"ea under the curve or volume makes sense. ) Transfer the data into an Excel File Put your name in cell A1 Follow the directions listed for the two options. Use a textbox on your Excel sheet for the discussion. option A for Business Majors: The table below shows the marginal cost for a company's product at various production levels Units 0 1000 2000 3000 4000 5000 6000 Marginal Cost (Slund) 3.22 2.89 2.76 2.71 255 2.40 2.26 you are inte Units 7000 8000 9000 10,000 11,000 12,000 13.000 Marginal Cost (Sunit) 2.14 2.13 2.15 2.19 2.33 261 2.83 Remember marginal cost is the change in cost per item. It is also the derivative of the total cost. Estimate the cost (not including fix cost) to produce the first 12,000 atches of 2000 units using the initial marginal cost for each batch. ) Graph the data in Excel, and then use a curve fit to find an equation approximating the data.

"ea under the curve or volume makes sense. ) Transfer the data into an Excel File Put your name in cell A1 Follow the directions listed for the two options. Use a textbox on your Excel sheet for the discussion. option A for Business Majors: The table below shows the marginal cost for a company's product at various production levels Units 0 1000 2000 3000 4000 5000 6000 Marginal Cost (Slund) 3.22 2.89 2.76 2.71 255 2.40 2.26 you are inte Units 7000 8000 9000 10,000 11,000 12,000 13.000 Marginal Cost (Sunit) 2.14 2.13 2.15 2.19 2.33 261 2.83 Remember marginal cost is the change in cost per item. It is also the derivative of the total cost. Estimate the cost (not including fix cost) to produce the first 12,000 atches of 2000 units using the initial marginal cost for each batch. ) Graph the data in Excel, and then use a curve fit to find an equation approximating the data.

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

A9 Economic of scale can serve as a barrier to entry that covers an existing firm from potential competitors in the medical care industry”. Argue the statement with appropriate graph”.
At what level of output is average cost a minimum? What is the average cost (AC) at that output? What is the Marginal Cost (MC) at that output?
When the first automobiles were built in 1901, they were made by skilled workers using hand tools. Later, in 1913, Henry Ford introduced the moving assembly line, which lowered costs and speeded production. Over the years, the production line has become ever more mechanized, and today robots replace people in many tasks. Search The graph below shows the demand curve for cars in 1901. Suppose the least-possible cost of producing a car is $250 and that the efficient scale is 0.5 cars a day. D Draw the average total cost curve in 1901. Label it ATC₁ 500- 400- Price (dollars per car) 300- Q SON The graph below shows the demand curve for cars in 2020. Suppose the least possible cost of producing a car is $10,000 and that the efficient scale is 200,000 cars a day Draw the average total cost curve in 2020 Label it ATC₂ Price (dollars per car) 50,000 40,000 30,000+ Next Q
Labor (mechanics) 0 1 2 3 4 Output (bikes) 0 20 50 60 64 Total fixed costs (dollars) 220 Alberto's marginal cost of producing the 20th bike is $ [Round your answer to two decimals.] Total variable cost (dollars) 120 Total cost (dollars) The table above gives costs at Alberto's Bike Shop. While Alberto is a bike enthusiast, unfortunately, Alberto's record keeping has been spotty. Each mechanic is paid $120 a day and labor costs are the only variable costs of production. What is the marginal cost of producing the 20th bike?
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?
es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 27778
1. Mr. Jack is in the process of expanding his manufacturing business. He decided to open a plant in the coming year. He has four locations in mind. The costs information for these locations is in the following table.Locations A B C DFixed Costs 60,000 80,000 100,000 130,000Variable Costs/unit30 20 15 10 i. Write an equation to represent the total costs for each location.ii. Draw the total costs lines for each location on the same axes. (Use output ranges of 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis.iii. Over what range of output is location A the most preferred location?iv. Over what range of output is location B the most preferred location?v. Over what range of output is location C the most preferred location?
Select the best option based on the information below. $/output unit А B C -y O a. (A-Marginal Cost, B-Average Total Cost, C-Average Variable Cost) O b. (A-Average Variable Cost, B-Marginal Cost, C-Average Total Cost) O. (A-Marginal Cost, B-Average Variable Cost, C-Average Total Cost) O d. (A-Average Total Cost, B-Marginal Cost, C-Average Variable Cost)
a. Calculate marginal cost using the formula given in the chapter: ATotal cost/AQuantity. Quantity Variable cost ($) Total cost ($) Marginal cost ($) 0 0 100 1 60 160 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100 b. Calculate AVariable cost/AQuantity. Quantity Variable cost ($) AVariable cost Total cost ($) ($)/ AQuantity 0 0 100 1 60 160 100 2 110 210 100 3 180 280 100 4 270 370 100 5 400 500 100
Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
5 "XYZ" is a company that produces shoes. if the cost of production of one unit it 12$, Do you believe XYZ selling the shoes at 20$ would be a great strategy?. Explain
urses H 880 alendar 24 Inbox History ? Help SC K- 7 Q A Refer to the table below, which presents costs associated with a small business selling cookies. Total cost ($) 7 Quantity O cookies 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies :8: 5.3 Calculate the average variable cost of producing 3 cookies. Do not express your answer in units (i.e., if your answer is "$600", type "600"). If necessary, round your answer to one decimal place. 2 W S F2 # 3 80 F3 20 E JAN 5 D $ 4 888 R F F4 % 5 T F5 6 me F6 MacBook Air Y H & N 8⁰ 10.50 13.50 16 18 20 7 F7 U tv NAⓇ * 8 J ► 11 FO ( 9 D 1 K F9 O ) O W F10 L P Aa zoom + { 1 Submit F12 M htm deles