mework 6 i 1 Saved nics Game Obituary Project Help Save & Exit Submit a. Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost. Instructions: Round your responses to the nearest whole number. Rate of nts Total Cost Output Marginal Cost Average Average Average Fixed Cost Variable Cost Total Cost 0 $600 Print 1 800 2 1,050 3 1,400 4 5 1,800 2,300 Mc Graw Hill b. Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph. Instructions: Use the tools provided 'ATC' and 'MC' to draw each curve point by point (plot 5 points total for each curve). Round your points for ATC up to the nearest $25. Q Search Prev 1 of 4 Next > 3/

Figure: Short-Run Costs Cost curves (dollars) $200 150 100 50 total cost F: 0 1 2 3 D average total cost average variable cost marginal cost A 4 C Please, look at the above figure, which represents short run costs curves. Curve A represents the curve. B 5 6 7 8 9 10 11 Quantity of output (per day)

I already filled out the table, but I don't understand how to answer 3. a, b, and c.

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

Section 11.5 The Short-Run and Long-Run Average Total Cost Curves exhibit 1 SRATC for small plant SRATC for medium plant SRATC tor large plant LRATC B $500 $400 Economies of Scale Constant Returns to Saie 1,000 1,200 Quantity of Computers (per day) Notice that the long-run average total cost (LRATC) curve is much flatter than the short-run average total cost (SRATC) curve. This is because firms can be more flexible in the long run-they can choose which short-run cost curve they want to operate along, by choosing their plant scale. But they cannot do this in the short run, during which they are stuck with their existing short-run cost curve. That is, in the short run, the firm operates with the short-run curve it has based on past decisions. However, in the lang run, the firm is able to choose the short-run curve it wants to use. In Exhibit 1 above, explain why the curve between A and B looks different than the curve from A to C. Provide an example of how a firm could opt to follow the…

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: $…

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Megan’s Snow Shoveling Service, in which Megan is the only employee, has the following cost schedule. Quantity(sidewalks shoveled per day) Variable Cost Total Cost   AVC ATC MC 0  $0 $30 - - -          1 10   40       2 25   55       3 45   75       4 70   100       5 100   130       6 135   165       Calculate average variable cost, average total cost, and marginal cost for each quantity and graph all three curves.

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.