Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN: 9781305506381
Author: James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher: Cengage Learning
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Chapter 9, Problem 1.1CE
To determine
To ascertain the arrangement of data in to a systematic column that would appear to provide a good fit to the data.
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Students have asked these similar questions
Use the equations for the total cost C and total revenue R to find the number x of units a company must sell to break even. (Round to the nearest whole unit.)
C = 8950x + 220,000, R = 9857x
A small business produces and sells balls. The fixed costs are $20 and each ball costs $2.92 to produce. Each ball sells for $7.92. Write the equations for the total cost, C, and the revenue, R, then use the graphing method to determine how many balls must be sold to break even.
If rate is asked, your input should be in percentage.
Chapter 9 Solutions
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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- Total cost and output are $3000 and 60 respectively Calculate average costarrow_forwardhow do you know the total variable is 50 when finding the total fixed cost?arrow_forwardThe fixed overhead expense of a manufacturer of children’s toys is$400 per week, and other costs amount to $3 for each toy produced. Find (a) the total cost of function (b) the average cost function, and (c) the marginal cost function. (d) show that there is no absolute minimum average unit cost. (e) what is the smallest number of toys that must be produced so that the average cost per toy is less than $3.42? (f) Draw sketches of the graphs of the functions in (a), (b), and (c) on the same set of axes.arrow_forward
- If total cost is $3000 and fixed cost is $1000 Calculate variable costarrow_forwardA car wheel making company has the following data related to cost: Total Cost = $ 15000 + 1000X and Total Revenue = 2500X, where X is the number of wheel. Plot the Total Cost and Total Revenue on the graph.arrow_forwardHow can we determine the Cost Basis?arrow_forward
- Find average cost if Total cost is $1000 and the output is 60 unitsarrow_forwardCalculate the total cost based on: Cost fixed = $90 Cost variable = $45arrow_forwardThe Retread Tire Company recaps tires. The fixed annual cost of the recapping operation is $60,000. The variable cost of recapping a tire is $9. The company charges $25 to recap a tire. For an annual volume of 12,000 tires, determine the total cost, total revenue, and profit. Determine the annual break-even volume for the Retread Tire Company operation. Graphically illustrate the break-even point using a one way table that relates volume to profit.arrow_forward
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