The total fixed cost, total variable cost, and total cost curves are shown for a company that produces custom baseball gloves.vCost ($)80075070065060055050045040035030025020015010050001 2 342nd attempt5Price ($)40037535087891011TCTVCTEC12 13 14 15Graph the average total cost curve by first using the point tool to plot points for the average total cost for Q= 1, Q=5, and Q = 14 andthen using the curved-line tool to connect them. You may assume that all total costs for these quantities are multiples of $25. Use theformula ATC = TC for your calculations.To refer to the graphing tutorial for this question type, please click here.15 16Quantity of glovesproducedSee HintO

Average Total CostThe average total cost (ATC) is a key economic metric that represents the average…

The total fixed cost, total variable cost, and total cost curves are shown for a company that produces custom baseball gloves. Cost (5) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 TC TVC

The total fixed cost, total variable cost, and total cost curves are shown for a company that produces custom baseball gloves. Cost (5) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 TC TVC

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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Question

The total fixed cost, total variable cost, and total cost curves are shown for a company that produces custom baseball gloves.
v
Cost ($)
800
750
700
650
600
550
500
450
400
350
300
250
200
150
100
50
0
0
1 2 3
4
2nd attempt
5
Price ($)
400
375
350
8
7
8
9
10
11
TC
TVC
TEC
12 13 14 15
Graph the average total cost curve by first using the point tool to plot points for the average total cost for Q= 1, Q=5, and Q = 14 and
then using the curved-line tool to connect them. You may assume that all total costs for these quantities are multiples of $25. Use the
formula ATC = TC for your calculations.
To refer to the graphing tutorial for this question type, please click here.
15 16
Quantity of gloves
produced
See Hint
O

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Complete the table below: Output TotalCost(RM) Totalvariablecost(RM) Totalfixedcost(RM)Averagefixedcost(RM)Averagetotalcost(RM)Marginalcost (RM) 0 505 16010 20020 25036 33058 40072 48088 580106 700130 820150 980
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Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the price of the output is $1, how many units of output should the firm produce to maximize profit? What is the firm’s profit level?
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Total cost is $350 and the output is 13 units Calculate average cost
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