2. Complete the following table Price output (Q ed costVariable cost Revenue total Cost Marginal Cost Average fied cost Average Revenue Marginal Revenue. 20 20 20 20 20 4 20 10
Q: Question 2 (total product is Q of production) Total product TFC AFC TVC AVC TC MC $4 $_ $. 1 $12 2…
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A: In its most basic form, total cost (TC) refers to all of the expenses associated with producing…
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A: Marginal Cost= Total Cost n -Total Cost n-1 Total Fixed Cost= When the output is zero Total Variable…
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A: Average total cost (ATC): ATC is the total cost per unit of output. It can be express as: ATC = TC/Q
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- The WipeOut Ski Company manufactures skis for beginners. Fixed costs are 30. Fill in Table 7.16 for total cost, average variable test, average total cost, and marginal cost.3. The company that you manage has already spent $8 million on developing a new product – awebsite that combines You Tube, Twitter, and Facebook – called You Twit Face. Thedevelopment is not quite finished. It will cost an extra $2 million to finish development andcomplete the product. Assume that this $2 million amount includes the explicit costs and anyopportunity cost that the company may have. At a recent meeting, your salespeople report thatthe expected sales of your new product (if you finish) are $6 million total. If you do not finishdeveloping the product you can sell the incomplete product to another company for $2 million. What is the MC of finishing the development? __________________ What is the MB of finishing the development? __________________ Should you finish the product? Why or why not? Use the idea of “thinking at the margin” toexplain your answer. Need details explanationMust complete chart and graph MR, MC, ATC, AVC, and where Q indicates max profit. FOR CHART, FIND: Mid-point AVG Quantity Total Revenue (pxQ) Fixed costs calculations Variable costs (wages x workers) Total Costs (TC) Total Profit (TR-TC) AVC (VC/Q) ATC (TC/Q) Marginal Revenue (MR) (change in TR/ change in Q) Marginal Cost (MC) (change TC/ change in Q) Change in profit (MR-MC)
- Problem 2: Average total cost, from “Principles of Economics” by N. Gregory MankiwYou are the chief financial officer for a firm that sells gaming consoles. Your firm has thefollowing average-total-cost schedule:Quantity | Average total cost600 $300601 $301Your current level of production is 600 consoles, all of which have been sold. Someone calls, desperateto buy one of your consoles. The caller offers you $550 for it. Should you accept the offer? Why or whynot?Price1 Price2 Quantity 1 Quantity2 demand for a.cashews 7.50dollar per pound 6.00 dollar per pound 800 pounds per month 1,000 pounds per month 65 per year b.portable hard drive (1 terabyte) 80 dollar 120 dollar 75 per year 65 per year c.12-gauge copper wire 0.60 per lineal foot 0.45 per lineal foot 2,5000 lineal feet per week 5,000 lineal feet per week d.Toothpaste 2.00 dollar per tube 2.40 dollar per tube 10 tubes per moth 9 tubes per month Using the midpoint formula, calculate elasticity for each of the following changes in demand.image 1 : the following average-total-cost schedule: Quantity Average Total Cost (Number of players) (Dollars) 600 300 601 301 Your current level of production is 600 devices, all of which have been sold. Someone calls, desperate to buy one of your music players. The caller offers you $550 for it. You ( should , or should not ) ? accept the offer. image 2 : Quantity Total Cost Variable Cost (Dozens of pizzas) (Dollars) (Dollars) 0 280 0 1 320 40 2 350 70 3 380 100 4 420 140 5 470 190 6 530 250 The pizzeria's fixed cost is ? .
- 5. Costs in the short run versus in the long run Ike’s Bikes is a major manufacturer of bicycles. Currently, the company produces bikes using only one factory. However, it is considering expanding production to two or even three factories. The following table shows the company’s short-run average total cost (SRATC) each month for various levels of production if it uses one, two, or three factories. (Note: Q equals the total quantity of bikes produced by all factories.) IMG 1 Suppose Ike’s Bikes is currently producing 600 bikes per month in its only factory. Its short-run average total cost is _________ per bike. Suppose Ike’s Bikes is expecting to produce 600 bikes per month for several years. In this case, in the long run, it would choose to produce bikes using ___________. (One, two, or three factories) On the following graph, plot the three SRATC curves for Ike’s Bikes from the previous table. Specifically, use the green points (triangle symbol) to plot its…14 Refer to Figure 1. The vertical distance AB is Outdoor Equipment's Select one: a. Total cost. b. Average fixed cost. c. Fixed cost. d. Marginal cost.Output Quantity (Milk in Liters) Total Revenue ( in Rupees) Total cost ( in Rupees) 0 0 30 1 80 50 2 160 80 3 240 120 4 320 170 5 400 230 6 480 300 7 560 380 8 640 470 Calculate Price, Average Revenue, Marginal revenue. Explain the conditions under which these values remain the same? Calculate Profit, Marginal cost and change in Profit. What output quantity of milk maximizes profit for Farm Fresh Diary? iii. Graph MC and MR curves of Farm fresh Diary. What are the rules of Profit Maximization suggested by this graph? Suppose a tax of Rs.20 is imposed and government fixes price of milk at Rs.80 a liter. Then what should be strategy of Farm Fresh Diary?
- Explain the table Output (Units) Total Revenue (£) Total cost (£) Profit (£) Marginal revenue (£) Marginal cost (£) Change in profit (£) 0 0 3 -3 - - - 1 6 5 1 6 2 4 2 12 8 4 6 3 3 3 18 12 6 6 4 2 4 24 17 7 6 5 1 5 30 23 7 6 6 0 6 36 30 6 6 7 -1 7 42 38 4 6 8 -2 8 48 47 1 6 9 -3. Jane’s Juice Bar has the following cost schedules:Quantity Variable Cost Total Cost0 vats of juice $ 0 $ 301 10 402 25 553 45 754 70 1005 100 1306 135 165a. Calculate average variable cost, average total cost,and marginal cost for each quantity.b. Graph all three curves. What is the relationshipbetween the marginal-cost curve and theaverage-total-cost curve? Between the marginalcost curve and the average-variable-cost curve?Explain.Give typing answer with explanation and conclusion 1.Sara knits 20 scarves and sells them for $25 each. What is her total revenue? $50 $250 $45 $500
