Consider the following cost table. For the 7th unit, find the total variable cost and the average total cost. Total Fixed Quantity Cost 2.00 3.00 3.00 Total Cost 3.00 8.00 11.00 13.00 14.50 1 3.00 3.00 3.00 2.00 16.00 16.00 21.00 26.00 34.00 46.00 7. 3.00 3.00 3.00 3.00 10

Q: Output(units per day) 10 20 30 Total costs($ per day) 40 54 62 80 Find the average total cost at the…

A: Average total cost is the per unit total cost , so here we calculate the average total cost by using…

Q: Using your knowledge of cost formulas and calculations for a firm producing in the short run, redraw…

A: Total fixed cost is the cost of all fixed inputs and expenses required to produce output during a…

Q: If you know that with 8 units of output, average fixed cost is $12.50 and average variable cost is…

A:

Q: Suppose an artist produces 6 paintings. If fixed costs are $200 and variable costs are $100, then…

A: There are mainly two type of cost , FIXED COST and VARIABLE COST which is used in production ,…

Q: Calculate the value of total cost if fixed cost is $10 and variable cost is $22

A: The Given information is follows:- Fixed cost of firm = $10 Variable cost = $22 We have to find…

Q: 1. Answer the question on the basis of the following cost data. Outpu Average Fixed Average Variable…

A: The firms operating in a market incur two types of costs, fixed costs, and variables costs. Fixed…

Q: If short run total costs are 2q2 + 50q + 50, and output is 15, average variable costs will be 80.…

A: Given; Total cost; TC=2q2+50q+50 Formula to calculate average variable cost:-…

Q: Find average cost if average variable cost is $23 and average fixed cost is $12

A: The cost of creating a firm's output is determined by the amount of labour and capital it employs.…

Q: Find average cost if average variable cost is $22 and average fixed cost is $20

A: The data presented in the question above is:- Average variable cost = $22 Average fixed cost = $20…

Q: When average product increases, which short-run cost variable also changes? The output range over…

A: Marginal cost refers to the change in total cost with respect to change in output. Average total…

Q: Given the cost information below, answer the following questions. Output Total Cost $10.00 1 19.76 2…

A: Hi! thank you for the question but as per the guidelines, we answer up to three sub-parts. Kindly…

Q: Define economies of scale and explain why they might arise. Define diseconomies of scale and explain…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: A hotel that produces 100 pizzas has a variable cost of OMR 50 and a fixed cost of OMR 200.…

A: The firm's costs and revenues are the important components that help the firm set its target and…

Q: The average fixed cost curve will never intersect with either the horizontal or vertical axis. There…

A: Hey, Thank you for the question. According to our policy we can only answer up to 3 sub parts per…

Q: A firm produces 300 units of output at a total cost of $1,000. If fixed costs are $100, average…

A: Given: Total Cost = $1000 Fixed Cost = $100 Output = 300 units.

Q: At Jody's bakery they are currently selling 400 loafs of bread. It cost them $4,000 to buy an oven,…

A: Variable cost: A variable cost is a corporate expense that changes in proportion to how much a…

Q: Given the cost information below, answer the following questions. Output Total Cost $ 40.00 10…

A: a.Total fixed cost is equal to total cost when output is…

Q: A firm produces 300 units of output at a total cost of $1,000. If fixed costs are $100, average…

A: Cost: It refers to the value of goods or services in the terms of money.

Q: Answer the question on the basis of the following cost data. Average Fixed Average Variable Output…

A: Average variable cost (AVC): - it is the average value of the cost incurred due to the employment of…

Q: For Questions 24 to 28, consider the following total cost function: TC = 0.2q° + 6q + 50 where TC is…

A: In a market, average total cost, marginal cost and other types of cost can be determined with the…

Q: Hightide Upholstery Company manufactures a special fabric used to upholster the seats in power…

A: According to question     Given that,               Fixed cost(TFC) = $1000 Fixed cost is the type…

Q: In a recently opened shopping mall, Jagdeep sells handmade coffee mugs in abooth for $25 each and…

A: The break-even point is a level of quantity at which the total revenue generated from the sale of…

Q: A firm produces 400 units of output at a total cost of $1.000. If fixed costs are $200, average…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: A business incurs the following costs: • Labor: $120/unit • Materials: $45/unit • Rent:…

A: Total fixed costs are the costs that are unavoidable and have to paid irrespective of the level of…

Q: Suppose a shoes factory makes 100 pairs of shoes. At this level of production, they have $25 in…

A: Fixed cost is independent of output produced whereas variable cost varies with the level of…

Q: If the average variable cost is $2.00 and the average total cost is $8.00 and the marginal cost is…

A: Answer: Note: I am considering that average variable cost, not average available cost as you have…

Q: Answer the question on the basis of the following cost data. Average Fixed Cost Average Variable…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: When the average total cost curve is at its minimum, we know that the: a. marginal cost curve is…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Find total cost if output is 39 units and average cost is $22

A: The Given information is as follows:- Output of firm = 39 units  Average cost = $22  We have to find…

Q: In the table, the average variable cost at 2 units of output is

A: Answer to the question is as follows :

Q: how do you know the total variable is 50 when finding the total fixed cost

A: TC = AC * Q ------------------- MC is a change in TC due to changing quantity by one unit.  MCn =…

Q: Calculate the value of Total cost if average cost is $28 and the no of units is 21

A: The information given to us is:- Average cost = $28 No of units = 21 units We need to find the value…

Q: Calculate average variable Cost if total variable cost is $1000 and output is 20

A: The average variable cost is the cost per unit of output. Total variable cost is the total…

Q: Given the cost information below, answer the following question Output Total Cost $10.00 10 88.40 20…

A: Fixed cost is the cost that remains same at all levels of output. Variable cost is the cost that…

Q: The cost structure of a manufacturer of microchips is described in the table shown below. The firm's…

A: So first need to find TVC by subtracting TFC from TC then find AVC and AFC with the TVC and TFC .…

Q: wheel making company has the following data related to cost: Total Cost = $ 15000 + 1000X and Total…

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Q: Consider a linear, increasing function for total costs. If there are fixed costs, which one of the…

A: Answer: A (Marginal cost is always falling) Explanation: The marginal cost will be constant in the…

Q: Answer the question on the basis of the following cost data. Output Total Cost $ 24 33 1 2 41 3 48 4…

A: We can calculate the Average total Cost by using following formula Average total cost = Total…

Q: Answer the next question(s) on the basis of the following cost data. Notice that fixed cost is $24.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: A garment factory has total fixed costs of $300,000 per year. The firm’s average variable cost is…

A: The provided information are: Total fixed cost = $300000 Average variable cost = $80

Q: Why the average variable cost (AVC) and average total cost (ATC) curves are U-shaped (decreasing,…

A: Average variable cost (AVC) The average variable costs (AVC) are calculated by dividing total fixed…

Q: The cost structure of a manufacturer of microchips is described in the table shown below.   The​…

A:

Q: Given the total cost function TC = 100 + 40Q - 15Q2 + 5Q3, what is Average Total Cost (ATC)? A. ATC…

A: Average cost or unit cost is equal to total cost divided by the number of units of a good produced…

Q: If average total cost is $100, average variable cost is $30 and output is 50 units. What is the…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Answer the question on the basis of the following cost data. Output Total Cost $ 24 1 33 2 41 3 48…

A: Variable cost is the cost that moves directly with respect to business activity. That is, one pays…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A: We will complete a table with the help following formulas;- Total Cost = Fixed cost + Variable cost…

Q: using the cost given in the table below, derive the values for the total cost (TC), average fixed…

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.