a) Complete table (a). Total Cost ($) Total Variable Cost ($) Marginal Cost ($) Average Total Cost (5) Average Variable Quantity Cost ($) 8 14 6. 14 1 2 18 10 24 16 5.33 6 4 32 24 42 34 8. 6.8 10 54 46 7.67 12 9.71 8.57 68 60 14 b) What are the values of the break-even and shutdown prices? Round your answer to 2 decimal places. Break-even price: $ Shutdown price: $ c) Given the prices shown in column 1 of the following table, complete columns 2, 3, 4, and 5. (Assume that partial units cannot be produced.) (3) (5) (6) (8) Total Quantity Supplied 2 (1) (2) (4) Total Quantity Supplied 1 (7) Total Quantity Demanded Total Total Profit(+)/ Loss(-)($) Price($) Output Revenue ($) Cost($) 4 -8 672 7. 21 24 -3 576 4 36 31 48e 11 55 42 13 384 13 96 54 18 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills', Show the total supply in

a) Complete table (a). Total Cost ($) Total Variable Cost ($) Marginal Cost ($) Average Total Cost (5) Average Variable Quantity Cost ($) 8 14 6. 14 1 2 18 10 24 16 5.33 6 4 32 24 42 34 8. 6.8 10 54 46 7.67 12 9.71 8.57 68 60 14 b) What are the values of the break-even and shutdown prices? Round your answer to 2 decimal places. Break-even price: $ Shutdown price: $ c) Given the prices shown in column 1 of the following table, complete columns 2, 3, 4, and 5. (Assume that partial units cannot be produced.) (3) (5) (6) (8) Total Quantity Supplied 2 (1) (2) (4) Total Quantity Supplied 1 (7) Total Quantity Demanded Total Total Profit(+)/ Loss(-)($) Price($) Output Revenue ($) Cost($) 4 -8 672 7. 21 24 -3 576 4 36 31 48e 11 55 42 13 384 13 96 54 18 288 d) Suppose that there are a total of 120 farms in the barley market, including and identical to Farmer Mills', Show the total supply in

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Proudction Costs

Section: Chapter Questions

Problem 9SQP

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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
Q1 It costs a baker a fixed cost of $420 and variable cost of $2.10 per cupcake.A cupcake is sold for $4.90 each. The cost of producing 20,40,60,80 and 100 cupcakes. Cost of producing cupcakes Quantity TVC ($) TFC($) TC (TFC+TVC) 20 42 (2.1 * 20) 420 462 40 84 420 504 60 126 420 546 80 168 420 588 100 210 420 630 Revenue from Selling Quantity Price TR 20 4.9 98 40 4.9 196 60 4.9 294 80 4.9 392 100 4.9 490 (i) Write an algebraic expression representing the revenue R as a function of the number of cupcakes x sold. (ii) Graph both functions on the same coordinate axes. (iii) From your graph find coordinatae at which cost equals revenue. (vi) Using your graph,determine how many cupcakes need to be made to produce revenue of at least $1,029.How much profit is made for this number of cupcakes?
What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,200
Here's the table showing quantity and total cost Q - 0, 1, 2, 3, 4, 5 TC - 8, 9, 10, 11, 13, 19 Calculate MC.
F a) Draw the demand process cycle and label it fully. b) A door company has the following materials in inventory. Inspect the table below and answer the following questions Material Average (in Kilograms) Price Aluminum 3884 $3.0 Steel 5850 $1.4 Iron 200 $1 Work in Progress Average Price Fence 78 230 Final Products Average Price Door 300 300 Window 550 240 i. Calculate the number of turns. ii. Calculate the cost per day.
12 st L8 Get & Transform Data 4 6 7 1 2 Available Product 3 8 9 10 11 12 13 A 14 15 16 17 18 19 20 All :X ✓ fx B Pounds made Workbook Links Queries & Connections 3000 Flour (ounce) 1500 Egg (piece) 4500 Labor (man-hour) Unit Price Variable Cost Demand UCM Adiucted C 3.2 1.5 6 D $12.50 $6.50 960 $6.00 2.6 1.5 5 Data Types $11.00 $5.70 928 $5.30 E 1.5 1 4 <1 $9.00 $3.60 1041 $5.40 F 0 0 0 0 Banana Muffin Choc Muffin Banana Cookies Choc Cookies Milk Bread White Bread 0.7 0.3 0.5 0 2.5 1.5 $6.00 $3.00 $2.20 $1.20 1084 1055 $3.80 $1.80 AV 0 0.8 1 3 G $7.00 $2.80 977 $4.20 Sort & Filter H Advanced 0
IIT Ball Bearings Inc. faces costs of production as follows: Quantity Total Fixed Cost Total Variable Cost 100 100 100 100 100 100 100 1 50 70 90 140 200 360 3 4 5 (A) Calculate the company's average fixed costs, average variable costs, average total costs, and marginal costs. (B) The price of a case of ball bearings is $50. Seeing that she can't make a profit, the Chief Executive Officer (CEO) decides to shut down Operations. What are the firm's profits/ losses? Was this a wise decision? Explain. (C) Vaguely remembering his introductory economics course, the Chief Financial Officer Tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. What are the firm's profits/losses at that level of production? Was this the best decision? Explain
Table 3 Average cost per discharge 2500 Cost center 5000 7500 10,000 15,000 20,000 discharges discharges discharges discharges dischares discharges (100 beds) (136 beds) (200 beds) (270 beds) (310 beds) (440 beds) Hospital administration 1.64 1.24 1.08 1.0 0.93 0.90 Public relations 1.12 0.98 0.97 1.0 1.03 1.07 General accounting Communications 1.68 1.24 1.08 1.0 0.91 0.90 1.64 1.22 1.07 1.0 0.94 0.94 Purchasing Patient accounts Data processing Credit and collectÍon Medical records +32 1.0 104 1.24 1.08 1.01 1.0 1.0 1.02 1.0 0.92 0.93 1.0 1.10 1.21 +24 106- T.04 1.32 1.10 1.03 1.0 0.97 0.96 Printing and duplication 1.04 Personnel 1.02 1.01 1.0 0.98 0.97 1.32 1.06 1.0 1.0 1.02 1.06 Cafeteria 1.48 1.20 1.07 1.0 0.93 0.90 1.32 1.03 Laundry Housekeeping 1.12 1.0 0.97 0.96 1.40 1.14 1.04 1.0 0.96 0.89 All cost centers 1.36 1.10 1.03 1.0 0.99 0.99
PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…
Table 11-7 Quantity of Lanterns 75 80 90 100 115 117 120 B) $32 C) SI1.1 Fixed Cost (dollars) 200 200 200 200 200 200 200 D) $8.1 Variable Cost (dollars) 170 230 810 1264 1480 Total Cost (dollars) 370 430 1464 Average Total Cost (dollars) Table 11-7 shows cost data for Lotus Lanterns, a producer of whimsical night lights. Refer to Table 11-7. What is the marginal cost per unit of production when the firm produces 100 lanterns? A) $420 4.93 5.36 7.67 11.8 12.5
Teacher's Helper is a small company that has a subcontract to produce instructional materials for disabled children in public school districts. The owner rents several small rooms in an office building in the suburbs for $600 a month and has leased computer equipment that costs $480 a month. Output (Instructional Fixed CostVariable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars) (Dollars per unit) (Dollars per unit) (Dollars per unit) (Dollars) modules per month) 0 1,080 1 1,080 400 1480 400 2 3 4 450 1,350 2,430 1,900 5 2,500 216 6 4,280 700 7 4,100 8 5,400 135 9 7,300 10 10,880 er to Table 13-10. What is the average fixed cost for the month if 9 instructional modules are produced? 475 980 965 8:2
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