Homework Answers
Ans 1.
A, H and N, all are equal to $ 50.
Fixed cost is the cost a firm incurs irrespective of the no. of units sold. It is remains fixed and is incurred no matter how many units are sold or whether the firm gains or not. Examples include rent and tax on property.
Ans 2.
B equals $ 100.
Total Cost = Fixed Cost + Variable Cost
At Q = 1, TC is given as $150 and FC has been calculated as $ 50.
So, VC = TC - FC = 150 - 50 = $50.
Ans 3.
C equals $ 100.
MC =Change in TC/Change in Q.
At Q = 1, Change in TC = 150 - 50 = $ 100 and Change in Q = 1 - 0 = 1
So, MC = 100/1 = $ 100.
Ans 4.
D equals $ 50.
At Q= 1, FC = 50.
We know that AFC = FC/Q.
So, AFC = 50/1 = $50.
Ans 5.
E equals $ 100.
We know that AVC =VC/Q.
At Q = 1, VC = 100 ( See the calculation of B in Ans 2 above)
So, AVC = 100/1 = 100
Ans 6.
F can't be located in the given table.
Ans 7.
G equals $ 270
At Q= 2, M C = 120 And At Q =1, TC = 150 (GIVEN)
We know that MC = Change in TC/Change in Q
So, 120 = Change in TC / Change in Q
OR 120 = G - 150 / 2 - 1
OR G - 150 = 120
OR G = 120 +150
OR G = 270
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Problem solving 1 - Great practice for the midterm! Quantity Total Fixed Variable Marginal Average Avera...
Quantity Total Cost Fixed Cost Variable Marginal Cost Cost Average Average Fixed Cost Average Variable Cost...
Quantity Total Cost Fixed Cost Variable Marginal Cost Cost Average Average Fixed Cost Average Variable Cost Total Cost $50 SO B $50 $150 G M D 12 3 А H N с $120 P E K $120 р k R What is the value of B? $50 $25 $100 $200
Table 13-5 The Flying Elvis Copter Rides Quantity Total Cost Fixed Cost Variable cost Marginal Cost...
Table 13-5 The Flying Elvis Copter Rides Quantity Total Cost Fixed Cost Variable cost Marginal Cost Average Fixed Cost Average Nariable Cost Average Total Cost SO B D IF 0 1 2 3 $50 $150 G IM $50 A H IN C $120 IE K $120 Q R Refer to Table 13-5. What is the value of L? $60 $135 $240 5270
Exhibit 22-13 Quantity of Output (Q) Total Fixed Cost (TFC) Average Fixed Cost (AFC) Total Variable...
Exhibit 22-13 Quantity of Output (Q) Total Fixed Cost (TFC) Average Fixed Cost (AFC) Total Variable Cost (TVC) Average Variable Cost (AVC) Total Cost (TC) Average Total Cost (ATC) Marginal Cost (MC) 0 $200 $0 $200 1 $200 (A) 30 (H) 230 (M) (S) 2 $200 (B) 50 (I) 250 (N) (T) 3 $200 (C) (F) $26.67 (K) (P) (U) 4 $200 (D) 130 (J) 330 (Q) (V) 5 $200 (E) (G) $40 (L) (R) (W) Refer to Exhibit 22-13. What...
1. Exhibit 22-13 Quantity of Output (Q) Total Fixed Cost (TFC) Average Fixed Cost (AFC) Total...
1. Exhibit 22-13 Quantity of Output (Q) Total Fixed Cost (TFC) Average Fixed Cost (AFC) Total Variable Cost (TVC) Average Variable Cost (AVC) Total Cost (TC) Average Total Cost (ATC) Marginal Cost (MC) 0 $200 $0 $200 1 $200 (A) 30 (H) 230 (M) (S) 2 $200 (B) 50 (I) 250 (N) (T) 3 $200 (C) (F) $26.67 (K) (P) (U) 4 $200 (D) 130 (J) 330 (Q) (V) 5 $200 (E) (G) $40 (L) (R) (W) Refer to Exhibit...
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0...
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0 0 200 0 200 1 20 20 200 100 300 300 5.00 2 50 30 200 200 400 200 3.33 3 90 40 200 300 500 166.67 2.50 4 120 30 200 400 600 150 3.33 5 140 20 200 500 700 140 5.00 6 150 10 200 600 800 133.33 10.00 7 155 5 200 700 900 128.57 20.00 a. Fill in the...
Labor Marginal Product Quantity Produced Fixed Cost Variable Cost Total Cost Marginal Cost Average Total Cost...
Labor Marginal Product Quantity Produced Fixed Cost Variable Cost Total Cost Marginal Cost Average Total Cost Average Variable Cost (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) 1 0 $50 $0 2 10 $50 $20 3 25 $50 $40 4 45 $50 $60 5 60 $50 $80 6 70 $50 $100
Marginal Fixed Quantity cost cost cost 0 --- Variable cost Total Average fixed Average variable Average...
Marginal Fixed Quantity cost cost cost 0 --- Variable cost Total Average fixed Average variable Average total cost cost cost cost $40.00 $72.00 $105.00 $40.00 $380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost: $ What is the average total cost when producing three units? average total cost: $ What is the average variable cost when producing four units? average variable cost: $ average variable...
19. Table 13-16 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Aver...
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. $50 21. Refer to Table 13-16 in...
Consider the table. Labor Quantity (hours) 0 0 Variable Cost Total Cost Marginal Cost ($) Average...
Consider the table. Labor Quantity (hours) 0 0 Variable Cost Total Cost Marginal Cost ($) Average Cost ($) AVC* ($) 0 40 18 5,000 10,000 15,000 B с F 277.78 50 Fixed Cost ($) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 45 185.19 444.44 222.22 65 250.00 384.62 60 70 10,000 15,000 A 25,000 30,000 230.77 256.41 78 G 25,000 30,000 35,000 40,000 80 D 500.00 E 88 94 397.73 284.09 H 90 425.53 *Average Variable Cost The table shows...
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using...
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using TC) using VC) TC O dozen pizzas $300 $0 ܝܕ 350 50 390 90 N 3 420 120 4 450 150 5 490 190 6 540 240 3 420 120 4 450 150 5 490 190 6 540 240 What is the pizzeria's fixed cost? Note: Recall that TC = FC + VC $200 $300 $400 cannot be determined Construct a table in which...
Quantity Total Cost Fixed Cost Variable Marginal Cost Cost Average Average Fixed Cost Average Variable Cost Total Cost $50 SO B $50 $150 G M D 12 3 А H N с $120 P E K $120 р k R What is the value of B? $50 $25 $100 $200
Table 13-5 The Flying Elvis Copter Rides Quantity Total Cost Fixed Cost Variable cost Marginal Cost Average Fixed Cost Average Nariable Cost Average Total Cost SO B D IF 0 1 2 3 $50 $150 G IM $50 A H IN C $120 IE K $120 Q R Refer to Table 13-5. What is the value of L? $60 $135 $240 5270
Marginal Fixed Quantity cost cost cost 0 --- Variable cost Total Average fixed Average variable Average total cost cost cost cost $40.00 $72.00 $105.00 $40.00 $380.00 What is the total cost when producing zero units? total cost: $ What is the marginal cost for the first unit? marginal cost: $ What is the average total cost when producing three units? average total cost: $ What is the average variable cost when producing four units? average variable cost: $ average variable...
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. $50 21. Refer to Table 13-16 in...
Consider the table. Labor Quantity (hours) 0 0 Variable Cost Total Cost Marginal Cost ($) Average Cost ($) AVC* ($) 0 40 18 5,000 10,000 15,000 B с F 277.78 50 Fixed Cost ($) 10,000 10,000 10,000 10,000 10,000 10,000 10,000 45 185.19 444.44 222.22 65 250.00 384.62 60 70 10,000 15,000 A 25,000 30,000 230.77 256.41 78 G 25,000 30,000 35,000 40,000 80 D 500.00 E 88 94 397.73 284.09 H 90 425.53 *Average Variable Cost The table shows...
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using TC) using VC) TC O dozen pizzas $300 $0 ܝܕ 350 50 390 90 N 3 420 120 4 450 150 5 490 190 6 540 240 3 420 120 4 450 150 5 490 190 6 540 240 What is the pizzeria's fixed cost? Note: Recall that TC = FC + VC $200 $300 $400 cannot be determined Construct a table in which...
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