EBK PRINCIPLES OF MICROECONOMICS
7th Edition
ISBN: 8220101472380
Author: Mankiw
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 13, Problem 3CQQ
To determine
Marginal cost and average variable cost .
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
K
Click on the table icon that shows the fixed costs, variable costs, and total
costs for different output levels.
Then use this data to help fill in the missing information in the table below.
Quantity
Average
Fixed Cost Variable Cost
Average
Average
Total Cost
0
1
$12
$5.00
2
$17
14.00
3
4.00
Using the same table
what is the marginal cost of the third unit produced?
A. 5.
B. 0.
OC. 15.
OD. 11.
The graph on the right shows the cost curves for a random firm competing in a
O
Price
I already filled out the table, but I don't understand how to answer 3. a, b, and c.
part 4 and 5
Chapter 13 Solutions
EBK PRINCIPLES OF MICROECONOMICS
Ch. 13.1 - Prob. 1QQCh. 13.2 - Prob. 2QQCh. 13.3 - Prob. 3QQCh. 13.4 - Prob. 4QQCh. 13 - Prob. 1CQQCh. 13 - Prob. 2CQQCh. 13 - Prob. 3CQQCh. 13 - Prob. 4CQQCh. 13 - Prob. 5CQQCh. 13 - Prob. 6CQQ
Ch. 13 - Prob. 1QRCh. 13 - Prob. 2QRCh. 13 - Prob. 3QRCh. 13 - Prob. 4QRCh. 13 - Prob. 5QRCh. 13 - Prob. 6QRCh. 13 - Prob. 7QRCh. 13 - Prob. 8QRCh. 13 - Prob. 1PACh. 13 - Prob. 2PACh. 13 - Prob. 3PACh. 13 - Prob. 4PACh. 13 - Prob. 5PACh. 13 - Prob. 6PACh. 13 - Prob. 7PACh. 13 - Prob. 8PACh. 13 - Prob. 9PACh. 13 - Prob. 10PA
Knowledge Booster
Similar questions
- Using the following table Graph the average variable cost, average total cost and marginal cost curves. Following is the table that shows the cost schedule for a firm operating in a short run. Quantity Production (thousands) Total Fixed cost Total Variable cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 $400 0 $400 ---- ----- ----- ----- 1 $400 $240 $640 $240 $400 $240 $640 2 $400 $320 $720 $80 $200 $160 $360 3 $400 $380 $780 $60 $133.33 $126.66 $260 4 $400 $420 $820 $40 $100 $105 $205 5 $400 $450 $850 $30 $80 $90 $170 6 $400 $490 $890 $40 $66.67 $81.66 $148.33 7 $400 $580 $980 $90 $57.14 $82.85 $140…arrow_forwardThe table below shows the cost of producing model vintage cars for collectors. Instructions: Enter your answers as a whole number. a. Complete the marginal cost column in the table. Vintage Model Car Production Costs Total Fixed Cost Total Variable Cost (dollars) Total Cost (dollars) $2,000 (dollars) $2,000 Marginal Cost (dollars) Output $0 1 2,000 600 2,600 2,000 1,100 3,100 2,000 1,900 3,900 4 2,000 2,900 4,900 5. 2,000 4,150 6,150 b. What is the total cost of producing 4 vintage model cars? 2. c. What is the marginal cost of producing the 4th vintage model car? 2.arrow_forwardFill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. (Hint: Determine the total fixed cost first.) Instructions: Enter your answers rounded to two decimal places. Total Average Fixed Cost Average Total Cost Marginal Cost Output Variable Total Cost Cost 1 $10.00 $9.76 $9.76 $19.76 2 $19.06 $14.53 $9.30 $29.06 3 $3.33 $12.63 $37.90 4 $2.50 $36.31 $11.58 $8.41 $46.31 $2.00 $44.30 $10.86 LOarrow_forward
- answer quicklyarrow_forwardThis is a graph of our firm’s costs. Label the lines on the graph using the following labels: average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) marginal cost (MC). Then label the shut down and breakeven points on the graph.arrow_forwardComplete the table by filling in the average fixed cost, average variable cost, and average total cost. Instructions: Round your answers to 2 decimal places. Vintage Model Car Production Costs Output Total Fixed Cost (dollars) Total Variable Cost (dollars) Total Cost (dollars) Average Fixed Cost (dollars) Average Variable Cost (dollars) Average Total Cost (dollars) 0 $2,000 $0 $2,000 — — — 100 2,000 800 2,800 200 2,000 1,300 3,300 500 2,000 4,350 6,350arrow_forward
- k The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner. Cheeseburger Production Costs Quantity (burgers per hour) 0 10 20 30 40 50 60 70 80 90 100 Average Variable Cost (dollars) $1.00 0.70 0.70 0.78 0.88 1.07 1.34 1.74 2.23 2.81 Average Total Cost (dollars) $6.60 3.50 2.57 2.18 2.00 2.00 2.14 2.44 2.86 3.37 Marginal Cost (dollars) $1.00 0.40 0.70 1.00 1.30 2.00 3.00 4.50 6.20 8.00 a. When moving from producing a quantity of 30 cheeseburgers per hour to 40 cheeseburgers per hour, the average total cost of production is (Click to select) and the marginal cost of cheeseburger production is (Click to select) b. When moving from producing a quantity of 50 cheeseburgers per hour to 60 cheeseburgers per hour, the average variable cost of production is (Click to select) and the average total cost of cheeseburger production is (Click to select) ✓arrow_forwardThe following table shows data for quantity (Q), variable cost (VC), and fixed cost (FC) for a ski company. a) Fill the table for total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). Make sure to show your work for at least one line. Q VC FC TC ATC AVC MC 30 1 10 30 25 30 3 45 30 4 70 30 100 30 6 135 30 b) Now suppose the firm decides to produce a quantity of 5 units (Q=5), and it sells for a price of $25 each. Answer the following: 1. Calculate the company's profits or losses 2. How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? 3. At the given quantity and price, is the marginal unit produced adding or subtracting to profits? Should the fırm produce at this level of output?arrow_forwardQuestion 4 Use the following table for the (i),(ii) and (iii) questions. Quantity Total fixed cost Total variable cost 0 $800 $0 1 $800 $50 2 $800 $100 3 $800 $150 4 $800 $200 (i) What is the marginal cost of the third unit? A: $0 B: $50 C: $150 D: $250 (ii) What is the average total cost at the quantity of 4? A: $100 B: $150 C: $200 D: $250 (iii) From the information in the table above, is the marginal product diminishing? A: Yes, because the total cost is increasing as the quantity increases. B: Yes, because the total variable cost is increasing as the quantity increases. C: No, because the marginal cost is not increasing as quantity increases. D: No, because the total fixed cost is not increasing as quantity increases.arrow_forward
- 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, $400 for the fifth, $450 for the sixth, and $500 for the seventh. Create a table that shows the company’s 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 AVC curves to illustratearrow_forwardWhich type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost 4.all of the abovearrow_forwardThe government imposes a $1,000 per year license fee on all pizza restaurants. As a result, which of the following cost curves shift, and why or why not?a. Average total cost.b. Marginal Cost.c. Average Variable Cost.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Microeconomics
Economics
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning