ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Question 19 of 20 > (TC is total cost; VC is variable cost; Q is quantity.) ΔΤC . а. b. The amount by which total cost increases when an AQ additional unit is produced: Marginal cost Average (total) cost Average variable cost TC d. The total cost divided by the quantity of output: с. e. The change in total cost divided by the change VC f. in output: g. The sum of all costs that change as output changes divided by the number of units produced:arrow_forwardJoanne sells silk screened T-shirts at community festivals and craft fairs. Her marginal cost to produce one T-shirt is $3.50. Her total cost to produce 70 T-shirts is $305, and she sells them for $7 each a. Find the linear cost function for Joanne's T-shirt production b. How many T-shirts must she produce and sell in order to break even? c. How many T-shirts must she produce and sell to make a profit of $700? a. The linear cost function is C(x)= b. Joanne must produce and sell c. Joanine must produce and sell T-shirts in order to break even, because the number of T-shirts must be a whole number T-shirts to make a profit of $700, because the number of T-shirts must be a whole numberarrow_forwardIf a firm experiences economies of scale over all relevantlevels of output, its long-run average total cost curve will: O slope downward O slope upward. be vertical O be horizontal.arrow_forward
- Average total cost, average variable cost marginal cost and marginal product a. Why is the gap or difference between average total cost and average variable cost larger at initial level of production ction and then the gap is decreasing as output increases? Explain.arrow_forwardThe shape of the long-run average cost curve is primarily due to: O economies and diseconomies of scale. O technological change. diminishing marginal productivity. O indivisible set-up costs 21 MacBook Pro F8 F9 80 D00 F6 F7 F4 FS %24 &arrow_forwardGive typing answer with explanation and conclusionarrow_forward
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