Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 7, Problem 2TY
To determine
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With the following data, calculate the firm’s AVC and MVC and draw the graphs for TVC, AVC, and MVC. Why is MVC the same as MC?
Total Quantity Variable Costs
1 $40,000
2 80,000
3 120,000
4 176,000
5 240,000
6 360,000
b. Draw AFC, AVC, AC, and MC on a graph.
Complete the table below:
Output
TotalCost(RM)
Totalvariablecost(RM)
Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM)
0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980
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- Confused and don’t know how to figure out the answers for the graphsarrow_forwardPLOT FC, VC, TC, MC, AFC AND AVC in one grapharrow_forwardWe have the results from our first Facebook ad campaign. The following table summarizes the results broken down by age and whether the person seeing the add clicked through. Age 40 or under 85 Age more than 40 65 Total Clicked Through 150 Did Not Click 590 260 850 Total 675 325 1000 For our up(combing) (pun intended) campaign, I want to make it as effective as possible, a cut above all other ad campaigns! I'm thinking that since 85 (or 56.7%) of the 150 people who clicked through to our website are age 40 or less, we should focus our ads to only younger people. I'm not great with number though, and since I know you had a stats class in college, I wanted to get your opinion. Should we focus our adds only to those age 40 and under or should we do something else?arrow_forward
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