Use the table to answer the question. Use the table to answer the question.Number of Workers102030Output (thousands)$0.433LO56Fixed Cost ($)200020002000What is the marginal cost of increasing production from 5,000 units to 6,000 units?O aObOc$300Od $100Variable Cost ($)100200300

Number of workers Output Fixed Cost Variable cost 10 3 2000 100 20 5 2000 200 30 6 2000 300

Use the table to answer the question. Number of Workers 10 O b O c d 20 30 Output (thousands) $0.43 $0.10 $300 $100 3 LO 5 6 Fixed Cost ($) 2000 2000 What is the marginal cost of increasing production from 5,000 units to 6,000 units? 2000 Variable Cost ($) 100 200 300

Use the table to answer the question. Number of Workers 10 O b O c d 20 30 Output (thousands) $0.43 $0.10 $300 $100 3 LO 5 6 Fixed Cost ($) 2000 2000 What is the marginal cost of increasing production from 5,000 units to 6,000 units? 2000 Variable Cost ($) 100 200 300

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 32CTQ: How does fixed cost affect marginal cost? Why is this relationship important?

See similar textbooks

Related questions

Q: What is the effect of a price ceiling on the quantity demanded of a product? what is the effect of…

A: The maximum price that is set by the government for a particular commodity and services is called…

Q: One of the important features of this model is the mechanism by which technology is transferred from…

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: Fill in the missing data using the cost calculations for short run costs

A: Calculate TVC by subtracting TFC from TC. TVC=TC-TFC Calculate MC by subtracting TCn from TC n-1.…

Q: QUESTION 7 Makenna has $60 each month to spend on apples and oranges. Apples sell for a price of $4…

A: Ans. 7. The budget constraint shows the combination of two goods that the consumer can afford given…

Q: The rent on an apartment in a particular building near campus is $1,200 per month. If Min would be…

A: Grpahically, consumer surplus is the area below the demand curve and area above the price line. It…

Q: Consider the labour market for heath care workers, which is in equilibrium. Because of the aging…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: PProblem 3-Page (174): The following table gives you information on the total cost of Mac's ice…

A: Here, the given table gives information about total cost of Mac's ice-cream production using which…

Q: 01. Quantity demanded at price $14 is O a) 8 O b) 10 O c) 12 O d) 16 e) 20

A: Equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: The production possibility frontier of an economy is as shown in Figure 1. (a) () If the economy…

A: The Production Possibilities Frontier (PPF) illustrates all the possible output combinations of two…

Q: Consider the following Demand and Supply curves: WTP=246-2.2QD MC=14+2.1QS Calculate the producer…

A: Demand curve: P = 246 - 2.2 Q {the demand curve is also known as the willingness to pay curve (WTP)}…

Q: An increase in the supply of labour has the effect of decreasing the Select one: a. wage. O b.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: show if completness imply transtive, and transitive imply completness prove

A: Completeness does not imply transitivity. Transitivity does not imply completeness. Explanation:…

Q: ice cream producer has fixed costs of Php 3,500,000 per month, and it can produce up to 15,000 ice…

A: When sales income and costs attributed to a certain time are equal, a corporation experiences a…

Q: In connection with surfacing a new highway, a contractor has a choice of two sites on which to set…

A: Fixed costs are those that remain constant regardless of changes in production levels. Contrarily,…

Q: Sven, Andrew and Becky each have an income of $5. Initially the price of commodity x and the price…

A: We know that the budget of a consumer is given by: M= xPx + yPy , where, M= Money income of the…

Q: Explain how the “Positive (Analytical) Economics" apply to Settlers of Catan. Note: this could be…

A: Positive economics is the study of how the economy works and how people make decisions. It is based…

Q: A man was offered a landbank certificate with a face value of P 100,000 which is bearing an…

A: Given that; The face value of landbank certificate = P100,000 The interest rate is = 8% payable…

Q: a. Using this data, estimate the price elasticity of demand for Cannabis Indica. (Hint: you should…

A: Price Elasticity of demand is the respoinsiveness of quantity demanded with respect to the changes…

Q: If there is no tax placed on the product in this market, consumer surplus is the area O a. A. O O O…

A: The price a person is willing to pay for a good and the market price for that good are separated by…

Q: State and explain the three motives of holding money according to Keynes ii. Show that interest rate…

A: Since you have posted multiple questions, we will answer the first question for you. If you want any…

Q: PROBLEM 2: Vision technologies, Inc., is a small company that uses ultra-wideband technology to…

A: In economics and finance, present value, also known as present discounted value, is the value of an…

Q: Study recent high inflation. You need to explore the inflation both in the long-run and short-run…

A: Inflation is the rise in average price level of goods and services over period of time. It decreases…

Q: When making decisions about what safety systems should cars or airplanes, the estimated cost per…

A: Sustainable development is an organizing concept for meeting human development aims while also…

Q: Refer to the figure and table to answer three questions. Price or Cort (dollars per bushel) 1 18 16…

A: Microeconomics refers to the branch of economics that deals with/studies the behavior of individuals…

Q: Consider an individual agent who maximizes S [₁³U(C..) [4] Ct+s max Et (1 where Ct+s denotes…

A: Given model is 2 period model U=maxEt ∑0s(u(Ct)+δsU(Ct+s)|it t--- current period Ct--- consumption…

Q: Given the following production cost function: TC=5+29 R1 R² +0.5 R³ TC: total cost in '00 (hundreds)…

A: Production costs are the costs a company incurs while creating a something or providing a service…

Q: Discuss the three main supply-side policies that the government can use to reduce unemployment?

A: Unemployment: Unemployment implies the situation where people in a specific nation are willing,…

Q: A production plant has the capacity to produce 2,000 tons per year. At full capacity, there are…

A: The following formulas will be required to calculate: 1) Total Profit = Total Revenue - Total Cost…

Q: In an hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. If Sue…

A: Comparative advantage is the production of goods at a lower cost than others.

Q: 8. Question 8 options: Absolute cost advantage theory was proposed by--------

A: Ans. Absolute cost advantage theory explains that a country or business produces and exports goods…

Q: show if completness imply transtive, and transitive imply completness prove

A: Completeness does not imply transitivity. Transitivity does not imply completeness. Explanation:…

Q: Which of the following statements is/are true? a) A change in supply of a good is the result of a…

Q: A company is analyzing a make-versus-purchase situation for a component used in several products,…

A: In order to best option, we need to calculate the total cost of both options. The total cost will…

Q: 28 24 20 16 12 8 4 S1 S2

A: The shift in the demand curve occurs due to the factors other than the price. The change in price…

Q: When Sean visited his grandparents in Edinburgh, Scotland, over the summer, he noticed that things…

A: Here, it is given that Sean went to his grandparents house in Edinburgh, and seen that a Starbuck…

Q: PProblem 3-Page (174): The following table gives you information on the total cost of Mac's ice…

A: Average total cost is alluded to as the entirety of all production costs divided by the total…

Q: The structural unemployment rate is 4 percent, the natural unemployment rate is 5 percent, and the…

A: The unemployment rate is the percentage of the total labor force that is unemployed but actively…

Q: Which point(s) can be used to explain unemployment? (Use Graph) 200 180- 160 140- 120 100 8 60 40 20…

A: The unemployment rate is the proportion of workers in the labour force who are unemployed but…

Q: SECTION A: ANSWER ALL QUESTIONS 1. Financial intermediation is? A. Savers being matched with…

A: Since you have provided multiple questions, we will solve the first question for you. If you want…

Q: Cookie Chocolate chip Peanut butter Oatmeal Sugar/shortbread Other Total Frequency 483 231 147 126…

A: The survey is taken for 1050 adults and we are given the frequency distribution for the same.

Q: The government recently imposed a number of regulations on companies that will make it more…

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: Given the monthly payment as shown with interest as 1 % per month. Month 1 100 2 110…

A: From Payment for the months 2,3 it is clear that interest rate is 10% per month, not 1%(there might…

Q: Long-run average cost (AC) of operation may decrease for three reasons. a. List and explain the…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first 3 subparts for you. If…

Q: Which of the following statements is not correct? Select one: O a. A gasoline tax is an imperfect…

A: The externalities could be positive or negative. Negative externalities are caused the external cost…

Q: How you will convert your money into specific crypto?

A: There are a few different ways to convert your money into cryptocurrency. You can use an online…

Q: QUESTION 4 Why is GDP sometimes higher than potential GDP and other times lower than potential GDP?…

A: Gross domestic product estimates the money related worth of definite labor and products — that is,…

Q: QUESTION 17 Using macroeconomic reasoning about supply and demand, what is the most likely…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

Q: 10. Given that the U.S. government mandates the use of ethanol as a partial substitute for gasoline…

Q: The graph below shows the market for labor (coal miners). New coal-mining equipment is invented that…

A: Labor and capital are two factors of production that can be used in producing the goods and…

Q: Chen's family is saving for a home renovation that they would like to pay for with cash. They would…

A: According to this question P= $150,000 A1=10,000 i=5% per year n=15 years We have to find the…

Question

100%

Use the table to answer the question.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Given

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions

Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?
How does fixed cost affect marginal cost? Why is this relationship important?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
What is a production technology?
What are diminishing marginal returns as they relate to costs?
Are fixed costs also sunk costs? Explain.
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.
What are explicit and implicit costs?
What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?
A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
Concert Opportunity Cost 2 You were able to purchase two tickets to an upcoming concert for $100 apiece when the concert was first announced three months ago. Recently, you saw that StubHub was listing similar seats for $225 apiece. What does it cost you to attend the concert?