Graph the average variable cost, average total cost and marginal cost curves. Following is the table that shows the cost schedule for a firm operating in a short run. Quantity Production (thousands) Total Fixed cost Total Variable cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $400 0 $400 ---- ----- ----- ----- 1 $400 $240 $640 $240 $400 $240 $640 2 $400 $320 $720 $80 $200 $160 $360 3 $400 $380 $780 $60 $133.33 $126.66 $260 4 $400 $420 $820 $40 $100 $105 $205 5 $400 $450 $850 $30 $80 $90 $170 6 $400 $490 $890 $40 $66.67 $81.66 $148.33 7 $400 $580 $980 $90 $57.14 $82.85 $140 8 $400 $800 $1200 $220 $50 $100 $150 9 $400 $1300 1700 $500 $44.44 $144.44 $188.88
Graph the average variable cost, average total cost and marginal cost curves. Following is the table that shows the cost schedule for a firm operating in a short run. Quantity Production (thousands) Total Fixed cost Total Variable cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $400 0 $400 ---- ----- ----- ----- 1 $400 $240 $640 $240 $400 $240 $640 2 $400 $320 $720 $80 $200 $160 $360 3 $400 $380 $780 $60 $133.33 $126.66 $260 4 $400 $420 $820 $40 $100 $105 $205 5 $400 $450 $850 $30 $80 $90 $170 6 $400 $490 $890 $40 $66.67 $81.66 $148.33 7 $400 $580 $980 $90 $57.14 $82.85 $140 8 $400 $800 $1200 $220 $50 $100 $150 9 $400 $1300 1700 $500 $44.44 $144.44 $188.88
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
Related questions
Question
Using the following table
- Graph the
average variable cost, average total cost and marginal costcurves.
- Following is the table that shows the cost schedule for a firm operating in a short run.
|
Quantity Production (thousands) |
Total Fixed cost |
Total Variable cost |
Total Cost |
Marginal Cost |
Average Fixed Cost |
Average Variable Cost |
Average Total Cost |
|
0 |
$400 |
0 |
$400 |
---- |
----- |
----- |
----- |
|
1 |
$400 |
$240 |
$640 |
$240 |
$400 |
$240 |
$640 |
|
2 |
$400 |
$320 |
$720 |
$80 |
$200 |
$160 |
$360 |
|
3 |
$400 |
$380 |
$780 |
$60 |
$133.33 |
$126.66 |
$260 |
|
4 |
$400 |
$420 |
$820 |
$40 |
$100 |
$105 |
$205 |
|
5 |
$400 |
$450 |
$850 |
$30 |
$80 |
$90 |
$170 |
|
6 |
$400 |
$490 |
$890 |
$40 |
$66.67 |
$81.66 |
$148.33 |
|
7 |
$400 |
$580 |
$980 |
$90 |
$57.14 |
$82.85 |
$140 |
|
8 |
$400 |
$800 |
$1200 |
$220 |
$50 |
$100 |
$150 |
|
9 |
$400 |
$1300 |
1700 |
$500 |
$44.44 |
$144.44 |
$188.88 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
