IncorrectAverage Variable CostProduction DataProduction DataProduction DataIn class, we learned about differentkinds of average and marginal costs.WorkersCars WashedRandall10224Can I ask you about some of youraverage variable costs?345468Randall85Of course. I remember from myeconomics classes that averagevariable cost (AVC) is equal to:96918.80TyOkay, can you tell me the averagevariable cost of washing 96 cars?(Round to one decimal place. Click theProduction Data tab to access the carwash data.)RandallEnter a response then click Submit belowSubmitMacBook Air3145670o

We know that the AVC (Average Variable Cost) = Total variable costQuantity Therefore, Average…

Answered: Production Data Workers Cars Washed 1…

Business

Economics

Production Data Workers Cars Washed 1 10 24 45 4. 68 85 6. 96 91 8. 80 2. 3.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...

See similar textbooks

Related questions

Q: If nominal GDP in some year is $280 and real GDP is $160 the GDP price index for that year is:…

A: Nominal GDP is the value of final goods produced in the country. Real GDP is the value of final…

Q: Difference between nominal scale and ordinal scale

A: Nominal and Ordinal scale are measuring tools used to measure the tools.

Q: The following transactions take place in 2000: 1. An elderly couple go to the movies and pay $80 for…

A: The following transactions take place in 2000:1. An elderly couple go to the movies and pay $80…

Q: FIRM 1 FIRM 2 MC MC АТС ATC MR1 DC1 MR2 DC2 irm 2 Soth firms Heither firm Firm 1 70°F

A: In a monopolistic competitive market, there are many firms and buyers. Profit is maximized at a…

Q: TR=53.5Q-0.7Q2 Calculate and draw the graphs of TR, MR, and AR

A: TR=53.5Q-0.7Q2Now,MR=53.5-1.4QAR=53.5-0.7Q

Q: 1. y= 9x2 - 6x + 10 2. y 2x- 3x2 +1

Q: TE 45° TE2=C+I2+G+(X-IM) TE:=C+I+G+(X-IM) I=100 Y1 Ya

A: MPC = 0.8 Multiplier = 1 / (1-MPC) => Multiplier = 1 / (1-0.8) => Multiplier = 1 / 0.2 =>…

Q: Production of Phones and Chairs Country Phones Chairs United States 10 20 Canada 2 10 Using the…

A: Since, US is producing more of both Phones & Chairs in comparison to Canada, it has absolute…

Q: 5. The gross domestic product is: a. 86,157.5 b. 88,404.5 c. 92,925.9 d. 95,708.2 e. 82,808.5

A: A country's gross domestic product is a metric of its economic performance. Countries with higher…

Q: 24 28 30 Mobile phones (1 000s) 10 18 a) Mobile phones by 6 000 is 1 000 laptops b) Laptops by 1 000…

A: Since you have posted multiple questions, we will solve the first question for you. If you want any…

Q: Table + Hours Needed to Make 1 Number of Units Produced in 20 Unit of Hours Bread Lemonade Bread…

A: PLEASE BE NOTED THAT THE THERE IS SOME ISSUE WITH THE QUESTION BECAUSE THE QUESTION IS ABOUT BREAD…

Q: Is mo represented by this graph? 1000 500 333 250 200

A: Fixed cost remains same at each unit of output production Variable cost keeps changing as output…

Q: (a). The following information is given about countries X and Y

A: Given, Two Countries : X and Y The information is given as : Life Expectancy is calculated as :…

Q: Oregon Fiber Board makes roof liners for the automotiveindustry. The manufacturing manager is…

A: Correlation is a tool used by different economists and econometricians to calculate and watch the…

Q: Year Nominal GDP Real GDP GDP deflator 2012 $180,000 %24 100.0 2013 24 $215,000 110.0 2014 $260,000…

A: The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of…

Q: Construct a suitable productivity index with base 2010 from the following information and also…

A: Need to find- Productivity index with 2010 as base Given in the question- The productivity index…

Q: role of statistics in business and economics"

A: Statistics- It is related to the collection, organization, analysis, interpretation, and…

Q: Year Px Py Pz GDP Real GDP GDP PI 35 Blank 3 Blank 6 10 1 20 10 Blank 1 Blank 2 12 35 2 25 15 Blank…

A: Gross Domestic Product (GDP) refers to the total or final value of all the goods and services that…

Q: 12. The number of repairs produced by a computer repair shop depends on the number of workers as…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Year Lab 2000 142 2001 143

A: Labor force in 2019 = 163,539,000 Unemployment rate = 3.7 %

Q: Calculate net Exports if exports is $3000 and imports is $2200

A: The data presented in the above question Is:- Exports = $3000 Imports = $2200 Using this…

Q: Using EViews, graph the series spread. Describe the main features seen in the graph and provide an…

A: E-view graphs that are perspectives on different items, and named or anonymous graph objects. The…

Q: Points 60 3,000 B 70 2,800 80 2,600 D 90 2,400 100 2,200

A: Price elasticity of demand is the degree of the responsiveness to change in the quantity demanded…

Q: Each month the CensusBureau carries out the Current Population Survey (CPS) (which has been carried…

A: Census refers to the economic term that is used to describe the government survey to maintain the…

Q: Ca = 40 + 0.80 (Y-T) Ig = 30 Xn= 10 T=20 G=20 DI-Y-T

A: Calculation of aggregate expenditure is in the picture-

Q: a) direct relationship. b) positive relationship. c) obsolete relationship d) negative…

A: please find the correct answer below.

Q: The number of users of a certain website (in millions) from 2004 through 2011 follows. Year Period…

A: Time Series is the collection of observations of various data items obtained through various…

Q: fill in thl' hl:mk~

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: The following are the prices of commodities in 2016 and 2017. Calculate price index based on price…

A: Use the below formula to find the relative price: Price relative = P1P0×100

Q: 13. A basketball player-makes 65% of her shots from the field during the season. 52711 38889 93074…

A: The random variable means the number of variables chosen out of a total number of observations. It…

Q: 19. Hydrothermal vent fields parallel the 'ring of fire' because vents are supplied by water that…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Candie 2000 IC4 ICI 1800 1600 1700 ica 100 300 400 500 Toys a Exports toys 200 and imports candles…

A: The following problem has been answered as follows:

Q: System of Equations: y=9+3z y=51−3z Value of z Value of y

A: The first equation is: y = 9 + 3z The second equation is: y = 51 - 3z

Q: Question 1.4 and 1.5

A: 1.4) By investing money, the person is earning 5% return. Instead of investing, if the money could…

Q: i) C = 250 + 0.8 Y I = 150 G = 300 TR = 100 NX = 100 t =0.25 ii) C^ falls to 50, MPS falls to .05,…

A: i. C = 250 + 0.8Y C = 250 + 0.8Y(Y – 0.25Y + 100) C = 250 + 0.6Y + 80 C = 330 + 0.6Y Y = C+G+I+NX Y…

Q: Ca=25+0.75 (Y-7) g=50 Xn=10 G=70

A: Aggregate demand= Aggregate Spending AD= C +I + G + NX At equilibrium Income= Aggregate Spending Y=…

Q: 13% RECESSION 12 11 10 9. 8 7 1965'70 '75 '80 '85 '90 '952000'05 '10 '15 '20 how do you graph this…

A: Economic recession is the downtrend of economic activities for short term whe

Q: Total Total MSMES Total Micro MSMES Total Small Medium MSMES District Baleshwa MSMES 27170 26337 797…

A: Coefficient of Variation = Population Standard DeviationPopulation Mean

Q: List the two aspects of statistics:

A: Statistics is the subject that concerns the assortment, association, examination, translation, and…

Q: 2002 91 2003 100 2004 110 2005 121

A: Deflation can be defined as a process of the fall in the general level of prices of goods and…

Q: Analyze data purposefully with accuracy, integrity and comprehensiveness. Dependent Variable: GDP…

A: Explanation- Here we use dependent variable is GDP and independent variable mobile and internet. we…

Q: Using data from Table 19.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how…

A: The measure that is known to depict the final value of goods and services that are being produced…

Q: Mean of economic

A: There are various meaning and definition of Economics.

Q: A guy on reddit has been tracking his daily body weight for the last 3.5 years.

A: Since the question you have posted consists of multiple parts, we will answer the first three…

Q: 13% RECESSION 12 11 10 9. 8 7 6. 1965'70 '75 '80 85 '90 '95 2000'05 '10 '15 '20 how do you graph…

A: A period of widespread economic downturn marked by a drop in the stock market, a rise in…

Question

Incorrect
Average Variable Cost
Production Data
Production Data
Production Data
In class, we learned about different
kinds of average and marginal costs.
Workers
Cars Washed
Randall
10
2
24
Can I ask you about some of your
average variable costs?
3
45
4
68
Randall
85
Of course. I remember from my
economics classes that average
variable cost (AVC) is equal to:
96
91
8.
80
Ty
Okay, can you tell me the average
variable cost of washing 96 cars?
(Round to one decimal place. Click the
Production Data tab to access the car
wash data.)
Randall
Enter a response then click Submit below
Submit
MacBook Air
3145
670o

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

What is the difference between a fixed input and a variable input?
How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect me lung-nm average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?
Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?
In choosing a production technology, how will firms react if one input becomes relatively more expensive?
Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5 times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?
How does fixed cost affect marginal cost? Why is this relationship important?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
How do we calculate each of the following: marginal cost, average total cost, and average variable cost?
In recent years, the United States has experienced large increases in oil production due in large part to a new technology, hydraulic fracturing ("fracking"). Fracking involves injecting a mixture of water, sand, and chemicals into rock formations at high pressure to release oil and natural gas. An article in the Wall Street Journal indicates that economies of scale in fracking may be considerably smaller than in conventional oil drilling. If this view is cor- rect, what would the likely consequences be for the num- ber of firms drilling for oil in the United States?
if marginal cost is rising with increasing output, averags cost must also be rising. true or false ? explain
Dr. D. is a critic of standard microeconomic analysis.In one of his frequent tirades, he was heard tosay, ‘‘Take the argument for upward-sloping,long-run supply curves. This is a circular argumentif I ever heard one. Long-run supply curves aresaid to be upward sloping because input pricesrise when firms hire more of them. And that occursbecause the long-run supply curves for theseinputs are upward sloping. Hence, the argumentboils down to ‘long-run supply curves are upwardsloping because other supply curves are upwardsloping.’ What nonsense!’’ Does Dr. D. have apoint? Explain clearly.