Variable Cost Quantity (Q) Total Cost (TC) (VC) (MC) Marginal Cost Average Variable Average Total Cost (AVC) Cost (ATC) 0 $0 $300 5 $200 12 $400 18 $600 20 $800 [A] [B] [C] [D] Assume the above table represents a firm producing roof-cleaning services. What is the value of [C] in the table above? ○ $50 O $11.11 O $22.22 $900 $33.33
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- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?Output quantity Total variable cost Total cost 0 $0 $250 25 450 50 300 X 75 375 100 600 850 125 X 1125 150 1200 X 175 1875 200 2000 2250Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?
- 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 12.5Output Variable Total AVC AFC ATC MC (boxes) Cost Cost $0 $10 1 $20 $15 3 $69 $3.33 $23 4. $2.50 $27 $39Total Costs (000s of dollars) 20 000 18 000 16 000 14 000 12 000- 10 000- 8 000 6 000 4 000 2000 0 4000 0 2000 5 1000 10 15 20 Output (golf carts per month) TC TVC Refer to the figure. How much is the total cost (TC) when the total output is zero? TFC T 25 30
- A special shoe manufacturer ABC Co. has costs of production as follows : Quantity: 0 1 2 3 4 5 6Total Variable Cost ($): 0 50 70 90 140 200 360 Fixed costs are $100 and the price of ABC shoe is $50 (a) The chief financial officer tells the CEO that it’s better to produce only one shoe this month. What could be the reason for this advice by the CFO? What are the firm’s profits at that level of production? Is this the best decision? Explain.Output (unit) Total cost (RM) Total fixed cost (RM) Total variable cost (RM) Average fixed cost (RM) Average variable cost (RM) Average total cost (RM) Marginal cost (RM) 0 600 600 - - - - - 10 1050 600 450 60 45 105 45 20 1450 600 850 30 42.5 72.5 40 30 1800 600 1200 20 40 60 35 40 2100 600 1500 15 37.5 52.5 30 50 2450 600 1850 12 37 49 350 60 2850 600 2250 10 37.5 47.5 40 70 3300 600 2700 8.57 38.57 47.14 45 80 3850 600 3250 7.5 40.625 48.125 55 90 4500 600 3900 6.67 43.34 50 65 100 5250 600 4650 6 46.5 52.5 75 Which time period is the firm operating? Why?ATC, AAC, AVC, MC (/uni 270.00 24000 21000 180.00 150.00 120.00 10:00 60.00 30.00 0:00 02 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Units of Output (0) Unit Cost Curves Refer to the graph above. The curves are not labeled. To help get this question right, you must first label the curves. An output level of 18 is identified with the dark vertical line. The shaded rectangular area (height times width) is the O average sunk cost. O total sunk cost O total avoidable fed cost. O total avoidable cost. O None of the above
- 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…240 160 80 $ 5 10 15 20 25 30 (a) Estimate the fixed costs and the marginal cost for the cost function in the figure above. Enter the answers to the nearest dollar. The fixed costs are $ C(q) The marginal cost is $ C (10) = i (b) Estimate C (10) and interpret it in terms of cost. eTextbook and Media per unit.The figure shows graphs of the total cost function and the total revenue function for a commodity. (Assume cost and revenue are measured in dollars.) 500 400 300 200 100 میرا 10 20 30 (a) Label each function correctly. function A -Select- function B -Select- (b) Determine the fixed costs. (c) Locate the break-even point. A B 40 50 60 Determine the number of units sold to break even. units (d) Estimate the marginal cost MC and marginal revenue MR. MC = MR-