Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Question
Chapter 7, Problem 13SQ
To determine
Calculate the total cost of producing 100 units.
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The total cost equation for producing X widgets is given by TC = $1,000 + $6X. The marginal cost per widget at a production level of 300 units is closest to which of the following? a. $2,800 b. $6 c. $8 d. $4,000.
Adam operates a factory that produces beach towels. His current level of output equals 2000 towels per week. His
weekly variable cost equals $12 000. If the total cost each week equals $13 500, what can you conclude about the
fixed costs of production?
The total cost equals $25 500.
The total fixed cost equals $12.75 per towel.
The average fixed cost equals 75 cents per towel.
The average fixed cost equals $1500,
Joanne sells silk screened T-shirts at community festivals and craft fairs. Her marginal cost to produce one T-shirt is $3.50. Her total cost to produce 70 T-shirts is $305, and she sells
them for $7 each
a. Find the linear cost function for Joanne's T-shirt production
b. How many T-shirts must she produce and sell in order to break even?
c. How many T-shirts must she produce and sell to make a profit of $700?
a. The linear cost function is C(x)=
b. Joanne must produce and sell
c. Joanine must produce and sell
T-shirts in order to break even, because the number of T-shirts must be a whole number
T-shirts to make a profit of $700, because the number of T-shirts must be a whole number
Chapter 7 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQ
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Similar questions
- What is a long-run average cost curve?arrow_forwardWhich of the following statements are true about Marginal Cost (MC) and Average Cost (AC)? 1. MC is the change in the total cost (TC) as production (Q) changes. II. The MC is higher than the Average Cost (AC) in a typical production process. Both I and II are true. Both I and II are false. O I is true, but Il is false. Olis false; Il is true. Yet QUESTION 3 If the Total Cost (TC) curve is an upward sloped linear curve, then O the marginal cost (MC) curve is increasing for all output (Q) levels. the marginal cost (MC) will be lower than the average cost (AC) for all output levels. the marginal cost (MC) is constant.arrow_forwardThe shape of the Total Product curve on the production side gives us the shape of which curve on the cost side? Marginal Cost (MC) O Average Fixed Cost (AFC) O Average Total Cost (ATC) O Total Variable Cost (TVC) O Total Fixed Cost (TFC)arrow_forward
- The total cost equation for producing X widgets is given by TC = $1,000 + $6X. The variable cost per widget is closest to which of the following? a. $1,000 b. $6 c. $8 d. $4,000.arrow_forwardA firm has the production function f(x, y) = x®y0.3, where a>0.7. This firm has Select one: a. decreasing returns to scale and increasing marginal product for factor x and y. b. None of the above. c. increasing returns to scale and diminishing marginal product of factor x. d. constant returns to scale. e. decreasing returns to scale and diminishing marginal products for factor y.arrow_forwardQ#43arrow_forward
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