fast please 21. ### Cost Analysis of Lotus LanternsThe table provided presents cost data for Lotus Lanterns, a company that produces whimsical night lights. The table includes various quantities of lanterns, associated fixed and variable costs, total costs, and average total costs.#### Table Data:- **Columns:** - **Quantity of Lanterns:** Number of lanterns produced. - **Fixed Cost (Dollars):** Constant cost ($200) despite changes in production level. - **Variable Cost (Dollars):** Costs that change with production level. - **Total Cost (Dollars):** Sum of fixed and variable costs. - **Average Total Cost (Dollars):** Total cost divided by quantity of lanterns.- **Table Entries:** - Producing 75 lanterns incurs a variable cost of $170, with total costs being $370 and average costs at $4.93. - At 80 lanterns, variable costs rise to $230, totaling $430, with an average cost of $5.36. - At 90 lanterns, the variable cost is $300, leading to a total of $500 and an average of $5.56. - At 100 lanterns, these costs are $200, $810, $1010, and $10.1, respectively. - The production of 115 lanterns results in a $1000 variable cost, $1200 in total, and an average cost of $11.8. - At 117 lanterns, variable costs are $1264, total cost is $1464, average cost is $12.5. - Lastly, producing 120 lanterns has a variable cost of $1480, leading to a total cost of $1680 and an average cost of $14.#### Question:What is the marginal cost per unit of production when the firm produces 100 lanterns?- **Options:** - A. $32 - B. $8.1 - C. $11.1 - D. $320To calculate the marginal cost per unit, determine the change in total cost when increasing production from one level to the next.This table is a tool for understanding cost structures and helps determine economically viable production levels.

Variable costThe total expenses for a firm are composed of two branches. The fixed expenses are the cost of buildings, land, and machinery that is incurred regardless of the quantity of production. The other part of the cost is the variable expenses which include labor and materials which are costs incurred as parts or services are produced.Answer - Option A $32Marginal cost per unit of 100th lantern = (TC of 100 lantern - TC of 90 lantern) / 10TC of 100 lantern = 200+810= 1010 dollars TC of 90 lanterns = 7.67*90= 690.30MC of per unit when firm produces 100 lanterns = (1010-690.3)/10= 31.97 dollarsOR 32 dollars which represents option A. Answer - Option A 32 dollars

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Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the marginal cost per unit of production when the firm produces 100 lanterns? O A. $32 O B. $8.1 OC. $11.1 O D. $320

Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the marginal cost per unit of production when the firm produces 100 lanterns? O A. $32 O B. $8.1 OC. $11.1 O D. $320

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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