+1-415-670-9189
info@expertsmind.com
Problem - total cost, average cost, marginal cost
Course:- Microeconomics
Reference No.:- EM1327




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Microeconomics

Question:  (a)  Complete the following table of costs for a firm.  (Note: enter the figures in the MC  column between outputs of  0 and 1, 1 and 2, 2 and 3, etc.) 

Output (Units)

TC  ($)

AC  ($)

MC  ($)

0

55

-

 
     

30

1

85

85

 
     

25

2

110

55

 
     

20

3

130

43.3333333

 
     

30

4

160

40

 
     

50

5

210

42

 
     

70

6

280

46.6666667

 
     

90

7

370

52.8571429

 
     

110

8

480

60

 
     

130

9

610

   
     

150

10

760

76

 

 

(b)        How much is total fixed cost at:

            (i)         an output of 0 units ?

            (ii)        an output of 6 units?

(c)        How much is average fixed cost at:

            (i)         an output of 5 units?    

            (ii)        an output of 10 units?  

(d)       How much is total variable cost at an output of 5 units?

(e)        How much is average variable cost at an output of 10 units?




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Microeconomics) Materials
Q = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All pa
As noted in the syllabus, the reading for this module is Chapter 2 of Ehrenreich's book.  You also need to view the video "30 Days -- Getting by on Minimum Wage" with Morgan S
A special interest group cannot impose its will on the majority because the perceived costs and benefits from government programs are the same for both groups. Cost-benefit
These multiple choice problems are belong to Economics. The first problem is about what is not rent-seeking behavior and the second problem is about what happens when new fi
As additional demanders enter the market for a particular good, the market demand curve shifts outward and becomes flatter at a given price. Does this fact imply that the pr
Ricardian model under free trade, if the MPL in the industry you are not specialized in increases, without changing patterns of comparative advantage, real wages will not ch
Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function. Let U(x,y)=5x+4y and let I denote incom
At a 10 percent rate of interest, how much interest will the government pay each year? d) If this same budget deficit occurs for a second year, what would the national debt