The fixed costs of a firm are $100. When the firm produces one unit the total cost is $150. The marginal cost for the second unit is $700. What is the average variable cost of producing 2 units? Include in your answer your calculation

Q: Solve for the following: a. Marginal Cost b. Average Cost Suppose that a food manufacturing…

A: Cost is the expense that incur in the process of production. The marginal cost refers to the cost…

Q: Suppose a shoes factory makes 100 pairs of shoes. At this level of production, they have $25 in…

A: Output(Q)=100 units AVC(Q=100)=$25 ATC(Q=100)=$32 TFC(Q=100)=? We know that: Average Fixed Cost is…

Q: A firm is producing 1,000 units at a total cost of $5,000. If it were to increase production to…

A: Introduction: Marginal cost: the marginal cost refers to the additional cost that is used to produce…

Q: With a total cost function of: TC = 50 + 2Q +2Q², where Q is the output quantity, solve for the…

A: Total cost TC = 50 + 2Q + 2Q2 Fixed cost Fixed cost is that part of TC which does not depends on…

Q: In the following table, complete the marginal cost, average variable cost, and average total cost…

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

Q: Average total cost, average variable cost marginal cost and marginal product b. The relationship…

A: Average Total Cost or Average Cost is the total cost (TC) divided by the number of units produced…

Q: The firm producing 7 units  iPhone in a hour and cost of producing it at $250 What is firm total…

A: Given values: Number of iPhones (Q) = 7 units Cost of producing one iPhone = $250

Q: Please define the long cost curve and the short run cost curve in your own words but not more than…

A:

Q: Explain the relation between average variable cost and marginal cost for both the short-run and…

A: Cost Curves show the relation between the costs that a firm incur in the process of production and…

Q: What happens to the average fixed cost, when the output of a firm increases.

A: # In an economy, the average fixed cost is referred to be as fixed cost per unit of output produced.…

Q: Suppose the cost function for a firm is given by C(q) = 200 + 5q. Then: 1. Find fixed cost 2. find…

A: Cost of production occurs while producing goods and services in the economy. The production of these…

Q: is given ost for producing 15 units of outpu" s 3000 and for 16 units is 3,500 "ind the value of…

A:

Q: In The Cost Graph for a typical firm, as quantity increases, what is the relationship between…

A: The visual depiction of the relationship between the cost of production and the quantity of goods or…

Q: a. Explain the following statement : "Surely, as you begin this course, you recognize that time is…

A: "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all.…

Q: Hello, I have finished reading chapter6: product costs and have some trouble understanding the short…

A: Average variable cost(AVC), average total cost (ATC), and marginal cost(MC) all these curves are…

Q: Output (q) VC MC AFC AVC AC 1 $100 $64 $164 $64 $100.00 $64.00 $164.00 2 112 212 48 50.00 56.00…

A: The table is completed below ,   where , FC: Fixed Cost VC : Variable Cost C: Total Cost  MC :…

Q: g) What will be the firm’s total fixed costs?

A: Fixed cost is that component of total cost that is independent of the output level.

Q: If the marginal cost of production is greater than the average variable cost, what does this tell…

A: Variable costs are the ones which change with the change in the level of output, i.e., it is output…

Q: Quantity Total Fixed Cost 0. 60 60 60 115 4 60 130 6. 60 160 8. 60 200 10 60 250 Using the above…

A: Fixed costs (FC) are costs incurred during production that are not dependent on the quantity of the…

Q: Why does the average fixed cost falls with the increase in output?

A: Fixed cost is that cost which doesn't Change in the short run as the production proceeds.  Average…

Q: Suppose Honda's total cost of producing 4cars is $225000and its total cost of producing 5cars is…

A: Given, Total cost of producing 4 cars = $225000 Total cost of producing 5 cars = $ 250000

Q: A watch manufacturer finds that at 1,000 units of output, its marginal costs are below average total…

A: In business, the average total cost, or ATC, is the sum of all product costs divided by the volume…

Q: Suppose, Home Style is a well-known furniture manufacturer in the Sultanate. To meet the increasing…

A: The key motive of the firms operating in a market is to earn profits from the sale of goods and…

Q: can you answer part D  The average cost of production per thousand board feet is ​    ​(Round to…

A: Total Cost = Total Fixed Cost + Total variable costAverage cost = Total Cost / Quantity

Q: Austin's total fixed cost (TFC) is $350/month at his cupcake bakery.  Austin employs 10 workers and…

A: The amount of output produced determines the fluctuation in variable costs. Labor costs are one type…

Q: What is the total cost and average cost when marginal cost is 120, fixed cost is 25, total revenue…

A: In economics, cost is the value of resources that are used to produce a good or service. This…

Q: A company's marginal cost function is MC(x) (given below), where x is the number of units. Find the…

A: In Economics, marginal cost is the change in the total cost that arises when the quantity produced…

Q: If variable costs for a firm is $660, the average total cost is $8, and the firm sells 120 units,…

A: Variable cost as the name suggests changes with respect to the output produced. For example- the…

Q: Suppose that you and your roommate have started a Doughnut delivery service on campus. List some of…

A: Total Fixed Cost (TFC) : It refers to that part of the total cost that does not depend on output. In…

Q: Suppose a company lIncurs the following costs: labor, $3,500; equipment, $900; and materials,…

A: Accounting costs are any expenses that your company has incurred.By deducting expenditures from…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A:

Q: A firm's cost function is  C(x) = 300lnx, determine and interpret the marginal cost of the firm when…

A: Given information: C(x) = 300 ln(x)  ----------> Cost function.  Where 'x' is the output…

Q: Calculate marginal cost if change in total cost is $630 and the change in output is $17

A: The given information is as follows:- Change in total cost = $630  Change In output = 17 units  We…

Q: he Information in the graph to the right to find the values for the following at an ut level of 50.…

A: Fixed cost is independent of output produced whereas variable cost varies with the level of…

Q: briefly explain returns to scale.  Explain the variable costs in the cost function

A: returns to scale allude to the rate by which result/output changes on the off chance that all…

Q: The government imposes a $1000 per year license fee on all pizza restaurants. As a result, which…

A: The graph showing the function of the total quantity produced is production cost said to be the cost…

Q: Using the figure above, what is the total cost for the firm?

A: Total cost is the summation of total fixed cost and total variable cost. The average total cost to…