Refer to the figure on the right. Suppose the output of a large aluminum firm rises from 1 millionpounds to 2 million pounds per year. The long-run average cost of producing aluminum will gofrom $ to $(Enter your responses rounded to the nearest penny.)$2.802.10C1.60LAC0.501.00 1.502.00 2.50Million of pounds of Aluminum per year

Average cost (AC) represents the average cost per unit of output produced by a firm. It is…

Answered: Refer to the figure on the right.…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section12.4: Costs In The Short Run And In The Long Run

Problem 4QQ

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Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
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What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?
Refer to the figure on the right. Suppose the output of a large aluminum firm drops from 2 million pounds to 0.5 million pounds per year. The long-run average cost of producing aluminum will go from $ to $. (Enter your responses rounded to the nearest penny.) Cost per pound $2.80 2.10 1.60 b 0.50 1.00 1.50 2.00 2.50 Million of pounds of Aluminum per year LA
Fill in the missing parts in the following tables to illustrate the behavior of production and costs in the short-run; then determine the optimal level of production according to the number of inputs you are intending to use. Output Units Land Square Meters Capital Egyptian Pounds Labor Units 0 20 40000 0 1000 20 40000 5 1600 20 40000 8 2100 20 40000 11 2500 20 40000 14 2600 20 40000 17 Output FC VC TC MCL MPL AVC AFC ATC 0 1000 1600 2100 2500 2600 -Hint Consider land and capital as fixed factors, while labor units as variable factors. The cost of land is L.E20 per square meter. The interest rate on capital is 10%. The average wages per unit of labor is L.E1500.
Hightide Upholstery Company manufactures a special fabric used to upholster the seats in power boats. The company’s annual fixed production cost is $100,000.Required:1. Draw a graph of the company’s fixed production cost showing the total cost at the following production levels of upholstery fabric: 10,000 yards, 20,000 yards, 30,000 yards, and 40,000 yards.2. Prepare a table that shows the unit cost and the total cost for the firm’s fixed production costs at the following production levels: 1 yard, 10 yards, 10,000 yards, and 40,000 yards.3. Prepare a graph that shows the unit cost for the company’s fixed production cost at the following production levels: 10,000 yards, 20,000 yards, 30,000 yards, and 40,000 yards.
Use the cost table below to find the following marginal costs. Output quantity 20 40 60 80 100 120 140 Total variable cost ($) 80 140 210 300 420 600 840 Total fixed Total cost cost ($) ($) 140 8888888 60 60 60 60 60 60 60 What is the marginal cost when output is 20? $ 7 * 200 270 360 480 660 900 Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
See Hint Suppose you are the owner of a firm producing jelly beans. Your production costs are shown in the table. Jelly Bean Production Вохes Average cost per box 100 $0.95 101 $0.96 102 $0.97 $0.98 103 Initially, you produce 100 boxes of jelly beans per time period. Thena new customer calls and places an additional order for jelly beans, requiring you to increase your output to 101 boxes. She offers you $1.75 for the additional box. Should you produce it? Choose one: O. A Yes, because $1.75 is greater than average total cost, O B. No, because $1.75 is less than average total cost. O C. Yes, because $1.75 is greater than the marginal cost. O D. No, because $1.75 is less than the marginal cost. 9 E. We can't say because we don't know average variable cost.
What are the total variable costs of producing ]300 LCD screens per day?
andall ndall Can I ask you about some of your average variable costs? Sure! I remember from my economics classes that average variable cost (AVC) is equal to: Okay, can you tell me the average variable cost of washing 90 cars? (Round to one decimal place. Click the Production Data tab to access the car wash data.) Ty Average Variable Cost Production Data Production Data Workers 0 1 2 469 SAW Production Data Cars Mashed 0 8 23 42 64 80 90 98 96
Bus Econ 4.2.11 Question Help v A juice company has found that the marginal cost of producing x pints of fresh-squeezed orange juice is given by the function below, where C') is in dolliars. Approximate the total cost of producing 276 pt of juice, using 3 subintervals over 0,276] and the left endpoint of each subinterval C'-0.000007x-0.0035x+4, for xs350 The total cost is about $ (Round the final answer to the nearest oent as needed. Round all intermediate values to the nearest thousandth as needed) Enter your answer in the answer box and then click Check Answer. Check Answer ll parts showing Clear Al 2AM Start P Type here to search 同 DELL F10 F4 %23 6. R

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