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- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?What is die difference between accounting and economic profit?Say that the last tonne of steel produced by a steel company imposes three types of costs: labour costs of $25, additional equipment costs of $10, and the cost of additional “crud” dumped into the air of $15. What costs will the steel company consider in deciding whether to produce another tonne of steel?
- An explicit cost is: Select one: a) An implicit cost to the factor of production owner who recieves that payment b) a money payment made for factors of production not owned by the firm itself c) is the cost of the forgone alternative incurred by the individual after making choices d) omitted when accounting profits are calculated e) always in excess of a factor of production's oppurtunity cost34- 34 - : If firm X produces 20 units of product with a total cost of 100, what is its average cost? a) 2nd B) 120 NS) 80 D) 5 TO) one7 A firm has this cost function: C = 4000 - 7Q + 8Q2. The firm is currently producing 5 units of its product. Calculate these a) Total cost b) Average fixed cost c) Average variable cost d) Marginal cost (You must clearly label and type each answer in eCourses, and show your calculations to receive any credit for your answers.)
- 7. Fixed costs faced by farmers typically include the following, except: A. FertilizerB. Property insuranceC. Property taxesD. Interest and rent paymentsCan you please answer parts d & e below only as you have answered the first 3 parts previously: Frank pays 50,000/year in fixed costs. If his shop sells Q cups of tea in a year, the other costs add up to be 10000/Q + Q/20000 per cup of tea What is the: a) average fixed cost, b) average total cost c) variable cost and marginal cost (derived from the the variable cost) d) the annula production level such that the average variable cost is minimised e) the difference between the marginal cost and average variable cost at this production levelMetters Cabinets, Inc., needs to choose a productionmethod for its new office shelf, the Maxistand. To help accomplishthis, the firm has gathered the following production cost data: PROCESS TYPE ANNUALIZEDFIXED COST OFPLANT & EQUIP. VARIABLE COSTS (PER UNIT) ($)LABOR MATERIAL ENERGY MassCustomization $1,260,000 30 18 12Intermittent $1,000,000 24 26 20Repetitive $1,625,000 28 15 12Continuous $1,960,000 25 15 10Metters Cabinets projects an annual demand of 24,000 units forthe Maxistand. The Maxistand will sell for $120 per unit. a) Which process type will maximize the annual profit from pro-ducing the Maxistand? b) What is the value of this annual profit?
- a.i. Write an equation to represent the total costs for each location. ii. Draw the total costs lines for each location on the same axes. (Use output ranges of 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis.[iii. Over what range of output is location A the most preferred location?iv. Over what range of output is location B the most preferred location?v. Over what range of output is location C the most preferred location?A company that produces cleaning products is considering a proposal to begin production of a new detergent that would cost $1 a bottle to make and distribute, and retail for $2.19 a bottle. Fixed cost for the operation would be $3000 a week. Assume that all output can be sold. (a) What would be the total cost, revenue and profit for a weeklyvolume of 10,000 bottles?Hyundai Automobile U.S.A. is sponsoringa charity golf tournament to raise monies for achildren’s hospital in Birmingham. There are twopossible venues:• RTJ Golf Resort at Prattville, which has afixed rental cost of $6,810. The hotel providesfor meals and waiters and waitresses to servedrinks and finger foods at $60 per person. Thegreen fees and cart for each person will be $35.• Wynlakes Golf & Country Club, which has afixed rental cost of $2,400 plus a charge of $100per person for its own catering of meals andserving of drinks and finger foods. The greenfees and cart for each person will be $40.Hyundai budgets $5,000 in costs for administrationand marketing for the event. The band will cost afixed amount of $3,000. Tickets to this local community event will be $300 per person. All proceedsfrom the event will be donated to the children’shospital.(a) Compute the break-even point for each venue interms of tickets sold.(b) At what level of tickets sold will the two venueshave the same…