ONLY ANSWER PART B Directions: For each of the following problems you should use EXCEL to calculate the variousmeasures of costs. There are supplemental instructions for each problem. For your final copy toturn in you should make sure that each problem is numbered and that headings are provided foreach column of numbers. You should also provide headings for each problem and graph andother appropriate documentation. Round all numbers to two decimal points.1. You are given the following total cost function for a firm:TC = (25+F) +L xQ+0.5 x(Q²)where F-the number of the letter of the alphabet corresponding to the initial ofyour first name, and L-number of the letter of the alphabet corresponding to theinitial of your last name. For example, if your name were Bill Weber, F=2 andL=23, so (MY NAME IS GABRIEL RIVES)TC = 27+ 23 xQ+ 0.5 × Q.Calculate TC, TFC, and TVC for the levels of output between Q-0 and Q=30 (i.e._Q-0, Q=1, Q=2, Q=3,..., Q=29, Q=30). Make a graph of TC, TFC, and TVC as afunction of Q. (Use an xy graph, connect the points, and make sure these threecurves are all on the same graph.)a.Calculate ATC, AFC, AVC, and MC as a function of Q and produce a graph of theATC, AFC, AVC, and MC curves as a function ofQ. (Again, use xy.graph, connectthe points, and make sure these curves are all on the same graph. Also, since ATC,AFC, AVC, and MC are not defined at Q-0, start your graph using Q=1, not Q=0.)b.

Since it is mentioned to answer only subpart 'b' of the question, only the mentioned subpart is…

Calculate ATC, AFC, AVC, and MC as a function of Q and produce a graph of the ATC, AFC, AVC, and MC curves as a function of Q. (Again, use xy graph, connect the points, and make sure these curves are all on the same graph. Also, since ATC, AFC, AVC, and MC are not defined at Q=0, start your graph using Q-1, not Q=0.)

Calculate ATC, AFC, AVC, and MC as a function of Q and produce a graph of the ATC, AFC, AVC, and MC curves as a function of Q. (Again, use xy graph, connect the points, and make sure these curves are all on the same graph. Also, since ATC, AFC, AVC, and MC are not defined at Q=0, start your graph using Q-1, not Q=0.)

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
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Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs: Qty of houses painted per month 1 2 3 4 5 6 7 Variable Cost $10 $20 $40 $80 $160 $320 $640 Calculate average fixed cost, average variable cost, and average total cost for each quantity. What is the efficient scale of the painting company?
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The total fixed cost, total variable cost, and total cost curves are shown for a company that produces custom baseball gloves. v Cost ($) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 0 1 2 3 4 2nd attempt 5 Price ($) 400 375 350 8 7 8 9 10 11 TC TVC TEC 12 13 14 15 Graph the average total cost curve by first using the point tool to plot points for the average total cost for Q= 1, Q=5, and Q = 14 and then using the curved-line tool to connect them. You may assume that all total costs for these quantities are multiples of $25. Use the formula ATC = TC for your calculations. To refer to the graphing tutorial for this question type, please click here. 15 16 Quantity of gloves produced See Hint O
Your cousin Vinnie owns a painting company withfixed costs of $200 and the following schedule forvariable costs:Quantity ofHousesPainted perMonth 1 2 3 4 5 6 7VariableCosts$10 $20 $40 $80 $160 $320 $640Calculate average fixed cost, average variable cost, andaverage total cost for each quantity. What is the efficient scale of the painting company?
Question 2 Mr Jack is in the process of expanding his manufacturing business. He decided to open a plant in the coming year. He has four locations in mind. The costs information for these locations is in the following table. locations A B c D Fixed Costs 60,000 80,000 100,000 130,000 Variable Costs/units 30 20 15 10 (i). Write an equation to represent the total costs for each location (ii). Draw the total costs lines for each location on the same axes (use output ranges of 200, 400, 600, 800 etc. and intervals of $50,000 on the Y axis. (iii). Over what range of output is location A the most preferred location? (iv). Over what range of output is location B the most preferred location? (v). Over what range of output is location C the most preferred location?
Table 11-7 Quantity of Lanterns 75 80 90 100 115 117 120 B) $32 C) SI1.1 Fixed Cost (dollars) 200 200 200 200 200 200 200 D) $8.1 Variable Cost (dollars) 170 230 810 1264 1480 Total Cost (dollars) 370 430 1464 Average Total Cost (dollars) Table 11-7 shows cost data for Lotus Lanterns, a producer of whimsical night lights. Refer to Table 11-7. What is the marginal cost per unit of production when the firm produces 100 lanterns? A) $420 4.93 5.36 7.67 11.8 12.5
Cost (dollars per repaired phone) MC ATC AVC 18 15 10 12 Output (phones repaired) The figure shows the cost curves for Phil's Phone Repair, a cell phone repair firm. When output exceeds 12 repaired phones, average total cost is A) decreasing B) increasing C) less than average variable cost 20
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Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
19) Accounting costs and economic costs differ because A) Economic costs include explicit costs and accounting costs do not. B) Accounting costs include explicit costs and economic costs do not. C) Economic costs include implicit costs and accounting costs do not. D) Accounting costs include implicit costs and economic costs do not. anscribed Text C 20) Megan used to work at the local pizzeria for $15,000 per year but quit in order to start her own deli. To buy the necessary equipment, she withdrew $20,000 from her inheritance (which paid 8 percent interest). Last year she paid $25,000 for ingredients and $500 per month rent but had revenue of $50,000. She asked her dad the accountant and her mom the economist to calculate her costs for her. A) Dad says her cost is $31,000 and Mom says her cost is $47,600. B) Dad says her cost is $31,000 and Mom says her cost is $35,000. Dad says her cost is $9,000 and Mom says her cost is $2,400. D) Dad says her cost is $25,000 and Mom says her cost…