Average Output Variable Cost SEFER 10 12 14 16 20 Multiple Choice O $4 $5.00 4.00 O$9 $5 4.75 5.75 9.00 These are cost data for an apple farm selling in a purely competitive market. The farm will produce if the price is at least equal to what minimum value? Average Marginal Total Cost Cost $15.00 $3 13.00 4 11.50 9.00 12.00 6 9 14

Average Output Variable Cost SEFER 10 12 14 16 20 Multiple Choice O $4 $5.00 4.00 O$9 $5 4.75 5.75 9.00 These are cost data for an apple farm selling in a purely competitive market. The farm will produce if the price is at least equal to what minimum value? Average Marginal Total Cost Cost $15.00 $3 13.00 4 11.50 9.00 12.00 6 9 14

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?
Eliza works in a diner and creates luscious pies. She has the following average total cost schedule (see the picture below): H Quantity of Pies Produced 600 601 Average Total Cost in HongKong Dollars 300 301 The current level of production of Eliza is 600 (six-hundred) pies, which all have been sold. A customer desperately texted you that they wanted to buy one of her pies. They offer 550 HK$. Should Eliza accept the offer? If not, why?
Could you show the profit and loss on the graph. Furthermore, the figures for cost you posted were incorrect as they are not dropdown options.
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A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.
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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?
Price and cost (dollars per student) $150 120 88 76 72 ATC 40 - MC MR 24,000 30,000 36,000 Quantity of students enroiled 15,000 Your college decides to offer a psychology course as a MOOC that can be taken by students anywhere in the world, whether they are actually enrolled in your college or not. The demand and cost situation for the MOOC is shown in the figure. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor? O A. $0 В. $40 C. $88 D. $150
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