Quantity 1 2 3 4 5 6 7 Firm A Firm B $60 $70 $80 $90 $100 $110 $120 56 11 24 39 75 96 119 Firm C 21 34 49 66 85 106 129

Use the cost table below to find the following marginal costs. Output quantity Total variable Total fixed Total cost cost cost 20 80 60 140 40 140 60 200 60 210 60 270 80 300 60 360 100 420 60 480 120 600 60 660 140 840 60 900 What is the marginal cost when output is 20? $ What is the marginal cost when output is 80? $ What is the marginal cost when output is 120? $ |

Distinguish between economies of scale and diseconomies of scale. Give examples of why a firm may experience economies of scale.

What do economists call the sum of a firm's fixed costs and its variable costs? sunk cost marginal cost implicit cost total cost

Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows:Output     TFC         TVC        TC      AFC      AVC    ATC     MC 0.                                             10001.                               1002.                                                                                             1003.                               4004.                                                                                4505.                               16006.                               32007                                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 profit

Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 2 3 4 31 5 6 7 8 9 06 10 F $200 200 200 200 200 200 200 200 200 VC $48 84 108 120 144 344 380 228 428 288 488 60 560 с MC $248 $48 AFC AVC AC $200.00 $48.00 $248.00 284 36 100.00 42.00 142.00 308 24 66.67 36.00 12 50.00 30.00 80.00 24 40.00 68.80 36 33.33 30.00 63.33 28.57 32.57 61.14 36.00 61.00 40.00 62.22 44.40 360 444 72 84 22.22 20.00

Complete the table by filling in the average fixed cost, average variable cost, and average total cost.   Instructions: Round your answers to 2 decimal places.   Vintage Model Car Production Costs Output Total Fixed Cost (dollars) Total Variable Cost (dollars) Total Cost (dollars) Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) 0 $2,000 $0 $2,000 — — — 100 2,000 800 2,800       200 2,000 1,300 3,300       500 2,000 4,350 6,350