Society's total cost of producing a good a. Includes only the private cost to a firm b. Includes only the external cost c. Includes all private and external costs d. Includes the sunk cost and the total variable cost of a firm e. Includes only the average variable cost of production
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- The level of output at which average total costs equal áverage revenue or market price is: (a) The shut down output LTH€ breakeveni output O The marginal physical product (d) The marginal value productIf the marginal cost is above the average cost at a certain level of production and the firmdecides to increase output, then:a. The average cost will increase but the marginal cost will decrease.b. Both the average and the marginal cost will increase.c. The average cost will increase but the average cost will decrease.d. Both the average and the marginal cost will decrease.A firm produces one good and has average cost equal to 115, average variable cost equal to 75, and fixed cost equal to 5000. 3P. How many units does the firm produce?
- Find the value of Y. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $1,000 $1,000 $5,000 $4,000|********** 10 25 8000 40 11300 Y 55 15050 70 19700 $1000 $2000 $4000 $7000Which of the following is an example of a Variable Cost? A. an employee who makes $40,000 a year B. purchasing raw materials when production increases C. making a mortgage payment for building ight © 2003 -2022 International Academy of Science. All Rights Reserved.A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.
- 1. Visualizing average costs and marginal costs as a slope? Take an example 2. Long run average total cost curve? Take an example 3. Minimium efficient scale and market concentration? Take an example0 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue Profitips Under decreasing returns to scale, average cost cost curve. as the quantity produced increases. Over this range of output, the marginal cost curve is Grade It Now the average Save & Continue
- 1. A factory produces 1,500 electric machines per annum. The variable cost per machine is Rs. 100. The fixed cost is Rs. 50,000 per annum, 10 machines are manufactured in one lot. Find the marginal cost of production.A cost that changes with the level of production is called a(n)____cost a.variable b.average total c.marginal b.fixedFind the value of X. Quantity Total Cost Fixed Cost Variable Cost Marginal Cost $5,000| $1,000 $1,000 $4,000 10 ***** **** 25 8000 40 11300 X 55 15050 19700 70 $220 $1000 $4000 $10,300
