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1. Use an example , example explain the production process.
2. Indicate How to calculate the unit production cost
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- Concert Opportunity Cost 2 You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?How does fixed cost affect marginal cost? Why is this relationship important?Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
- F a) Draw the demand process cycle and label it fully. b) A door company has the following materials in inventory. Inspect the table below and answer the following questions Material Average (in Kilograms) Price Aluminum 3884 $3.0 Steel 5850 $1.4 Iron 200 $1 Work in Progress Average Price Fence 78 230 Final Products Average Price Door 300 300 Window 550 240 i. Calculate the number of turns. ii. Calculate the cost per day.Question S An auto-repair shop faces the following weekly costs: rent, $800; labour, $500 per worker; parts and supplies, 70 per repair. Each worker can repair four cars per week. Copy & paste the table below into the answer area. Then complete all questions. (a) Fill in the costs in the table. (b) What are the total costs if the shop repairs 16 cars in a week? (c) What are the total costs if the shop repairs no cars in a week? ( Number of repairs 0 4 7 8 12 20 24 28 32 For the toolbar, press ALT F1D (PC) or ALT+FN-F10 (Mac) Fixed costs ($) Variable costs ($) Total costs (S)PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…
- Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it were tom increase production to 1,001 units, its total cost would rise to $5,008. What does this information tell you about the firm? (a) Marginal cost is $5, and average variable cost is $8. (b) Marginal cost is $8, and average variable cost is $5. (c) Marginal cost is $5, and average total cost is $8. (d) Marginal cost is $8, and average total cost is $5.Explain the concept long run in production time frameNeed clear diagram
- Unsure of what to do for the graphsWhat is the relationship between marginal cost (MC) curves and average cost (AC) curves? You may use a graph help you illustrate whenever necessary.IIT Ball Bearings Inc. faces costs of production as follows: Quantity Total Fixed Cost Total Variable Cost 100 100 100 100 100 100 100 1 50 70 90 140 200 360 3 4 5 (A) Calculate the company's average fixed costs, average variable costs, average total costs, and marginal costs. (B) The price of a case of ball bearings is $50. Seeing that she can't make a profit, the Chief Executive Officer (CEO) decides to shut down Operations. What are the firm's profits/ losses? Was this a wise decision? Explain. (C) Vaguely remembering his introductory economics course, the Chief Financial Officer Tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. What are the firm's profits/losses at that level of production? Was this the best decision? Explain