Homework Help is Here – Start Your Trial Now!
Business
Economics
5 Homework 6 i oints 1 Costs (dollars per unit อวบ 600 550 500 450 400 350 300 250 Print 200 0 1 2 3 4 5 Output (units per day) c. At what output rate is average total cost minimized? units Saved Help < Prev 1 of 4 Next > a. Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost. Instructions: Round your responses to the nearest whole number. Rate of Total Cost Output Marginal Cost Average Average Fixed Cost Variable Cost Total Cost Average 0 $600 -- 1 800 $ 200 $ 600 $ 200 $ 800 2 1,050 $ 250 $ 300 $ 225 $ 525 3 1,400 $ 350 $ 200 $ 267 $ 467 4 1,800 $ 400 $ 150 $ 300 $ 450 5 2,300 $ 500 $ 120 $ 340 $ 460 b. Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph. Instructions: Use the tools provided 'ATC' and 'MC' to draw each curve point by point (plot 5 points total for each curve). Round your points for ATC up to the nearest $25 Q Search Prev 1 of 4 Next > L с 3/

5 Homework 6 i oints 1 Costs (dollars per unit อวบ 600 550 500 450 400 350 300 250 Print 200 0 1 2 3 4 5 Output (units per day) c. At what output rate is average total cost minimized? units Saved Help < Prev 1 of 4 Next > a. Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost. Instructions: Round your responses to the nearest whole number. Rate of Total Cost Output Marginal Cost Average Average Fixed Cost Variable Cost Total Cost Average 0 $600 -- 1 800 $ 200 $ 600 $ 200 $ 800 2 1,050 $ 250 $ 300 $ 225 $ 525 3 1,400 $ 350 $ 200 $ 267 $ 467 4 1,800 $ 400 $ 150 $ 300 $ 450 5 2,300 $ 500 $ 120 $ 340 $ 460 b. Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph. Instructions: Use the tools provided 'ATC' and 'MC' to draw each curve point by point (plot 5 points total for each curve). Round your points for ATC up to the nearest $25 Q Search Prev 1 of 4 Next > L с 3/

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
See similar textbooks
icon
Related questions
Question
Please make sure to answer part C
5 Homework 6 i oints 1 Costs (dollars per unit อวบ 600 550 500 450 400 350 300 250 Print 200 0 1 2 3 4 5 Output (units per day) c. At what output rate is average total cost minimized? units Saved Help < Prev 1 of 4 Next >
Transcribed Image Text:5 Homework 6 i oints 1 Costs (dollars per unit อวบ 600 550 500 450 400 350 300 250 Print 200 0 1 2 3 4 5 Output (units per day) c. At what output rate is average total cost minimized? units Saved Help < Prev 1 of 4 Next >
a. Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost. Instructions: Round your responses to the nearest whole number. Rate of Total Cost Output Marginal Cost Average Average Fixed Cost Variable Cost Total Cost Average 0 $600 -- 1 800 $ 200 $ 600 $ 200 $ 800 2 1,050 $ 250 $ 300 $ 225 $ 525 3 1,400 $ 350 $ 200 $ 267 $ 467 4 1,800 $ 400 $ 150 $ 300 $ 450 5 2,300 $ 500 $ 120 $ 340 $ 460 b. Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph. Instructions: Use the tools provided 'ATC' and 'MC' to draw each curve point by point (plot 5 points total for each curve). Round your points for ATC up to the nearest $25 Q Search Prev 1 of 4 Next > L с 3/
Transcribed Image Text:a. Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost. Instructions: Round your responses to the nearest whole number. Rate of Total Cost Output Marginal Cost Average Average Fixed Cost Variable Cost Total Cost Average 0 $600 -- 1 800 $ 200 $ 600 $ 200 $ 800 2 1,050 $ 250 $ 300 $ 225 $ 525 3 1,400 $ 350 $ 200 $ 267 $ 467 4 1,800 $ 400 $ 150 $ 300 $ 450 5 2,300 $ 500 $ 120 $ 340 $ 460 b. Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph. Instructions: Use the tools provided 'ATC' and 'MC' to draw each curve point by point (plot 5 points total for each curve). Round your points for ATC up to the nearest $25 Q Search Prev 1 of 4 Next > L с 3/
Expert Solution
steps

Step by step

Solved in 1 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS