Question
In: Accounting
How do business managers use normal distribution to evaluate an average total cost (ATC) of a...
How do business managers use normal distribution to evaluate an average total cost (ATC) of a firm.?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
What is average total cost (ATC)? Why is that important to a firm?
What is average total cost (ATC)? Why is that important to a firm?
If you were manager of In and Out Burger, how would you calculate the marginal cost of producing one more burger?
If you were a manager of In and Out Burger, how would you calculate the cost per burger produced? (of the average total cost per burger)?
Why in the short run, does marginal cost rise as more units are produced?
What is the long run...
Question 2 Draw the marginal cost (MC), average variable cost (AVC) and average total cost (ATC)...
Question 2
Draw the marginal cost (MC), average variable cost (AVC) and
average total cost (ATC) curves for a typical firm in a diagram,
and briefly explain the relationship between:
a. AVC and ATC.
b. MC and ATC.
Quantity Total Revenue Marginal Revenue Total Cost Marginal Cost Fixed Costs ATC Average Fixed Costs Average...
Quantity
Total Revenue
Marginal Revenue
Total Cost
Marginal Cost
Fixed Costs
ATC
Average Fixed Costs
Average Variable Costs
0
0
-
10
-
10
-
-
-
1
8
24
14
24
2
16
34
10
17
3
24
42
8
14
4
32
49
7
12.25
5
40
57
8
11.4
6
48
67
10
11.17
7
56
81
14
11.57
8
64
99
18
12.38
9
72
123
24
13.67
1b. At a price of $14, what is...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten,...
The table below shows
the weekly marginal cost (MC) and average total cost (ATC) for
Smitten, a perfectly competitive firm that produces children’s
mittens in a competitive market.
Smitten's
Production Costs
Quantity (pairs of mittens)
Marginal Cost (dollars)
Average Total Cost (dollars)
20
$1.60
$1.25
25
2.00
1.40
30
2.45
1.58
35
3.55
1.86
40
4.00
2.13
45
5.50
2.50
50
6.00
2.85
55
8.50
3.36
Instructions: In part a, enter your answer as a
whole number. In parts b–d,...
The MC (marginal cost) curve and the ATC (average total cost) curve intersect Group of answer...
The MC (marginal cost) curve and the ATC (average total cost)
curve intersect
Group of answer choices
at the MC curve's maximum point
at the ATC curve's maximum point
at the ATC curve's minimum point
at the MC curve's minimum point
8. The table below shows the weekly marginal cost (MC) and average total cost (ATC) for...
8. The table below shows the weekly marginal cost (MC) and
average total cost (ATC) for Buddies, a perfectly competitive firm
that produces novelty ear buds in a competitive market. The market
price of ear buds is $6.00 per pair.
Quantity of Ear buds
MC ($)
ATC ($)
5
-
9
10
2
5.5
15
2.44
4.48
20
3.56
4.25
25
4.5
4.3
30
5.02
4.42
35
5.96
4.64
40
8.56
5.13
Instructions: In part a, enter your answer as...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten,...
The table below shows the weekly marginal cost (MC) and average
total cost (ATC) for Smitten, a perfectly competitive firm that
produces children’s mittens in a competitive market.
Smitten's Production Costs
Quantity (pairs of mittens)
Marginal Cost (dollars)
Average Total Cost (dollars)
20
$1.60
$1.25
25
2.00
1.40
30
2.45
1.58
35
3.55
1.86
40
4.00
2.13
45
5.50
2.50
50
6.00
2.85
55
8.50
3.36
Instructions: In part a, enter your answer as a
whole number. In parts b–d,...
The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Smitten,...
The table below shows the weekly marginal cost (MC) and average
total cost (ATC) for Smitten, a perfectly competitive firm that
produces children’s mittens in a competitive market.
Smitten's Production Costs
Quantity (pairs of mittens)
Marginal Cost (dollars)
Average Total Cost (dollars)
10
$1.60
$5.00
15
2.00
4.00
20
2.45
3.61
25
3.55
3.60
30
4.00
3.67
35
5.50
3.93
40
6.00
4.19
45
8.50
4.67
Instructions: In part a, enter your answer as a
whole number. In parts b–d,...
Draw a diagram showing the typical relationship between the Average Total Cost (ATC) and Marginal Cost...
Draw a diagram showing the typical relationship between the
Average Total Cost (ATC) and Marginal Cost (MC) curves for a
firm.
Explain the significance that the average total cost (ATC) curve has on profit and loss based...
Explain the significance that the average total cost
(ATC) curve has on profit and loss based on each type of market
structure. Explore how the ATC curve affects all four market
structures and identify whether firms will earn a profit or loss
based on the placement of the ATC curve and price.
Market Structures are as followed: perfectly competitive,
monopolistic competitive, oligopolistic, and monopoly market
structures
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