Homework Answers
a) TC2 represents short run cost function and TC1 represents long run cost as there is no fixed cost when output = 0 in the long run whereas there would be fixed cost when output = 0 in the short run.
b)
| Q | TC2 | TFC | TVC | AFC | AVC | MC |
| 0 | 350 | 350 | 0 | |||
| 1 | 400 | 350 | 50 | 350 | 50 | 50 |
| 2 | 435 | 350 | 85 | 175 | 42.5 | 35 |
| 3 | 465 | 350 | 115 | 116.6667 | 38.33333 | 30 |
| 4 | 505 | 350 | 155 | 87.5 | 38.75 | 40 |
| 5 | 560 | 350 | 210 | 70 | 42 | 55 |
| 6 | 635 | 350 | 285 | 58.33333 | 47.5 | 75 |
| 7 | 735 | 350 | 385 | 50 | 55 | 100 |
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3. The following table gives the short-run and long-run total cost for various levels of output...
Complete the following short-run cost table using the information provided. Total product TFC AFC TVC AVC...
Complete the following short-run cost table using the information provided. Total product TFC AFC TVC AVC TC MC 0 0.0 1 3.0 2 5.0 5.0 3 9.0 7. (10 points) Answer the questions below on the basis of the above graph. (a) (3 points-1 point for short run; 1 point for long run; 1 point for how you can tell) How can you tell if these cost curves are for the short run or the long run? (b) (7 points)...
irm in the short run wing table. Short Run Cost Chapter 9 output TFC TVC ATC...
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graph the short-run average cost curves. explain how you got each. (total revenue, Marg rev, MPL,...
graph the short-run average cost curves.
explain how you got each. (total revenue, Marg rev, MPL, TFC,
TVC, TC, AFC, AVC, ATC)
bakers (L) cakes (0) Total Revenue Marg Rev MPL TFC TVC T C AFC AVC ATC MC P(cake) Fixed Fixed cost wage $6 each capital $200 $50 per baker 20 38 56 73 104 133 158 191 219 250 277 296
4. Use the figure below to compute short-run costs at 100 units and for answers] ute...
4. Use the figure below to compute short-run costs at 100 units and for answers] ute short-run costs at 100 units and 300 units of output. (see Canvas AVC Average and marginal costs (dolars) 400 100 200 300 Output At 100 units of output, find the following costs: a. AFC = e. TVC = b. AVC= f. TC = C. ATC = g. SMC = d. TFC = At 300 units of output, find the following costs: h. AFC =...
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
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...
(Production & Cost) The incomplete table below gives the total, average, and marginal cost curves for...
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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,...
SECTION marginal cost (MC) in the tah. PRINT LAST NAME, FIRST NAME SHORT-RUN COSTS Fall in...
SECTION marginal cost (MC) in the tah. PRINT LAST NAME, FIRST NAME SHORT-RUN COSTS Fall in the missing alufer total cost ), total fixed cost (TFC), total variable bel below, use the data to fill in the blanks. al cost (ATC), average variable cost (AVC), and marginal cost (MC) AFC AVC MC TVC ATC OTC TFC 0 560 SLO IS 2 S120 s Ass 60 $68 Total fixed costs are equal to 1)S COD , regardless of how much output...
see When completed, the Worksheet table below describes the short run cost behaviour of ALEX, a...
see When completed, the Worksheet table below describes the short run cost behaviour of ALEX, a company that manufactures a standard type of industrial cappuccino machine. (Round all responses to two decimal places.) Cost Worksheet 1: Click on the Following Help Icon to View Key Formulae Number of machines produced Total Fixed Average Fixed Total Variable Average Total Average Cost Marginal Cost Cost Cost Variable Cost Total (TFC) (AFC) (MC) Cost (TVC) (Q) Cost (TC) (AVC) (ATC) 0 50.00 30.00...
irm in the short run wing table. Short Run Cost Chapter 9 output TFC TVC ATC TC AFC AVC MC 1 50.00 $ 86.00 50 OD 146.00 50-00 150.00 4 106.00 170.00 3000 $ 6 147.00 7 182.00 280.00 8 50.00 340.00 50-DD 9 410.00 360.00 $ 50.00 10 50 0D 440.00 $ 11
graph the short-run average cost curves.
explain how you got each. (total revenue, Marg rev, MPL, TFC,
TVC, TC, AFC, AVC, ATC)
bakers (L) cakes (0) Total Revenue Marg Rev MPL TFC TVC T C AFC AVC ATC MC P(cake) Fixed Fixed cost wage $6 each capital $200 $50 per baker 20 38 56 73 104 133 158 191 219 250 277 296
4. Use the figure below to compute short-run costs at 100 units and for answers] ute short-run costs at 100 units and 300 units of output. (see Canvas AVC Average and marginal costs (dolars) 400 100 200 300 Output At 100 units of output, find the following costs: a. AFC = e. TVC = b. AVC= f. TC = C. ATC = g. SMC = d. TFC = At 300 units of output, find the following costs: h. AFC =...
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...
(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
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,...
SECTION marginal cost (MC) in the tah. PRINT LAST NAME, FIRST NAME SHORT-RUN COSTS Fall in the missing alufer total cost ), total fixed cost (TFC), total variable bel below, use the data to fill in the blanks. al cost (ATC), average variable cost (AVC), and marginal cost (MC) AFC AVC MC TVC ATC OTC TFC 0 560 SLO IS 2 S120 s Ass 60 $68 Total fixed costs are equal to 1)S COD , regardless of how much output...
see When completed, the Worksheet table below describes the short run cost behaviour of ALEX, a company that manufactures a standard type of industrial cappuccino machine. (Round all responses to two decimal places.) Cost Worksheet 1: Click on the Following Help Icon to View Key Formulae Number of machines produced Total Fixed Average Fixed Total Variable Average Total Average Cost Marginal Cost Cost Cost Variable Cost Total (TFC) (AFC) (MC) Cost (TVC) (Q) Cost (TC) (AVC) (ATC) 0 50.00 30.00...
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