QUESTION 1 Table 13-16 Average Variable Marginal Average Variable Average Total Fixed Quantity Total Cost Fixed Cost Cost Cost Cost Cost Cost $24 S16 2. S50 3 S108 $40 4 Refer to Table 13-16. What is the total cost of producing 2 units of output? Oa. $76 b.$50 C. $58 d.$74

Please answer the correct answer ASAP please Don't answer by pen paper please calculation correct

B. the rodu g one m Average Variable Cost C. fixed costs divided by output D. total cost divided by output v Marginal Cost QUESTION 5 20 points Save Answer Match each of the following terms and descriptions Constant returns to scale when the average cost of producing each individual unit A. declines as total output increases Diseconomies of scale average cost of producing each individual item increases as В. output increases economies of scale average cost of producing each individual unit remains C. constant as output increases Long Run Average Total Cost Curve the relationship between output and costs over the life of a D. business Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit ype here to search W 63°F Ca ) ENG 8:10 PM 10/18/2021 hp

4.The Marginal Cost Curve is shaped like a Nike swoosh. graph. 5.The Marginal Cost Curve crosses the Average Total Cost curve and Average Variable Cost curves at the lowest point. graph.

Use the following information: Cost Volume $15,000 3,000 $18,000 4,000 $20,000 7,000 The fixed cost element for the firm is a. $11,250 b. $10,250 c. $12,250 d. $11,350

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: $…

1. Explain the difference between explicit costs and implicit costs. 2. Explain the difference between economic profit and accounting profit.  3. What are the 2 variables that the Production Function is analyzing/graphing? Why does the production function diminish over time?  4. Give an example of a fixed cost and a variable cost. 5. How does fixed costs and variable cost change with increased production? 6. Why does Marginal Cost rise? 7. Why is the Average Total Cost curve U shaped? 8. Why is the Minimum Average Total Cost and Efficient Scale important? 9. What is the relationship between Marginal Cost and Average Total Cost? 10. Explain why economies of scale is important.

QUESTION 2 Figure and Table: Variable, Fixed, and Total Costs Total cost $2,500 2,000 1,500 1,000 500 Points on Graph A B C E 0 G H I A B₁ Reference: Ref 6-11 с 20 1 1 1 40 60 80 100 Quantity of wheat (bushels) DEFGH Total cost, TC Quantity of Labor (workers), L 0 1 2 3 4 6 8 Quantity of Wheat (bushels), Q 0 PORTARI 19 36 51 64 75 84 91 96 Variable Cost, VC $ 0 200 400 600 800 1,000 1,200 1,400 1,600 Fixed Cost, FC $400 400 400 400 400 400 400 400 400 Total Cost, TC $ FC + VC 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 (Figure and Table: Variable, Fixed, and Total Costs) The marginal cost of increasing production from 0 to 19 bushels of wheat is: OA. $22.22. B. $11.76. OC. $10.53 D. $11.11. OE. $23.53.

1. Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for variable costs:  Quantity Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost (Houses Painted per Month) (Dollars) (Dollars) (Dollars) (Dollars) 1 15                2 35                3 60                4 90                5 135                6 240                7 480                  The efficient scale is   houses.  ?    #2 image : The city government is considering two tax proposals: • A lump-sum tax of $300 on each producer of hamburgers. • A tax of $1 per burger, paid by producers of hamburgers.   Which of the following statements is true as a result of the lump-sum tax? Check all that apply.   Which of the following statements is true as a result of the lump-sum tax?    Check all that apply. Average variable cost will increase.   Average total cost will increase.   Average…

Use the graph from class to find 1. Marginal Cost at 100; 2. Total Cost at 100; 3. Variable Cost at 100; 4. Fixed Cost at 100. Construct your own graphs similar to the ones from class. Use your diagram to show . 5. Whether or not reducing the quantity produced will always reduce the total cost. 6. Whether or not reducing the quantity produced will always reduce the average total cost. 7. Whether or not reducing the quantity produced will always reduce the marginal cost. 59 30 10- 5 MC ATC AVC 100 0