Suppose the average total cost of producing 9 sweaters is $65 and the marginal cost of...
Suppose the average total cost of producing 9 sweaters is $65 and the marginal cost of producing the 10th sweater is $67. Everything else held constant, the average total cost of producing 10 sweaters will be _____ the average total cost of producing 9 sweaters.
a. greater than
b. the same as
c. less than
Homework Answers
option a
average cost of producing 9 sweaters = $65
total cost of 9 sweaters = 65*9 = $585
marginal cost of 10th sweater = $67
total cost of 10 sweater s= $585 + $67 = $652
average cost of 10 sweater s= 652/10 = $65.2
so average cost of producing 10 sweaters , $65.20 > average cost of 9 sweaters
Add Answer to:
Suppose the average total cost of producing 9 sweaters is $65
and the marginal cost of...
If the average cost of producing 9 sweaters is $6.50 and the marginal cost of producing...
If the average cost of producing 9 sweaters is $6.50 and the marginal cost of producing the tenth sweater is $6.25 the average cost of producing 10 sweaters will. (a) be 6.50 (b) be less than 6.50 (c) be more than 6.50 (d) be exactly 6.75
The table gives Knit-rite's short-run total cost schedule. What is the average fixed cost of producing...
The table gives Knit-rite's short-run total cost schedule. What is the average fixed cost of producing 9 sweaters a day? Labour (workers per day) Total Total fixed variable cost cost (dollars per day) Output (sweaters per day) Total cost The average fixed cost of producing 9 sweaters a day is a sweater. ܘ ೦ 20 45 ܝ 25 70 O A. $1.11 O B. $2.22 O C. $1.54 O D. $1.25 ܟܬ ܚ ಹ ಹ ಹ ೦ N N N...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
We were unable to transcribe this imageSection Student ID Name: Part 3: Suppose that Canada increases its production of sweaters from 90 sweaters to 180 sweaters. What is the opportunity cost of...
We were unable to transcribe this imageSection Student ID Name: Part 3: Suppose that Canada increases its production of sweaters from 90 sweaters to 180 sweaters. What is the opportunity cost of producing an additional sweater? Part 4: Does Canada's production of sweaters experience constant or increasing opportunity costs? Part 5: Suppose that Canada increases its production of shirts from 90 shirts to 150 shirts. What is the opportunity cost of producing an additional shi rt? Part 6: Suppose that...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output. This competitive firm wishing to maximize its profit would Output per period TVC (S) TFC (S) 0 0 10 25 20 30 6 5 40 10 5 50 15 3. Increase output because marginal revenue is greater than marginal cost b. produce zero output because...
A small boutique produces wool sweaters at a marginal cost of 30 -or o s x s 20, where xj is the ...
A small boutique produces wool sweaters at a marginal cost of 30 -or o s x s 20, where xj is the greatest integer function. Find the cost of producing 20 sweaters. $ 10 Compute the average cost of the first 10 sweaters. 250 Compute the average cost of the last 10 sweaters. $ 250 eBook
A small boutique produces wool sweaters at a marginal cost of 30 -or o s x s 20, where xj is the greatest integer...
Question 13 (2.5 points) A firm's marginal cost is $82, its average total cost is $50,...
Question 13 (2.5 points) A firm's marginal cost is $82, its average total cost is $50, and its outplut is 800 units. Its total cost of producing 801 units is A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080 D) greater than $40,080.
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...
At 15 units of output, a firm's marginal cost and average total cost each equal $75....
At 15 units of output, a firm's marginal cost and average total cost each equal $75. Therefore, assuming 'typically' shaped cost curves, at 16 units of output: Its marginal cost is greater than $75 and its average total cost is less than $75. O Its marginal cost is less than $75 and its average total cost is greater than $75. O Its marginal cost and average total cost are each less than $75. 0 Its marginal cost and average total...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
The table gives Knit-rite's short-run total cost schedule. What is the average fixed cost of producing 9 sweaters a day? Labour (workers per day) Total Total fixed variable cost cost (dollars per day) Output (sweaters per day) Total cost The average fixed cost of producing 9 sweaters a day is a sweater. ܘ ೦ 20 45 ܝ 25 70 O A. $1.11 O B. $2.22 O C. $1.54 O D. $1.25 ܟܬ ܚ ಹ ಹ ಹ ೦ N N N...
Question 3 Long-run average total cost (LAC) O a represents the lowest average cost of producing a given level of output. b. is always equal to or greater than short-run average total cost. c. can be measured in the short-run. If a firm is producing the level of output at which long-run average cost equals long-run marginal cost, then a long-run marginal cost is at its minimum point b. long run average cost is at its minimum point. c long...
We were unable to transcribe this imageSection Student ID Name: Part 3: Suppose that Canada increases its production of sweaters from 90 sweaters to 180 sweaters. What is the opportunity cost of producing an additional sweater? Part 4: Does Canada's production of sweaters experience constant or increasing opportunity costs? Part 5: Suppose that Canada increases its production of shirts from 90 shirts to 150 shirts. What is the opportunity cost of producing an additional shi rt? Part 6: Suppose that...
Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens. Suppose the prevailing market price for this firm's product is $0.14 and the firm is currently producing 20 units of output. This competitive firm wishing to maximize its profit would Output per period TVC (S) TFC (S) 0 0 10 25 20 30 6 5 40 10 5 50 15 3. Increase output because marginal revenue is greater than marginal cost b. produce zero output because...
A small boutique produces wool sweaters at a marginal cost of 30 -or o s x s 20, where xj is the greatest integer function. Find the cost of producing 20 sweaters. $ 10 Compute the average cost of the first 10 sweaters. 250 Compute the average cost of the last 10 sweaters. $ 250 eBook
A small boutique produces wool sweaters at a marginal cost of 30 -or o s x s 20, where xj is the greatest integer...
Question 13 (2.5 points) A firm's marginal cost is $82, its average total cost is $50, and its outplut is 800 units. Its total cost of producing 801 units is A) less than $40,000. B) between $40,000 and $40,050. C) between $40,050 and $40,080 D) greater than $40,080.
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...
At 15 units of output, a firm's marginal cost and average total cost each equal $75. Therefore, assuming 'typically' shaped cost curves, at 16 units of output: Its marginal cost is greater than $75 and its average total cost is less than $75. O Its marginal cost is less than $75 and its average total cost is greater than $75. O Its marginal cost and average total cost are each less than $75. 0 Its marginal cost and average total...
e total cost 19. For a certain firm, the 10th unit of output marginal cost of Sto. It follows that the production of the 10th it fo r of outputut the firm produse marinat revenue of land them the firm's profi not the 100th unit of t h e firm's average total costs C. Firm's profit-maximize ve futut is less than 100 units. d. production of the 101st unit of output the lost unit of output must increase the firm's...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago