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HW#4 (Costs of Production, Competitive Markets) Back to Assignment Attempts: Keep the Highest: /5 21. Problems and Applications Q4 Ball Bearings, Inc., faces costs of production as follows: Total Fixed Costs Total Variable Costs Quantity (Dollars) (Dollars) 180 180 80 180 140 3 180 180 180 240 180 320 180 450 Complete the following table by calculating the company's total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production. Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Quantity (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) HW#4 (Costs of Production, Competitive Markets) Average Variable Cost (Dollars) Average Fixed Cost Average Total Cost (Dollars) Total Cost Marginal Cost Quantity (Dollars) (Dollars) (Dollars) 4 6. The price of a case of ball bearings is $80. Seeing that he can't make a profit, the company's chief executive officer (CEO) decides to shut down operations. The firm's profit in this case is $ (Note: If the firm suffers a loss, enter a negative number in this cell.) True or False: This was a wise decision. O True O False Vaguely remembering his introductory economics course, the company's chief financial officer tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. At this level of production, the firm's profit is $ (Note: If the firm suffers a loss, enter a negative number in this cell.). True or False: This is the best decision the firm can make. O True 1111 1111 111

HW#4 (Costs of Production, Competitive Markets) Back to Assignment Attempts: Keep the Highest: /5 21. Problems and Applications Q4 Ball Bearings, Inc., faces costs of production as follows: Total Fixed Costs Total Variable Costs Quantity (Dollars) (Dollars) 180 180 80 180 140 3 180 180 180 240 180 320 180 450 Complete the following table by calculating the company's total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production. Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Quantity (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) HW#4 (Costs of Production, Competitive Markets) Average Variable Cost (Dollars) Average Fixed Cost Average Total Cost (Dollars) Total Cost Marginal Cost Quantity (Dollars) (Dollars) (Dollars) 4 6. The price of a case of ball bearings is $80. Seeing that he can't make a profit, the company's chief executive officer (CEO) decides to shut down operations. The firm's profit in this case is $ (Note: If the firm suffers a loss, enter a negative number in this cell.) True or False: This was a wise decision. O True O False Vaguely remembering his introductory economics course, the company's chief financial officer tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. At this level of production, the firm's profit is $ (Note: If the firm suffers a loss, enter a negative number in this cell.). True or False: This is the best decision the firm can make. O True 1111 1111 111

Essentials of Economics (MindTap Course List)
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
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HW#4 (Costs of Production, Competitive Markets) Back to Assignment Attempts: Keep the Highest: /5 21. Problems and Applications Q4 Ball Bearings, Inc., faces costs of production as follows: Total Fixed Costs Total Variable Costs Quantity (Dollars) (Dollars) 180 180 80 180 140 3 180 180 180 240 180 320 180 450 Complete the following table by calculating the company's total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production. Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Quantity (Dollars) (Dollars) (Dollars) (Dollars) (Dollars)
Transcribed Image Text:HW#4 (Costs of Production, Competitive Markets) Back to Assignment Attempts: Keep the Highest: /5 21. Problems and Applications Q4 Ball Bearings, Inc., faces costs of production as follows: Total Fixed Costs Total Variable Costs Quantity (Dollars) (Dollars) 180 180 80 180 140 3 180 180 180 240 180 320 180 450 Complete the following table by calculating the company's total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production. Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost Quantity (Dollars) (Dollars) (Dollars) (Dollars) (Dollars)
HW#4 (Costs of Production, Competitive Markets) Average Variable Cost (Dollars) Average Fixed Cost Average Total Cost (Dollars) Total Cost Marginal Cost Quantity (Dollars) (Dollars) (Dollars) 4 6. The price of a case of ball bearings is $80. Seeing that he can't make a profit, the company's chief executive officer (CEO) decides to shut down operations. The firm's profit in this case is $ (Note: If the firm suffers a loss, enter a negative number in this cell.) True or False: This was a wise decision. O True O False Vaguely remembering his introductory economics course, the company's chief financial officer tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. At this level of production, the firm's profit is $ (Note: If the firm suffers a loss, enter a negative number in this cell.). True or False: This is the best decision the firm can make. O True 1111 1111 111
Transcribed Image Text:HW#4 (Costs of Production, Competitive Markets) Average Variable Cost (Dollars) Average Fixed Cost Average Total Cost (Dollars) Total Cost Marginal Cost Quantity (Dollars) (Dollars) (Dollars) 4 6. The price of a case of ball bearings is $80. Seeing that he can't make a profit, the company's chief executive officer (CEO) decides to shut down operations. The firm's profit in this case is $ (Note: If the firm suffers a loss, enter a negative number in this cell.) True or False: This was a wise decision. O True O False Vaguely remembering his introductory economics course, the company's chief financial officer tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. At this level of production, the firm's profit is $ (Note: If the firm suffers a loss, enter a negative number in this cell.). True or False: This is the best decision the firm can make. O True 1111 1111 111
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