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A car company has fixed costs of $20, 000. Its marginal costs are given in the table below. Fill in the table below to show the total cost, average total cost, variable cost, and average variable cost, Output Total Cost Marginal Cost Variable Cost Average Variable Cost Average Total Cost $26,000 26, 000 26, 000e 55, 000 27, 500 28, 666. 67 118, 000 29, 500 152, 000 30, 400 187, 000- 31, 166. 67 223. 000 31, 875. 14e 1 26, 000 55, 000 86, 000 118, 000 26, 000 27, 500e $29,000 $31,000 $32,000 $34,000 $35,000 3. 86, 000 28, 666. 67e 4. 29, 500 5. 152, 000 6. 187, 000 30, 400 31, 166. 67e 31, 857. 14 $36,000 223, 000 What is the minimum price the company requires to break even?e Does the company make a profit or loss if the price of cars is $35, 000? How big is the profit or loss?

A car company has fixed costs of $20, 000. Its marginal costs are given in the table below. Fill in the table below to show the total cost, average total cost, variable cost, and average variable cost, Output Total Cost Marginal Cost Variable Cost Average Variable Cost Average Total Cost $26,000 26, 000 26, 000e 55, 000 27, 500 28, 666. 67 118, 000 29, 500 152, 000 30, 400 187, 000- 31, 166. 67 223. 000 31, 875. 14e 1 26, 000 55, 000 86, 000 118, 000 26, 000 27, 500e $29,000 $31,000 $32,000 $34,000 $35,000 3. 86, 000 28, 666. 67e 4. 29, 500 5. 152, 000 6. 187, 000 30, 400 31, 166. 67e 31, 857. 14 $36,000 223, 000 What is the minimum price the company requires to break even?e Does the company make a profit or loss if the price of cars is $35, 000? How big is the profit or loss?

Survey Of Economics
Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 8SQP
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A car company has fixed costs of $20, 000. Its marginal costs are given in the table below. Fill in the table below to show the total cost, average total cost, variable cost, and average variable cost, Total Cost Marginal Cost Variable Cost Average Variable Cost Average Total Cost 1 26, 000 55, 000 86, 000 118, 000 Output $26,000 26, 000 26, 000e 55, 000 27, 500 86, 000 118, 000 29, 500 152, 000 30, 400 187, 000- 31, 166. 67 223. 000 31, 875. 14e 26, 000 $29,000 $31,000 $32,000 $34,000 $35,000 27, 500 3. 28, 666. 67 28, 666. 67 4. 29, 500 5. 152, 000 6. 187, 000 30, 400 31, 166. 67e 31, 857. 14 $36,000 223, 000 What is the minimum price the company requires to break even?e Does the company make a profit or loss if the price of cars is $35, 000? How big is the profit or loss?
Transcribed Image Text:A car company has fixed costs of $20, 000. Its marginal costs are given in the table below. Fill in the table below to show the total cost, average total cost, variable cost, and average variable cost, Total Cost Marginal Cost Variable Cost Average Variable Cost Average Total Cost 1 26, 000 55, 000 86, 000 118, 000 Output $26,000 26, 000 26, 000e 55, 000 27, 500 86, 000 118, 000 29, 500 152, 000 30, 400 187, 000- 31, 166. 67 223. 000 31, 875. 14e 26, 000 $29,000 $31,000 $32,000 $34,000 $35,000 27, 500 3. 28, 666. 67 28, 666. 67 4. 29, 500 5. 152, 000 6. 187, 000 30, 400 31, 166. 67e 31, 857. 14 $36,000 223, 000 What is the minimum price the company requires to break even?e Does the company make a profit or loss if the price of cars is $35, 000? How big is the profit or loss?
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