Using the numbers representing short run costs in the chartbelow, calculate the number that belongs in the blank space.q = quantity, TFC = Total Fixed Cost, TVC = Total Variable Cost, AVC =%3D%3DAverage Variable CostRecall that an "X" in the chart means that no number goes in that space.TFCTVCAVC300300150753002701353.300370123.3343004803006501303008401401.2.6

Total fixed cost is the addition of fixed cost and variable cost. Fixed cost is cost which remains…

Using the numbers representing short run costs in the chart below, calculate the number that belongs in the blank space. q = quantity, TFC = Total Fixed Cost, TVC = Total Variable Cost, AVC = Average Variable Cost Recall that an "X" in the chart means that no number goes in that space. TFC TVC AVC 300 1 300 150 75 2 300 270 135 300 370 123.33 4 300 480 300 650 130 300 840 140 6

Using the numbers representing short run costs in the chart below, calculate the number that belongs in the blank space. q = quantity, TFC = Total Fixed Cost, TVC = Total Variable Cost, AVC = Average Variable Cost Recall that an "X" in the chart means that no number goes in that space. TFC TVC AVC 300 1 300 150 75 2 300 270 135 300 370 123.33 4 300 480 300 650 130 300 840 140 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following information to answer the question Quantity (number ofFixed Variable Total Marginal Costs Costs Costs Costs ($) ($) ($) units) ($) 1 10 16 4 10 25 6 6. The average variable cost of producing 3 units is Answer: 2) 1. 2. 3.
Output AFC AVC ATC MC 1 300 100 400 100 2 150 75 225 50 3 100 70 170 60 4 75 73 148 80 5 60 80 140 110 6 50 90 140 140 7 43 103 146 180 8 38 119 156 230 9 33 138 171 290 10 30 160 190 360 Refer to the chart above. The total fixed costs are what?
2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to determine the nature of their long-run cost structure. Some cost data has been collected for you and appears in the table below. Quantity of Generators Labor Costs Tools Cost $2 $4 $7 $8 $15 $24 $28 $41 $65 $80 Total Cost Long Run Average Cost $10 12 14 16 20 30 42 1 4 5 8 9 10 70 100 (a) Fill in the missing values in the table. (b) Graph the firm's long-run average cost curve below. (c) Determine the range of output levels over which there exists economies and diseconomies of scale, and mark these ranges on your graph.
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