Definitions (1) Any cost occurring after "time now" Terms (a) First cost Terms Definitions (b) Average cost (2) The total initial investment required to get an asset ready for service (c) Fixed cost (3) The ratio of total cost to total quantity of output (d) Overhead cost (4) The market value of an asset at the end of its life less its disposal costs (e) Marginal cost (5) The cost of obtaining funds through debt obligations () Opportunity (6) The incremental cost of producing one more unit of cost |output (g) Salvage value (7) Any past cost or portion of past cost that is not recovered (h) Sunk cost (8) The recurring costs that are necessary to operate and maintain an asset (1) Variable cost (9) Any cost that varies with the quantity of output G) Past cost |(10) Any cost occurring prior to "time now" (k) Maintenance (11) Any cost that does not vary with the quantity of costs output (12) The cost of forgoing an opportunity to eam interest on funds (1) Future cost (m) Cost of debt |capital (13) All costs in manufacturing other than direct material and direct labor

Definitions (1) Any cost occurring after "time now" Terms (a) First cost Terms Definitions (b) Average cost (2) The total initial investment required to get an asset ready for service (c) Fixed cost (3) The ratio of total cost to total quantity of output (d) Overhead cost (4) The market value of an asset at the end of its life less its disposal costs (e) Marginal cost (5) The cost of obtaining funds through debt obligations () Opportunity (6) The incremental cost of producing one more unit of cost |output (g) Salvage value (7) Any past cost or portion of past cost that is not recovered (h) Sunk cost (8) The recurring costs that are necessary to operate and maintain an asset (1) Variable cost (9) Any cost that varies with the quantity of output G) Past cost |(10) Any cost occurring prior to "time now" (k) Maintenance (11) Any cost that does not vary with the quantity of costs output (12) The cost of forgoing an opportunity to eam interest on funds (1) Future cost (m) Cost of debt |capital (13) All costs in manufacturing other than direct material and direct labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Bags/Participants Fixed Cost Variable Cost Total Cost 0 $1,700 $ - $1,700 100 $1,700 $500 $2,200 200 $1,700 $1,200 $2,900 300 $1,700 $2,700 $4,400 400 $1,700 $5,200 $6,900 500 $1,700 $9,000 $10,700 600 $1,700 $15,000 $16,700 700 $1,700 $23,800 $25,500 800 $1,700 $36,800 $38,500 900 $1,700 $55,800 $57,500 1,000 $1,700 $83,000 $84,700 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? A Use the profit maximizing rule, MR ≥ MC, buy 300 bags. B Use the profit maximizing rule, MR ≥ MC, buy 200 bags. C Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 300. D Use Qb = F/(MR-AVC) where Qb is the breakeven quantity to be determined, the optimal quantity of bags is 200.
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Bags/Participants Fixed Cost Variable Cost Total Cost $1,700 $- $1,700 100 $1,700 $500 $2,200 200 $1,700 इ1,200 $2,900 $1,700 $2,700 $4,400 300 $1,700 $5,200 $6,900 400 $1,700 $9,000 $10,700 500 $16,700 $1,700 $15,000 600 $1,700 $23,800 $25,500 700 $36,800 $38,500 $1,700 800 $55,800 $57,500 $1,700 900 $84,700 $83,000 $1,700 1,000 Given the above information on cost, if you charge $15 per entry, what is the breakeven quantity of bags that you should order? At what quantity of bags will profits be maximized? Please select any/all correct answers: Using Qb = F/(MR - AVC) where Qb is the break even quantity, the event would break even at 283 bags. %3D O Using the profit-maximizing rule, MR 2 MC, the quantity of bags that will maximize profits is 200 bags. O Using the profit-maximizing rule, MR > MC, the quantity of bags that will maximize profits is 300 bags. O The break even quantity cannot be determined in this case. «< Question 2 of 9 A Moving to another question will save this…