Refer to the table below. Note that the first column shows variable costs. Quantity Cost 0 1 2 3 5 6 (in dollars) Costs 0 15 35 60 90 Fixed Total Average Average Variable Costs Total Costs Costs (in dollars per (in (in (in dollars unit) dollars) dollars) per unit) 160 40 40 40 55 55 40 75 37.5 40 100 125 40 40 130 32.5 165 33 : 33.3 20 40 200 33.3 15 17.5 22.5 25 26.6 Marginal Costs (in dollars per unit) 15 20 25 30 35 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? losses equal $15 profts equal $15 profts equal $25 losses equal $25
Refer to the table below. Note that the first column shows variable costs. Quantity Cost 0 1 2 3 5 6 (in dollars) Costs 0 15 35 60 90 Fixed Total Average Average Variable Costs Total Costs Costs (in dollars per (in (in (in dollars unit) dollars) dollars) per unit) 160 40 40 40 55 55 40 75 37.5 40 100 125 40 40 130 32.5 165 33 : 33.3 20 40 200 33.3 15 17.5 22.5 25 26.6 Marginal Costs (in dollars per unit) 15 20 25 30 35 40 If the firm produces 5 units that it sells at a price of $30.00 each, what will its profits or losses equal? losses equal $15 profts equal $15 profts equal $25 losses equal $25
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 19RQ: What shapes would you generally expect each of the following cost curves to have: fixed costs,...
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