Table 8.2 Number of Earrings TVC MC AVC TFC TC AFC ATC 100 50 95 3 46.67 300 270 Refer to Table: If firm produces two pairs of earrings, her marginal cost is Select one: O A.$40. B. $45- C. $72.50. O D. $122.50.
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Q: TC = TVC + TFC TVC = AVC * q TFC = AFC * q TC ATC = AFC + AVC TFC AFC = TVC AVC = ATC MC = Да
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- How does fixed cost affect marginal cost? Why is this relationship important?Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs
- What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?What is die difference between accounting and economic profit?A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.
- Suppose the cost of machines increases to 55, while the cost of labor stays at 40. How would that affect the total cost of the three methods? Which method should the film choose now?How would an improvement in technology, like the high-efficiency gas turbines or Pirelli tire plant, affect me lung-nm average cost curve of a firm? Can you draw the old curve and the new one on the same axes? How might such an improvement affect other firms in the industry?Consider the following cost information for apizzeria:Quantity Total Cost Variable Cost0 dozen pizzas $300 $ 01 350 502 390 903 420 1204 450 1505 490 1906 540 240a. What is the pizzeria’s fixed cost?b. Construct a table in which you calculate themarginal cost per dozen pizzas using theinformation on total cost. Also, calculate themarginal cost per dozen pizzas using theinformation on variable cost. What is therelationship between these sets of numbers?Explain.
- . Jane’s Juice Bar has the following cost schedules:Quantity Variable Cost Total Cost0 vats of juice $ 0 $ 301 10 402 25 553 45 754 70 1005 100 1306 135 165a. Calculate average variable cost, average total cost,and marginal cost for each quantity.b. Graph all three curves. What is the relationshipbetween the marginal-cost curve and theaverage-total-cost curve? Between the marginalcost curve and the average-variable-cost curve?Explain.Price1 Price2 Quantity 1 Quantity2 demand for a.cashews 7.50dollar per pound 6.00 dollar per pound 800 pounds per month 1,000 pounds per month 65 per year b.portable hard drive (1 terabyte) 80 dollar 120 dollar 75 per year 65 per year c.12-gauge copper wire 0.60 per lineal foot 0.45 per lineal foot 2,5000 lineal feet per week 5,000 lineal feet per week d.Toothpaste 2.00 dollar per tube 2.40 dollar per tube 10 tubes per moth 9 tubes per month Using the midpoint formula, calculate elasticity for each of the following changes in demand.Table 13-7The Flying Elvis Copter Rides Quantity TotalCost FixedCost VariableCost MarginalCost AverageFixedCost AverageVariableCost AverageTotalCost 0 $50 $50 $0 -- -- -- -- 1 $150 A B C D E F 2 G H I $120 J K L 3 M N O P Q $120 R Refer to Table 13-7. What is the value of M? a. $50 b. $140 c. $360 d. $410
