Question

In: Economics

Refer to Table 13-14. What is the total cost of producing 7 units of output?


Table 13-14

Quantity

of

Output



Fixed

Cost



Variable

Cost



Total

Cost

Average

Fixed

Cost

Average

Variable

Cost

Average

Total

Cost



Marginal

Cost

1


$23

$33





2


$38






3



$60





4


$54






5



$80





6


$88






7


$113






8



$155








Refer to Table 13-14. What is the total cost of producing 7 units of output?

a.$10
b.$143
c.$123
d.$185

Solutions

Expert Solution

*ANSWER :: (C) $123

=> Explanation ::

-> Fixed Cost At Output - 1

-> Fixed Cost   = Total Cost - Variable Cost

= $33 - $23

= $10

=> So Fixed Cost Is Always Same At Every Output Level ::

=> Total Cost At Output - 7

= Total Fixed Cost + Total Variable cost

= $10 + $113

= $123

=> So Total Cost Of Producing At 7 Unit Of Output Is $123

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

A. Please refer to the cost table above. What is the total fixed cost of producing two units of output?
Output, qTotal Cost, $015125233340448558670A. Please refer to the cost table above. What is the total fixed cost of producing two units of output?B. Please refer to the cost table above. What is the average total cost of producing four units of output?  C. Please refer to the cost table above. What is the marginal cost of producing the fourth unit of output?D. Please refer to the cost table above. Assume that the enterprise uses only labor and capital to produce output    ...
a) From the above table, what is the average total cost of producing 13 units? Show your steps.
Output (units per day)Total fixed cost (dollars)Total variable cost (dollars)Total cost (dollars)020020420254592050701320759516201001201820125125a) From the above table, what is the average total cost of producing 13 units? Show your steps.b) From the above table, calculate the average total variable cost of producing 9 units of output. Show your steps.c) Using the data in the above table, when output increases from 9 to 13 units, Calculate the marginal cost of one of those 4 units. Show your steps
To complete the table you need to know that the Average Total Cost (ATC) of producing 10 units of output is $980 and that the Total Variable Cost (VC) of producing 11 units of output is $10,400.
  Answer the following Questions for a Monopoly Firm. Price Quantity Total Revenue (TR) Marginal Revenue (MR) Marginal Cost (MC) Total Cost (TC) Profit $2000 0   ---- ---- $2,000   $1900 1     $600     $1800 2       $3,000   $1700 3       $3,100   $1600 4       $3,200   $1500 5     $300     $1400 6       $4,100   $1300 7     $900    ...
A firm is producing 25,000 units of output at a total cost of$933,000. The firm's...
A firm is producing 25,000 units of output at a total cost of $933,000. The firm's average variable cost is $32.5 per unit. What is the firm's total fixed cost and average variable costs?
Total revenue for producing 10 units of output is $5. Total revenue for producing 11 units...
Total revenue for producing 10 units of output is $5. Total revenue for producing 11 units of output is $9. Given this information, the Average revenue for producing 11 units is $2. Average revenue for producing 11 units is $4 Marginal revenue for producing the 11th unit is $2. Marginal revenue for producing the 11th unit is $4. Output Total Cost 0 40 1 80 2 110 3 130 4 160 5 200 6 250 7 320 Refer to the...
A firm's total cost of producing Q units of output is C (Q) = 79 +...
A firm's total cost of producing Q units of output is C (Q) = 79 + 20Q. The inverse demand curve for the firm's product is P(Q) = 100-Q, where P denotes the price of the product. a) If the price of the product is set equal to the firm's marginal cost, what profit will the firm earn? b) If the firm charges a two-part tariff (a fixed fee plus a per unit price), how large is the fixed fee?...
A firm's total cost of producing Q units of output is C (Q) = 200 +...
A firm's total cost of producing Q units of output is C (Q) = 200 + 50Q. The inverse demand curve for the firm's product is P(Q) = 80-Q, where P denotes the price of the product. a) If the price of the product is set equal to the firm's average, how much will the firm produce? (5 points) Hint: choose the larger of the two numbers. Show your work. b) If the firm is under marginal cost pricing, how...
What is the average fixed cost of producing 8 units of output?
QuantityofOutputFixedCostVariableCostTotalCostAverageFixedCostAverageVariableCostAverageTotalCostMarginalCost1$23$332$383$704$645$1106$1187$1438$185Refer to Table 13-14. What is the average fixed cost of producing 8 units of output?
What is the average total cost when producing three units?
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.QuantityMarginal CostFixed CostVariable CostTotal CostAverage Fixed CostAverage Variable CostAverage Total Cost01$40.002$68.003$105.00???4$20.00$400.00What is the average total cost when producing three units?
2. The table below illustrates the quantity of output (in units) and total cost (TC, in...
2. The table below illustrates the quantity of output (in units) and total cost (TC, in MYR) for a perfectly competitive firm that can sell its output at MYR 9 per unit. Quantity TC TVC ATC AVC MC TR MR Profit /Loss 0   3 0 - - - 0 - -3 1   6 2 12 3 21 4 33 5 49 a. Calculate the total variable cost (TVC), average total cost (ATC), average variable cost (AVC), marginal cost (MC), total...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT