Marginal Price Quantity Sold Revenue Cost Marginal Average Total Cost $10 14 $10 15 (A) $8 $14 $10 16 (B) $7 $9.19 $10 17 (C) $9 $8.76 $10 18 (D) $12 $8.94 Use the table above to answer the following question. If the firm decides to produce 15 units, what is the firm's profit? (note: we always are assuming economic profit).
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- What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,200Total Costs (000s of dollars) 20 000 18 000 16 000 14 000 12 000- 10 000- 8 000 6 000 4 000 2000 0 4000 0 2000 5 1000 10 15 20 Output (golf carts per month) TC TVC Refer to the figure. How much is the total cost (TC) when the total output is zero? TFC T 25 30What is the marginal cost associated with producing three units of the contral variable, O (identify point E in the tablej? 36 Total Total Costs Benefits Benefit Net Marginal Marginal Narginal Net Bеnefit Control variable Benefits Cost MB(0) MC (Q) MND (0) Sepped B(Q) C(0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 4 1,000 2,000 600 400 200 3,500 1,500 2,000 500 500 600 1,800 1,400 3,900 2,100 D -200 4,200 4,400 2,800 300 700 -400 200 100 800 800 -600 4,500 4,500 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 50 100 200 300
- IIT Ball Bearings Inc. faces costs of production as follows: Quantity Total Fixed Cost Total Variable Cost 100 100 100 100 100 100 100 1 50 70 90 140 200 360 3 4 5 (A) Calculate the company's average fixed costs, average variable costs, average total costs, and marginal costs. (B) The price of a case of ball bearings is $50. Seeing that she can't make a profit, the Chief Executive Officer (CEO) decides to shut down Operations. What are the firm's profits/ losses? Was this a wise decision? Explain. (C) Vaguely remembering his introductory economics course, the Chief Financial Officer Tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. What are the firm's profits/losses at that level of production? Was this the best decision? ExplainPRINT YOUR NAME (LAST) (FIRST) Aggregate Cost Data Unit Cost Data Average Average Average I Fixed Variable Total Cost TC Marginal Quantity Fixed Variable Total Change in I Cost of Output (FC) (VC) Cost ATC Cost Cost Total Cost (TC) (ATC) Plot MC at Output Cost Cost IFC VC $600 $ 0 $ 600 I XX XX XX XX $3.00 $300 50 100 600 300 900 I $6.00 $3.00 $9.00 100 1.00 150 200 600 400 | 3.00 2.00 5.00 50 .50 - 250 300 1050 I 2.00 1.50 1.00 350 400 1150 I 1.50 1.38 2.88 200 2.00 - 450 500 600 750 1350 I 1.20 1.50 550 600 600 1200 1800 3.00 10.00 - 650 700 2200 2800 I.85 3.15 PLOT THE APPROPRIATE DATA FROM THE PRECEDING TABLE ON THE GRAPHS ON P. 134 AND 135 BEFORE ANSWERING THE EIGHT QUESTIONS BELOW. QUESTIONS 5-8 ARE ON PAGE 136. 1. How is marginal cost (ATC/AQ) represented in your graph on page 134? 2. On your graph on page 135 Variable Cost per unit (VC/Q or average variable cost) is at a minimum at an output level of, units. 3. On your graph on page 135 Total Cost per unit (TC/Q or average…12 st L8 Get & Transform Data 4 6 7 1 2 Available Product 3 8 9 10 11 12 13 A 14 15 16 17 18 19 20 All :X ✓ fx B Pounds made Workbook Links Queries & Connections 3000 Flour (ounce) 1500 Egg (piece) 4500 Labor (man-hour) Unit Price Variable Cost Demand UCM Adiucted C 3.2 1.5 6 D $12.50 $6.50 960 $6.00 2.6 1.5 5 Data Types $11.00 $5.70 928 $5.30 E 1.5 1 4 <1 $9.00 $3.60 1041 $5.40 F 0 0 0 0 Banana Muffin Choc Muffin Banana Cookies Choc Cookies Milk Bread White Bread 0.7 0.3 0.5 0 2.5 1.5 $6.00 $3.00 $2.20 $1.20 1084 1055 $3.80 $1.80 AV 0 0.8 1 3 G $7.00 $2.80 977 $4.20 Sort & Filter H Advanced 0
- Table 11-7 Quantity of Lanterns 75 80 90 100 115 117 120 B) $32 C) SI1.1 Fixed Cost (dollars) 200 200 200 200 200 200 200 D) $8.1 Variable Cost (dollars) 170 230 810 1264 1480 Total Cost (dollars) 370 430 1464 Average Total Cost (dollars) Table 11-7 shows cost data for Lotus Lanterns, a producer of whimsical night lights. Refer to Table 11-7. What is the marginal cost per unit of production when the firm produces 100 lanterns? A) $420 4.93 5.36 7.67 11.8 12.5Refer to the table below: Quantity (Bushels) (Q) 0 1 2 DEEL AWN 6 10 Total Revenue (TR) $0.00 4.00 8.00 12.00 16.00 20.00 24.00 28.00 32.00 36.00 40.00 Total Cost (TC) $1.00 4.00 6.00 7.50 9.50 12.00 15.00 19.50 25.50 32.50 40.50 Profit (TR-TC) -$1.00 0.00 2.00 4.50 6.50 8.00 9.00 8.50 6.50 3.50 - 0.50 Marginal Revenue (MR) $4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Marginal Cost (MC) $3.00 2.00 1.50 2.00 2.50 3.00 4.50 6.00 7.00 8.00 bushels of wheat (enter a whole number). Farmer Parker will maximize profits by producing Suppose that the marginal cost of wheat increases by $0.50 for every bushel of wheat produced. For example, the marginal cost of producing the eighth bushel of wheat is now $6.50. Will this increase in marginal cost change the profit-maximizing level of production for Farmer Parker? How much profit will Farmer Parker make now? $ (round your answer to the nearest penny).Quick Check Multiple Choice No (3) A firm is producing 1,000 units at a total cost of $5,000. If it were tom increase production to 1,001 units, its total cost would rise to $5,008. What does this information tell you about the firm? (a) Marginal cost is $5, and average variable cost is $8. (b) Marginal cost is $8, and average variable cost is $5. (c) Marginal cost is $5, and average total cost is $8. (d) Marginal cost is $8, and average total cost is $5.
- based on the information in the table what is marla's profit margin? total revenue-$1,400total cost- $900average cost- $7fixed cost-$700quantity-200ork (5.3) Part 1 of 3 A manufacturing company makes two types of water skis, a trick ski and a slalom ski. The relevant manufacturing data are given in the table. Labor Hours per Ski Maximum Labor-Hours Available per Day 120 25 Department Fabricating Finishing Answer parts (A), (B), and (C) below Trick Ski 5 1 Slalom Ski 4 1 CITT (A) If the profit on a trick ski is $50 and the profit on a slalom ski is $60, how many of each type of ski should be manufactured each day to realize a maximum profit? Wh is the maximum profit? The maximum profit is $ The maximum occurs when trick skis and slalom skis are produced. 4Q 0 1 3 5 7 9 11 15 17 Total Cost (TC) 1350 3200 4800 6900 9100 12350 18650 Total Fixed Cost (TFC) Total Variable Cost (TVC) 500 Average Total Cost (AC) 700 2. Plot the TC, TFC and TVC curves on a single diagram on another. cost of mountain bike production. Average Variable Cost (AVC) Average Fixed Cost (AFC) 200 220 Marginal Cost (MC) and plot the AC, AFC, AVC and MC curves
