Imagine that you are a price-taking firm with the following total cost schedule. 3 4 5 6 7 8 TC 10 16 20 23 27 32 38 45 53 Assume that if this firm produces zero they have a total cost of zero. (That is in italics because it's important. Notice that this is a problem we have done before except for a little twist. Can you notice what it is?) Another way of saying this is that there is no fixed cost. Fill in the following supply schedule. (Enter only integers.) (If you don't know what I'm talking about, pleeeeeease go back and figure out what supply means before you try to answer!) [Here is a hint: For each price and quantity you propose, check the profit.] Qs 3 4 5 6

Imagine that you are a price-taking firm with the following total cost schedule. 3 4 5 6 7 8 TC 10 16 20 23 27 32 38 45 53 Assume that if this firm produces zero they have a total cost of zero. (That is in italics because it's important. Notice that this is a problem we have done before except for a little twist. Can you notice what it is?) Another way of saying this is that there is no fixed cost. Fill in the following supply schedule. (Enter only integers.) (If you don't know what I'm talking about, pleeeeeease go back and figure out what supply means before you try to answer!) [Here is a hint: For each price and quantity you propose, check the profit.] Qs 3 4 5 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A company that manufactures tablet computers determines that the fixed costs for producing the tablet computers are $45,000. The variable costs for producing each tablet computer are $75. The company decides to sell each tablet computer for $250. Part A: Write the cost and revenue equations if the company produces and sells a tablet computers.
1200 100.0 20.0 F20 100 -100 A company produces school buses. The graphs of the Cost function (red) and the Revenue function (blue) are given on the figure. (You may click on the figure to see a bigger version.) The horizontal axes represents quantity in number of units. Cost and Revenue are measured in thousands of dollars. Answer the following questions. 1. What are the fixed costs? Answer: thousand dollars. 2. Suppose the current level of production is 19 buses. Should the company produce 20 th bus? Answer "yes" or "no" 3. Between 0 and 100, approximately what level of production maximizes the profit? (Or minimizes the losses if the company doesn't make any profit). Answer:
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the orange square points on the marginal cost curve from low to high(16,12) (24,20),(30,36),(32,44),(34,52),(38,72)
part E
that table is related to those questions
Consider the same firm from the Monday assignment but now let's call that cost schedule total variable cost. Q 1 2 3 4 5 6 7 8 9 TVC 12 20 24 28 34 42 52 64 78 And let's imagine that there is fixed costs of 18 which is sunk in the short run. a. Show this firm's average total cost, average variable cost and marginal cost on a graph. Indicate the efficient scale (I don't think the book uses the words "efficient scale" but it's the quantity where profit would be zero when P=MC. We will discuss what I mean by "efficient scale but probably not before Thursday. By "indicate" I mean give the quantity and MC. I don't need every point to be exactly to scale, I just care about the general shape of the curves, where things cross and the location and…
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Use the following table to answer the next question. Output 0 1 2 3 4 5 Total Cost $5 9 12 15 20 27 The average total cost of producing 4 units of output is $ type your answer... Marginal cost is equal to average total cost between type your answer... and type your answer... units of output.
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What are the average fixed costs for this firm if they produce 10 units? Write your answer in numeric form, for example: $55