Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 2 3 4 5 6 7 8 9 10 F $100 100 100 100 100 100 100 100 100 с VC с MC AFC AVC AC $32 $132 $32 56 156 24 $100.00 $32.00 $132.00 50.00 28.00 78.00 72 172 16 33.33 24.00 80 8 196 16 25.00 20.00 45.00 20.00 96 39.20 220 24 16.67 20.00 36.67 14.29 21.71 36.00 24.00 36.50 26.67 37.78 29.60 ■ 152 252 192 292 240 340 296 40 48 56 11.11 10.00

Let F be the fixed cost of production, let VC be the variable cost of production, C be the total cost, MC be the marginal cost, AFC, the average fixed cost, AVC, the average variable cost, and AC, the average cost. Complete the following cost table. (Enter numeric responses rounded to two decimal places.) Output (q) 1 2 3 4 5 6 7 8 9 10 F $100 100 100 100 100 100 100 100 100 с VC с MC AFC AVC AC $32 $132 $32 56 156 24 $100.00 $32.00 $132.00 50.00 28.00 78.00 72 172 16 33.33 24.00 80 8 196 16 25.00 20.00 45.00 20.00 96 39.20 220 24 16.67 20.00 36.67 14.29 21.71 36.00 24.00 36.50 26.67 37.78 29.60 ■ 152 252 192 292 240 340 296 40 48 56 11.11 10.00

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter4: Extent (how Much) Decisions

Section: Chapter Questions

Problem 3MC

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ATC, AAC, AVC, MC (/uni 270.00 24000 21000 180.00 150.00 120.00 10:00 60.00 30.00 0:00 02 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Units of Output (0) Unit Cost Curves Refer to the graph above. The curves are not labeled. To help get this question right, you must first label the curves. An output level of 18 is identified with the dark vertical line. The shaded rectangular area (height times width) is the O average sunk cost. O total sunk cost O total avoidable fed cost. O total avoidable cost. O None of the above
Total Fixed Total Variable Labor Output (workers) (units per day) (dollars) Cost Cost (dollars) 20 20 20 20 20 20 25 50 75 100 125 2 19 13 4. 16 1S
Output quantity Total variable cost Total cost 0 $0 $250 25 450 50 300 X 75 375 100 600 850 125 X 1125 150 1200 X 175 1875 200 2000 2250
Quantity (Q) 1 2 3 456700 8 Total Fixed Cost (TFC) 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 Total Variable Cost (TVC) 0.00 17.00 30.00 41.00 48.00 57.00 77.00 81.00 Total Cost (TC) Average Average Average Fixed Variable Total Cost Cost Cost (AFC) (AVC) (ATC) Marginal Cost (MC)
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Accounting profit = ? Total revenue = 8304 Explicit cost = 7231
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