following table gives the short-run and long-run total cost for various levels of output...
3. The following table gives the short-run and long-run total cost for various levels of output of Consolidated National Aeme, Inc. Q TC: TC TFC TVC AFC AVC MC 0 0 350 300 400 400 435 465 465 495 505 5 560 560 6 600 635 7 700 735 a. Which column, TCi or TC2, represents a long-run total cost, and which represents a short-run total cost? How do you know? b. For each level of output, find short-run TFC,...
(Production & Cost) The incomplete table below gives the total, average, and marginal cost curves for...
(Production & Cost) The incomplete table below gives the total, average, and marginal cost curves for a firm. Use the cost function definitions to complete the table. Q TC TVC TFC MC ATC AVC AFC 10 17 2 339 7 15 12 6100 2
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
Costs of production table: Fill in the missing information in the table below: Quantity Total cost...
Costs of production table: Fill in the missing information in the table below: Quantity Total cost TVC TFC ATC AVC AFC MC 0 100 1 190 2 270 3 340 4 400 5 470 6 550 7 640 8 750 9 880 10 1030 2- On two separate graphs plot: TC, TVC, TFC – on one graph ATC, AVC, AFC and MC on a separate graph
suppose a competitive firm has the following cost: Q 0 1 2 3 4 5 6...
suppose a competitive firm has the following cost: Q 0 1 2 3 4 5 6 7 8 9 TC ($) 50 54 62 74 90 110 134 162 194 230 (Q: output ; TC: total cost) This cost table is related to a competitive firm. Q TC 0 30 1 50 2 66 3 80 4 90 5 100 6 114 7 131.2 8 150 9 190 NOTE: FIND TFC, TVC ,AVC, ATC, MC Using this table above, answer...
1. Using the table below, a price of $6 for the output (Py), a cost of...
1. Using the table below, a price of $6 for the output (Py), a cost of $10 per unit of variable input (Px), and a TFC of $200, compute the three total costs (TVC, TFC, TC), the three average costs (AVC, AFC, ATC) and the marginal cost (MC). (28 points) (Please show work for all the questions) TFC TVC TC AFC AVC ATC MC Variable Output Input (bushels) 0 0 10 35 20 75 30 105 40 130 SO 140...
From your knowledge of the relationships among the various cost functions, complete the following table. (Hint:...
From your knowledge of the relationships among the various cost functions, complete the following table. (Hint: If necessary, round to two decimal places.) Q TTC TFC TVC ATC AFC AVC MC (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) 0 125 10 5.00 20 10.50 30 110 40 255 50 3.00 60 3.00 70 5.00 80 295
Part B Short Answer questions (14 points) Q.1 Consider the following graph which shows the cost...
Part B Short Answer questions (14 points) Q.1 Consider the following graph which shows the cost curves of a firm. MC YO NGS ATC AVC Q, QQ, Q QQ (a) is the firm operating in short run or long run? Explain () Is the gap between ATC and AVC increasing or decreasing over quantity? Explain. (c) Suppose wages increase, does AFC increase or not? Explain. (Suppose rental payment increases, does MC increase or not? Explain. ) On a separate graph,...
Using the information in the table, total fixed costs equals $ Supporting Materials Question 15 According...
Using the information in the table, total fixed costs equals
$
Supporting Materials
Question 15
According to the information in the table, what is total
variable cost when producing zero bushels of corn?
$
Supporting Materials
Question 16
Costs
4 mgd plant
8 mgd plant
12 mgd plant
Water Intake
$19,000,000
$21,000,000
$22,000,000
Water Treatment Plant
$41,000,000
$55,000,000
$68,000,000
Design
$15,000,000
$18,000,000
$21,000,000
TOTAL COSTS
$75,000,000
$94,000,000
$111,000,000
The table below shows the costs to construct a municipal water
treatment...
3. The following table gives the short-run and long-run total cost for various levels of output of Consolidated National Aeme, Inc. Q TC: TC TFC TVC AFC AVC MC 0 0 350 300 400 400 435 465 465 495 505 5 560 560 6 600 635 7 700 735 a. Which column, TCi or TC2, represents a long-run total cost, and which represents a short-run total cost? How do you know? b. For each level of output, find short-run TFC,...
(Production & Cost) The incomplete table below gives the total, average, and marginal cost curves for a firm. Use the cost function definitions to complete the table. Q TC TVC TFC MC ATC AVC AFC 10 17 2 339 7 15 12 6100 2
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
1. Using the table below, a price of $6 for the output (Py), a cost of $10 per unit of variable input (Px), and a TFC of $200, compute the three total costs (TVC, TFC, TC), the three average costs (AVC, AFC, ATC) and the marginal cost (MC). (28 points) (Please show work for all the questions) TFC TVC TC AFC AVC ATC MC Variable Output Input (bushels) 0 0 10 35 20 75 30 105 40 130 SO 140...
Part B Short Answer questions (14 points) Q.1 Consider the following graph which shows the cost curves of a firm. MC YO NGS ATC AVC Q, QQ, Q QQ (a) is the firm operating in short run or long run? Explain () Is the gap between ATC and AVC increasing or decreasing over quantity? Explain. (c) Suppose wages increase, does AFC increase or not? Explain. (Suppose rental payment increases, does MC increase or not? Explain. ) On a separate graph,...
Using the information in the table, total fixed costs equals
$
Supporting Materials
Question 15
According to the information in the table, what is total
variable cost when producing zero bushels of corn?
$
Supporting Materials
Question 16
Costs
4 mgd plant
8 mgd plant
12 mgd plant
Water Intake
$19,000,000
$21,000,000
$22,000,000
Water Treatment Plant
$41,000,000
$55,000,000
$68,000,000
Design
$15,000,000
$18,000,000
$21,000,000
TOTAL COSTS
$75,000,000
$94,000,000
$111,000,000
The table below shows the costs to construct a municipal water
treatment...
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