Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
The government says that firm X must pay $1,000 in taxes simply because it is in the business of producing a good. What cost curves, if any, does this tax affect?
Explain if tax rate increases what happens to cost curves.
If tax increases the fixed costs by $1000, then it affects the total cost and total cost and average fixed cost.
Total cost:
Total cost can be calculated by using the following formula:
If the total fixed cost is $1,000 and the total variable cost is $15, then the total cost can be calculated by using the equation (1) as follows:
Thus, the value of total cost is $1,015.
Marginal cost:
Marginal cost can be calculated by using the following formula:
Chapter 21 Solutions
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