Answer the question on the basis of the following cost data.Output Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost1 $50.00 $2 $50.00 $3 $50.00 $4 $50.00 $5 $50.00 $6 $50.00 $440.00 $7 $50.00 $560.00 $8 $50.00 $ 700.00 $The marginal cost of the fifth unit of output isO 62O 80O 78O 3100.00 $160.00 $200.00 $260.00 $340.00$50.00 $25.00 $16.67 $12.50 $10.00 $8.33 $7.14 $6.25 $100.0080.0066.6765.0068.0073.3380.0087.50

Marginal cost:Marginal cost is the additional unit that is added to the total cost. It is…

Answer the question on the basis of the following cost data. Output Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost 1 $ 50.00 $ 100.00 $ 2 $ 50.00 $ 160.00 $ 3 $ 50.00 $ 200.00 $ 4 $ 50.00 $ 260.00 $ 5 $ 50.00 $ 340.00 $ 6 $ 50.00 $ 440.00 $ 7 $ 50.00 $ 560.00 $ 8 $ 50.00 $ 700.00 $ The marginal cost of the fifth unit of output is O 62 O 80 O 78 O 3 50.00 $ 25.00 $ 16.67 $ 12.50 $ 10.00 $ 8.33 $ 7.14 $ 6.25 $ 100.00 80.00 66.67 65.00 68.00 73.33 80.00 87.50

Answer the question on the basis of the following cost data. Output Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost 1 $ 50.00 $ 100.00 $ 2 $ 50.00 $ 160.00 $ 3 $ 50.00 $ 200.00 $ 4 $ 50.00 $ 260.00 $ 5 $ 50.00 $ 340.00 $ 6 $ 50.00 $ 440.00 $ 7 $ 50.00 $ 560.00 $ 8 $ 50.00 $ 700.00 $ The marginal cost of the fifth unit of output is O 62 O 80 O 78 O 3 50.00 $ 25.00 $ 16.67 $ 12.50 $ 10.00 $ 8.33 $ 7.14 $ 6.25 $ 100.00 80.00 66.67 65.00 68.00 73.33 80.00 87.50

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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TC = 4,500 + 5Q2 MC = 10Q What is the average total cost equation? a. b. C. d. ATC = 4500Q + 5 ATC = 4500 + 10Q ATC= 4500/Q+5 ATC = 4500/Q +5Q
Total Average Average Average Margin Product Fixed Cost Variable Cost Total Cost Cost 1 $100.00 $17.00 $117.00 $17 50.00 16.00 66.00 15 33.33 15.00 48.33 13 25.00 14.25 39.25 12 20.00 14.00 34.00 13 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8. 12.50 17.50 30.00 30 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for a firm that is selling in a purely competitive market. If there were 1,000 identical firms in this industry and total, or market, demand is as shown in the second table, equilibrium price will be Price Quantity Demanded $50 3,000 42 6,000 36 9,000 32 11,000 20 14,000 13 19,500 Multiple Choice • $32. • $42. • $36. • $20.
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