PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data i Average Average Average IFixed Cost Variable Total Cost Cost VC TC Q Marginal Quantity Fixed Variable Total Change inI Cost Cost of Output (FC) (VC) Cost Total Cost I FC (TC) (ATC) Plot MC at Output Cost ATC Q $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 250 300 1050 2.00 1.50 1.00 350 400 1150 1.50 1.38 2.88 200 2.00 450 500 600 750 1350 1.20 1.50 - 550 600 600 1200 1800 3.00 10.00 650 700 2200 2800 .85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average total cost) is at a minimum at an output level of units. 4. On your graph on page 135 what is the relation between marginal cost (ATCIAQ) and average total cost (TC/Q) when average total cost is at its minimum?

PRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data i Average Average Average IFixed Cost Variable Total Cost Cost VC TC Q Marginal Quantity Fixed Variable Total Change inI Cost Cost of Output (FC) (VC) Cost Total Cost I FC (TC) (ATC) Plot MC at Output Cost ATC Q $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 250 300 1050 2.00 1.50 1.00 350 400 1150 1.50 1.38 2.88 200 2.00 450 500 600 750 1350 1.20 1.50 - 550 600 600 1200 1800 3.00 10.00 650 700 2200 2800 .85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average total cost) is at a minimum at an output level of units. 4. On your graph on page 135 what is the relation between marginal cost (ATCIAQ) and average total cost (TC/Q) when average total cost is at its minimum?

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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