ECO 2020 INCLUSIVE ACCESS
21st Edition
ISBN: 9781260564617
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 9.8, Problem 1QQ
To determine
Short run average total cost .
Expert Solution & Answer
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Just Section B and C
not A
8
d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at
each output (column 3).
Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in
front of those numbers.
(1) Price
$26
32
38
41
46
56
66
▶
(2) Quantity
Supplied,
Single Firm
(3) Profit (+)
or Loss (-)
(4) Quantity
Supplied,
1,500 Firms
Chapter 9 Solutions
ECO 2020 INCLUSIVE ACCESS
Ch. 9.2 - Prob. 1QQCh. 9.2 - Prob. 2QQCh. 9.2 - Prob. 3QQCh. 9.2 - Prob. 4QQCh. 9.5 - Prob. 1QQCh. 9.5 - Prob. 2QQCh. 9.5 - Prob. 3QQCh. 9.5 - Prob. 4QQCh. 9.8 - Prob. 1QQCh. 9.8 - Prob. 2QQ
Ch. 9.8 - Prob. 3QQCh. 9.8 - Prob. 4QQCh. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 1RQCh. 9 - Which of the following are short-run and which are...Ch. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4P
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- The Banana computer company produces affordable, easy-to-use home computer systems andhas fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the fourth, $400 for the fifth, $450 for the sixth, and $500 for the seventh. Create a table that shows the company's output, total cost, marginal cost,average cost, variable cost, and average variable cost. A At what price is the zero-profit point? Atwhat price is the shutdown point? B If the company sells the computers for $500, is it making a profitor a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate youranswer and show the profit or loss. C If the firm sells the computers for $300, is it making a profit or aloss? How big is the profit or loss? D Sketch a graph with AC, MC, and AVC curves to illustrate youranswer and show the profit or loss.arrow_forwardFertilizer Q TFC TVC TC MC ATC AVC AFC TR MR 25 70 1300 100 8 150 10 55 220 3500 Notes: Fertilizer, Q, TFC, TVC, TC, MC, ATC, AVC and AFC refer to quantity of fertilizer (in units), quantity of output (in units), total fixed cost, total variable cost, total cost, marginal cost, average total cost, average variable cost and average fixed cost, respectively. Answer the following questions based on the Table completed: What is the marginal input cost? Answer Is the firm making a profit or loss? Is the firm operating in the long-run or in the short-run? Why?arrow_forward7. An economist estimated that the cost function of a single product firm is given by C (Q) = 100 +25Q+40Q2+2Q3 Based on this information, determine the followings. a. The fixed cost of producing 8 units of output b. The variable cost of producing 8 units of output c. The total cost of producing 8 units of output d. The average fixed cost of producing 8 units of output e. The average variable cost of producing 8 units of output f. The average total cost of producing 8 units of output g. The marginal cost when Q=8arrow_forward
- fast please10. Refer to the table to the right which shows cost data for Lotus Lanterns, a producer of whimsical night lights. What is the average variable cost per unit of production when the firm produces 90 lanterns? Part 2 A. $490 B. $5.45 C. $33.67 D. $7.67arrow_forwardA. Graph total fixed cost, total variable cost and total cost B. Explain how the law of diminishing returns influences the shapes of the total variable-cost and total costbcurvesarrow_forwardAt what level of output is average cost a minimum? What is the average cost (AC) at that output? What is the Marginal Cost (MC) at that output?arrow_forward
- The hand written solution is not allowed pleasearrow_forwardCosts in the short run versus in the long run help mearrow_forwardWhich of the following is correct if the firm described in Figure 7-4 decides to produce nothing? a. Total cost will be zero. b. Total fixed cost will be zero. c. Total variable cost will be zero. d. Average cost will be zero. e. It is impossible for the firm to produce nothing in the short run.arrow_forward
- A computer company produces affordable, easy-touse home computer systems and has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the fourth, $400 for the fifth, $450 for the sixth, and $500 for the seventh. a. Create a table that shows the company’s output, total cost, marginal cost, average cost, variable cost, and average variable cost. b. At what price is the zero-profit point? At what price is the shutdown point? c. If the company sells the computers for $500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss. d. If the firm sells the computers for $300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss.arrow_forwardFor cases, A through F in the following table, would you (1) operate or shut down in the short run and (2) expand your plant or exit the industry in the long run? A B C D E F Total revenue 1,000 2,500 4,000 7,500 7,500 7,500 Total cost 1,400 1,500 5,500 7,000 7,500 8,000 Total fixed cost 300 1,000 500 2,500 2,500 2,500arrow_forwardA pastries company has fixed costs of $250. The marginal cost of producing computers is $700 for the first computer, $250 for the second, $300 for the third, $350 for the fourth, $400 for the fifth, $450 for the sixth, and $500 for the seventh. First. Create a table that shows the company's output, total cost, marginal cost, average cost,variable cost, and average variable cost. Second. At what price is the zero-profit point? At what price is the shutdown point? Third. If the company sells the computers for $500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss. Fourth. If the firm sells the computers for $300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVC curves to illustrate your answer and show the profit or loss.arrow_forward
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