Question
In: Economics
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.
Round your answers to two digits after the decimal.
| Quantity | Marginal cost | Fixed cost | Variable cost | Total cost | Average fixed cost | Average variable cost | Average total cost |
|---|---|---|---|---|---|---|---|
| 0 | --- | --- | --- | --- | |||
| 1 | $50.00 | ||||||
| 2 | $64.00 | ||||||
| 3 | $105.00 | ||||||
| 4 | $30.00 | $360.00 |
What is the total cost when producing zero units?
total cost: $
What is the marginal cost for the first unit?
marginal cost: $
What is the average total cost when producing three units?
average total cost: $
What is the average variable cost when producing four units?
average variable cost: $
Solutions
Expert Solution
The table can be filled as with numbers as follows.
The formula view of the calculations is as follows.
What is the total cost when producing zero units? Total cost: $30
What is the marginal cost for the first unit? Marginal cost: $50
What is the average total cost when producing three units? Average total cost: $ 66.33 (up to 2 decimal points)
What is the average variable cost when producing four units? Average variable cost: $82.5
Rahul Sunny answered 2 years agoRelated Solutions
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed
cost data in the accompanying table.
Round your answers to two digits after the decimal.
Quantity
Marginal cost
Fixed cost
Variable cost
Total cost
Average fixed cost
Average variable cost
Average total cost
0
---
---
---
---
1
$50.00$50.00
2
$74.00$74.00
3
$105.00$105.00
4
$40.00$40.00
$400.00$400.00
What is the total cost when producing zero units?
total cost: $
What is the marginal cost for the first unit?
marginal cost:...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed
cost data in the accompanying table.
Round your answers to two digits after the decimal.
Quantity
Marginal cost
Fixed cost
Variable cost
Total cost
Average fixed cost
Average variable cost
Average total cost
0
---
---
---
---
1
$50.00$50.00
2
$72.00$72.00
3
$105.00$105.00
4
$30.00$30.00
$380.00$380.00
What is the total cost when producing zero units?
total cost: $
What is the marginal cost for the first unit?
marginal cost:...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed
cost data in the accompanying table.
Round your answers to two digits after the
decimal.
Quantity
Marginal cost
Fixed cost
Variable cost
Total cost
Average fixed cost
Average variable cost
Average total cost
0
---
---
---
---
1
$45.00
2
$64.00
3
$85.00
4
$20.00
$400.00
What is the total cost when producing zero units?
total cost: $
What is the marginal cost for the first unit?
marginal cost:...
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table....
Use your knowledge of cost functions to calculate the missed
cost data in the accompanying table.
Round your answers to two digits after the decimal.
Quantity
Marginal cost
Fixed cost
Variable cost
Total cost
Average fixed cost
Average variable cost
Average total cost
0
---
---
---
---
1
$45.00
2
$72.00
3
$95.00
4
$20.00
$360.00
What is the total cost when producing zero units?
total cost: $
What is the marginal cost for the first unit?
marginal cost:...
a) Use the data in the table and calculate the average costs and the marginal cost...
a) Use the data in the table and calculate the average costs and
the marginal cost
Output(units)
Total cost
AFC
AVC
ATC
MC
0
$400
10
540
20
620
30
810
40
910
b) Discuss the relationship between ATC and MC. Also draw a
graph showing both curves.
Use the data in the table and calculate the average costs and marginal cost. Output (units)...
Use the data in the table and calculate the average
costs and marginal
cost.
Output (units)
Total cost($)
AFC
AVC
ATC
MC
0
40
10
54
20
62
30
80
40
84
Discuss the nature of the Average total cost curve. Is
it increasing or decreasing? Explain with
reason.
What is the relation between Average total cost and
marginal cost? Draw the typical shape of Average total cost (ATC)
and Marginal cost (MC). When will the firm achieve maximum...
Use the data in the accompanying table that summarizes results from a clinical trial of a...
Use the data in the
accompanying table that summarizes results from a clinical trial of
a drug. Let A = Drug Treatment, B = Placebo
headache
No Headache
total
Drug Treatment (A)
122
585
707
Placebo ( B)
28
672
700
Total
150
1257
1407
Answer the
following:
1. Find the
probability that patient under treatment p(A)
2. Find p(B)
3. Find the
probability a patient has a headache
4. Find the
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The accompanying table gives cost data for a firm that is selling in a purely competitive market.
Total ProductAverage Fixed CostAverage Variable CostAverage Total CostMarginal Cost1$100.00$17.00$117.00$17250.0016.0066.0015333.3315.0048.3313425.0014.2539.2512520.0014.0034.0013616.6714.0030.6714714.2915.7130.0026812.5017.5030.0030911.1119.4430.55351010.0021.6031.6041119.0924.0033.0948128.3326.6735.0056The accompanying table gives cost data for a firm that is
selling in a purely competitive market. If the market price for the
firm's product is $13, the competitive firm should produce
create a table of data for two different linear functions. The table should use the same...
create a table of data for two different linear functions. The
table should use the same values of X for both functions. Based on
your table will the graph of these two functions intersect explain
your answer
create a table of data for two different linear functions. The table should use the same...
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