Please answer questions 13 to 17. Average AverageFixedVariableOutput1CostCost$50.00$100.0025.0080.00316.6766.67412.5065.0010.0068.008.3773.3377.1480.0086.2587.50 В. $78.С. $3.D. $10.13. Refer to the above data. The total cost offour units of output is:A. $260.B. $77.50.C. $310.D. $215.14. Refer to the above data. If the firm shutdown and produced zero units of output, its totalcost would be:A. zero.В. $50.C. $150.D. $100.15. Refer to the above data. The marginal costof the fifth unit of output is:A. $3.В. $62.C. $80.D. $78.16. Refer to the above data. The marginal costcurve would intersect the average variable costcurve at about:A. 2 units of output.B. 4 units of output.C. 6 units of output.D. 7 units of output.17. Refer to the above data. If the firm decidedto increase its output from 6 to 7 units, its totalcosts would rise by:A. $87.14.B. $80.00.C. $6.67.D. $120.00.

Cost refers to the all the expenses and expenditure that incur in a process of production of goods…

Answered: Average Average Fixed Variable Output 1…

Average Average Fixed Variable Output 1 Cost Cost $50.00 25.00 $100.00 2 80.00 3 16.67 66.67 4 12.50 65.00 5 10.00 68.00 6 8.37 73.33 7 7.14 80.00 8 6.25 87.50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run. Plant 1 Plant 2 Plant 3 Output ATC Output ATC Output ATC 10 $ 10 10 $ 15 10 $ 20 20 9 20 10 20 15 30 8 30 7 30 10 40 9 40 10 40 8 50 10 50 14 50 9 What is the long-run average cost of producing 10 units of output? Multiple Choice $10 $15 $20 $45
Refer to the graph shown. If a firm expected to produce 900 units when it built its plant but now desires to reduce its output to 600 units in the short run, it will use the plant size represented by: 0 300 O Multiple Choice O 600 00 SATC₁ Quantity SATC₁. SATC2. SATC3 SATC2 SATC3 SATC₂ SATCA. 900 L 1200 SATC Long-Run Average Cost 1500 Refer to the graph shown. A firm that shifts from SATC₁ to SATC2 is most likely to do so because planned output increases: Cost per unit 0 300 600 SATC₁ Multiple Choice 900 1200 1500 Quantity SATC₂ SATC2 SATC₂ to 300, from 300 to 900. from 300 to 600. SATC Long-Run Average Cost from 600 to 900.
Refer to Table 13-1. What is the average total cost of producing one widget? b. $15 a. S1 c. $16 d. $22 Refer to Table 13-1. What is the marginal cost of producing the sixth widget? a. $1.00 b. $3.50 c. $5.00 d. $6.00 Refer to Table 13-1. What is the average variable cost of producing four widgets? a. $2.00 b. $2.50 c. $3.33 d. $5.00 Refer to Table 13-1. What is the marginal cost of producing the first widget? a. $0 b. $1.00 c. $10.25 d. $11.00 Refer to Table 13-1. What is the variable cost of producing zero widgets? a. $0 b. $1.00 c. $10.25 d. $11.00 Refer to Table 13-1. What is the average fixed cost of producing five widgets? a. $1 b. $2 c. $3 d. $4 Refer to Table 13-1. What is the fixed cost of producing three widgets? a. $0 b. S1 c. $15 d. $18 Refer to Table 13-1. What is the variable cost of producing five widgets? a. $13.00 b. $14.00 c. $15.00 d. $16.00
Afirm’s LAC curve is U-shaped and has its minimum point at an output of 25000 units per week.In the short-run the firm has a U-shaped SAC that coincides with the LAC atan output of 30,000 units per week? . a.Is SAC rising ,falling,or neither at an output of 30,000 units per week. Prove your answer. b.Is SMC greater than, equal to or less than LMC at an output of 29,999 units per week?. Prove your answer
Last year Doreen's Dairy earned a total revenue of $42 thousand from selling 7 thousand pounds of Swiss cheese. The Dairy spent $28 thousand on variable inputs and incurred a total cost of $40 thousand. The owner, Doreen, had an offer to work for another firm for $25 thousand. The firm's economic profits and fixed costs for the year are, respectively? a. -$23 thousand and $14 thousand b. $2 thousand and $12 thousand. c. -$11 thousand and $14 thousand. d. $0.3 thousand and $12 thousand.
Table Cost.EX2: Costs and Outputs for a Competitive Firm Total Total Output Fixed Variable (Q) Costs Costs $50.00 $0.00 $50.00 $70.00 $50.00 $120.00 $50.00 $150.00 4 $50.00 $220.00 $50.00 $300.00 Refer to Table Cost.EX2. When production is 3 units, the firm's average total cost is about ONo answer text provided. O $66.67 O No answer text provided. O S68.67
An ice cream producer has ﬁxed costs of $70,000 per month, and it can produce up to 15,000 ice cream tubs per month. Each tub costs $10 in the market whilethe producer faces variable costs of $3 per tub.a. What is the economic breakeven level of production?b . Calculate the ice cream producer’s monthly proﬁts at full capacity. What would happen to the monthly proﬁts if another ice cream producer entered themarket, driving the price of ice cream tubs down to $7 per unit?
Consider the following table of long-run total cost for four different firms: Which firms have diseconomies of scale over the entire range of output? a. Firm 1b. Firm 2c. Firm 3d. Firm 4e. Firm 2 and 4
See Hint Suppose you are the owner of a firm producing jelly beans. Your production costs are shown in the table. Jelly Bean Production Вохes Average cost per box 100 $0.95 101 $0.96 102 $0.97 $0.98 103 Initially, you produce 100 boxes of jelly beans per time period. Thena new customer calls and places an additional order for jelly beans, requiring you to increase your output to 101 boxes. She offers you $1.75 for the additional box. Should you produce it? Choose one: O. A Yes, because $1.75 is greater than average total cost, O B. No, because $1.75 is less than average total cost. O C. Yes, because $1.75 is greater than the marginal cost. O D. No, because $1.75 is less than the marginal cost. 9 E. We can't say because we don't know average variable cost.
20 15 LRAC 10 10 15 20 25 30 Quantity (units per hour) 1. In the above figure, the long run average cost LRAC, between 0 and 10 units per hour what does the firm exhibit (Economies of scale, Diseconomies of scale or constant return to scale)? 2. In the above figure, the long run average cost LRAC, between 10 and 20 units per hour what does the firm exhibit (Economies of scale, Diseconomies of scale or constant return to scale)? 3. In the above figure , the long run average cost LRAC, between 20 and 30 units per hour what does the firm exhibit (Economies of scale, Diseconomies of scale or constant return to scale)? В I Cost (dollars per unit)
Q3. Starbucks Canada to Open 150 New Outlets, Biggest Expansion Ever Financial Post February 8, 2013 Thanks in part to Target, Starbucks Canada will be undertaking the biggest expansion effort in its history this year, with plans to open more than 150 new locations across the country. . The subsidiary of Seattle-based Starbucks Corp. will open outlets inside many of the 124 Target locations opening in Canada in 2013 beginning next month – but the exact number is still a secret, Starbucks Canada president Annie Young-Scrivner said Friday. The growth is also a response to [the] company's successful bid to tap into the Canadian palate with its burgeoning Blonde roast coffee in a way that it had not before, bringing a host of new customers through its doors, she said in an interview on Friday. ... After the first nine months, Blonde grew to represent 12% of Starbucks Canada brewed coffee sales. Since the company began a sampling and marketing push last month in Canada, the lighter blend…
A firm hasaverage variable Costs of RO 60 per unit, average fixed costs of RO 40 per unit and can sell its output at KO 50ner unit. AFC + AVC = ATC 40 + 60 = (00 J TC = 0 = 25 AFCa. The firm should keep operating in the short run. The firm should shut down in the short run. c. The firm needs to increase output in the short run. The firm needs to keep operating in the long run, since average revenue is more than average fixed costs. MC %3D