CON101-Assignment-2 (1) - Protected View - Saved to this PC -P SearchutReferencesMailingsReviewviewHelpCamplete all missıng valucs in table below:Total Average Average Average Marginalfixed variableLabor Output Fixed Variablecostcostcosttotalcostcostcost$6011$6070$2.9.$60$14011$60$210415$60280S13$60$350612$60$4201. Draw thc short run total cost curve (show the total cost, fixed cost, variable cost).2. Where the marginal cost and averaye total cost intercept? Explain the relationship betweenthe marginal cost and the average total cost with the help of graph.Question 21. When do fums decide to shut down production in the short run? Explain it.2. How is the short run average cust curve and the long run average cost curve shaped?What is the difference between them?Question 3The following graph represents the situntion of Sindbadis caps, a firm selling caps in theperfectly competitive caps industry

Labor Output(Q) Total Fixed cost VC($) TC=FC+VC($) AFC=TFCQ($) AVC=VCQ($) ATC=TCQ($)…

Camplete all missing valucs in table below: Labor Output Fixed Variable Total Average Average Average Marginal cost cost cost fixed variable total cost cost CAOST cost $60 1. 1 $60 70$ 2. 6. $60 $140 3. 11 $60 $210 4 15 $60 280S 13 $60 $350 6. 12 $60 $120 1. Draw the short run total cost curve (show the total cost; fixed cost, variable cost).

Camplete all missing valucs in table below: Labor Output Fixed Variable Total Average Average Average Marginal cost cost cost fixed variable total cost cost CAOST cost $60 1. 1 $60 70$ 2. 6. $60 $140 3. 11 $60 $210 4 15 $60 280S 13 $60 $350 6. 12 $60 $120 1. Draw the short run total cost curve (show the total cost; fixed cost, variable cost).

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 11RQ: What is die difference between accounting and economic profit?

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What is die difference between accounting and economic profit?
Consider the following cost information for a pizzeria:Quantity Total Cost Variable Cost0 dozen pizzas $300 $0I 350 502 390 903 420 1204 450 1505 490 1906 540 240a. What is the pizzeria's fixed cost?b. Construct a table in which you calculatethe marginal cost per dozen pizzas using theinformation on total cost. Also, calculate themarginal cost per dozen pizzas using the inforpmation on variable cost. What is the relationshipbetween these sets of numbers? Explain.
Please help in fillin out this table and kkindly provide the caluclations used Picture is attatched thank you
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Please complete the below table. Output TotalFixed Cost TotalVariable TotalCost AverageFixed AverageVariable AverageTotal cost MarginalCost 0 20 1 10 2 6 3 24 4 13.5 5 66 6 14 7 76 8 114
1. Suppose Firm A has a budget of P1.5 million pesos in outsourcinginputs, labor and machines, that would lend support in its 1 yearoperation. Suppose further that the cost of labor for 1 year is P150,000and for a machine is P200,000. If it decides to hire 6 laborers, howmany machines would it accept?
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The Calhoun Textile Mill is in the process of deciding on a production schedule. It wishesto know how to weave the various fabrics it will produce during the coming quarter. Thesales department has confirmed orders for each of the 15 fabrics produced by Calhoun.These demands are given in the following table. Also given in this table is the variablecost for each fabric. The mill operates continuously during the quarter: 13 weeks, 7 daysa week, and 24 hours a day.There are two types of looms: dobbie and regular. Dobbie looms can be used to makeall fabrics and are the only looms that can weave certain fabrics, such as plaids. The rateof production for each fabric on each type of loom is also given in the table. Note that ifthe production rate is zero, the fabric cannot be woven on that type of loom. Also, if afabric can be woven on each type of loom, then the production rates are equal. Calhounhas 90 regular looms and 15 dobbie looms. For this problem, assume the time requirementto change…
A firm produces two different kinds, A and B, of a commodity. The daily cost of producingx units of A and y units of B isC(x, y) = 2x2 − 4xy + 4y2 − 40x − 20y + 514Suppose that the firm sells all its output at a price per unit of $24 for A and $12 for B. Findthe daily production levels x and y that maximize profit. (Be sure to show your first andsecond order conditions.)
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