Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote.Respond to the question with a concise and accurate answer, along with a clear explanation and step-by-step solution, or risk receiving a downvote. Your cousin Vinnie owns a painting company with fixed costs of $250 and the following schedule for variable costs:Quantity(Houses Painted per Month)1234567The efficient scale is.Variable Cost(Dollars)82050160320500720houses.Average Fixed Cost Average Variable Cost Average Total Cost(Dollars)(Dollars)(Dollars)

Given data,QuantityVariable Cost182203504160532065007720

Your cousin Vinnie owns a painting company with fixed costs of $250 and the following schedule for variable costs: Quantity (Houses Painted per Month) 1 2 3 4 5 6 7 The efficient scale is. Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) 8 20 50 160 320 houses. 500 720

Your cousin Vinnie owns a painting company with fixed costs of $250 and the following schedule for variable costs: Quantity (Houses Painted per Month) 1 2 3 4 5 6 7 The efficient scale is. Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars) 8 20 50 160 320 houses. 500 720

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 3MC

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Your cousin Vinnie owns a painting company with fixed costs of $250 and the following schedule for variable costs: Quantity (Houses Painted per Month) 1 2 3 4 5 6 7 The efficient scale is Variable Cost (Dollars) 8 20 50 160 houses. 320 500 720 Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars)
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 5 135 240 480 The efficient scale is houses.
define economic of scale
If total cost is $600 and output is 10 units Calculate average cost
Show full working out and clear hand drawn diagrams
5. Costs in the short run versus in the long run Ike's Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company's short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) Number of Factories 1 2 3 Q = 100 Q 200 440 280 380 480 620 800 Average Total Cost (Dollars per bike) Q = 300 Q = 400 240 320 240 240 320 240 Q = 500 480 380 280 Q = 600 800 620 440 Suppose Ike's Bikes is currently producing 100 bikes per month in its only factory. Its short-run average total cost is $ per bike. Suppose Ike's Bikes is expecting to produce 100 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using On the following graph, plot the three SRATC curves for…
Average fixed cost is $22 and output is 12 units Calculate total fixed cost
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Back to Assignment Attempts 4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs: Quantity (Houses Painted per Month) 1 2 3 5 6 Keep the Highest / 2 The efficient scale is Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) houses. (Dollars) 10 20 80 160 320 640 THEEEE 1111111
Construct the cost schedule
Quantity (Q) 1 2 3 456700 8 Total Fixed Cost (TFC) 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 Total Variable Cost (TVC) 0.00 17.00 30.00 41.00 48.00 57.00 77.00 81.00 Total Cost (TC) Average Average Average Fixed Variable Total Cost Cost Cost (AFC) (AVC) (ATC) Marginal Cost (MC)
Examples how a firm may suffer from diseconomies of scale