Macmillan Learnin (Figure: The Cost Curves for Charlie's Cookie Confections) Use Figure: The Cost Curves for Charlie's Cookie Confections. The curve labeled X represents the firm's cost curve. Cost per unit 0 marginal average fixed costs per unit variable costs per unit. V
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- A computer company produces affordable, easy-to-use home computer systems and has fixed costs of 250. The marginal cost of producing computers is 700 for the first computer, 250 for the second, 300 for the third, 350 for the fourth, 430 for the fifth, 450 for the sixth, and 500 for the seventh. Create a table that shows the companys output, total cost, marginal cost, average cost, variable cost, and average variable cost. At what price is the zero-profit point? At what price is the shutdown point? If the company sells the computers for 500, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss. If the firm sells the computers for 300, is it making a profit or a loss? How big is the profit or loss? Sketch a graph with AC, MC, and AVG curves to illustrate your answer and show the profit or loss.What two lines on a cost curve diagram intersect at the zero-profit point?Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.
- Vinnie’s Painting Company specializes in painting houses. Their cost schedule is as follows: 1. Show to calculate for the table below Output TFC TVC TC AFC AVC ATC MC 0 1000 1 100 2 100 3 400 4 450 5 1600 6 3200 7 6400 a) Given the partial data available, finish the table and calculate all the costs. b) What is the minimum efficient scale of Vinnie’s company? c) What is the marginal cost of 6 houses? d) If Vinnie charges $825 per house, how many houses he should paint to maximize profits?1. A firm has three different production facilities, all of which produce the same product. Whilereviewing the firm’s cost data, Ron, a manager, discovered that one of the plants has a higher averagecost than the other plans and suggests closing this plant. Another manager, Jack, notes that the high-cost plant has high fixed costs but that the marginal cost in this plant is lower than in the other plants.He says that the high-cost plant should not be shut down but should expand its operations. Who isright? 2. Should a firm shut down if its weekly revenue is $1,000, its variable cost is $500, and its fixed cost is$800, of which $600 is avoidable if it shuts down? Explain.A computer company produces affordable, easyto-use home computer systems and has fixed costs of$250. The marginal cost of producing computers is $700for the first computer, $250 for the second, $300 for thethird, $350 for the fourth, $400 for the fifth, $450 for thesixth, and $500 for the seventh.a. Create a table that shows the company’s output,total cost, marginal cost, average cost, variablecost, and average variable cost.b. At what price is the zero-profit point? At whatprice is the shutdown point?c. If the company sells the computers for $500, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.d. If the firm sells the computers for $300, is itmaking a profit or a loss? How big is the profitor loss? Sketch a graph with AC, MC, and AVCcurves to illustrate your answer and show theprofit or loss.
- Megan’s Snow Shoveling Service, in which Megan is the only employee, has the following cost schedule. Quantity(sidewalks shoveled per day) Variable Cost Total Cost AVC ATC MC 0 $0 $30 - - - 1 10 40 10 40 10 2 25 55 12.5 27.5 15 3 45 75 15 25 20 4 70 100 17.5 25 25 5 100 130 20 26 30 6 135 165 22.5 27.5 35 a) What are Megan’s fixed costs? Given the nature of sidewalk shoveling production, why does Megan’s marginal cost curve look like it does in your graph? b)Suppose the market price for shoveling a sidewalk is $20 per sidewalk. How many sidewalks will Megan shovel each day to maximize profit? c)Suppose the market price of shoveling a sidewalk rises to $25 because it has been a snowy winter. How many sidewalks will Megan shovel each day to maximize profit?Refer to the to graph on the right. Which level of output in the graph below represents the minimum efficient scale? OA 1,000 books B. 20,000 books C. 40,000 books $22 00 D. 80,000 books 20.00 18.00 Which size bookstore is more likely to expenence diseconomies of scale? Long-nun Average cost O A. Abookstore selling 1.000 books per month B. A bookstore seling 20,000 books per month C. Abockstore selling 40,000 books per month 40,00.000 OD. A bookstore seling 80 000 books per month 1,000 20,000 Quantry of books sold per month8. A firm's cost curves are given in the following table. TC TFC TVC AVC ATC MC $100 $100 1 130 100 150 100 3 160 100 4 172 100 5 185 100 210 100 240 100 8 280 100 9 330 100 10 390 100 a. Complete the table. b. Graph AVC, ATC, and MC on the same graph. What is the relationship between the MC curve and the ATC and between MC and AVC? c. Suppose market price is $30. How much will the firm produce in the short run? How much are total profits? d. Suppose market price is $50. How much will the firm produce in the short run? What are total profits? IIII IIII I IIII IIII I
- k The table below presents the average and marginal cost of producing cheeseburgers per hour at a roadside diner. Cheeseburger Production Costs Quantity (burgers per hour) 0 10 20 30 40 50 60 70 80 90 100 Average Variable Cost (dollars) $1.00 0.70 0.70 0.78 0.88 1.07 1.34 1.74 2.23 2.81 Average Total Cost (dollars) $6.60 3.50 2.57 2.18 2.00 2.00 2.14 2.44 2.86 3.37 Marginal Cost (dollars) $1.00 0.40 0.70 1.00 1.30 2.00 3.00 4.50 6.20 8.00 a. When moving from producing a quantity of 30 cheeseburgers per hour to 40 cheeseburgers per hour, the average total cost of production is (Click to select) and the marginal cost of cheeseburger production is (Click to select) b. When moving from producing a quantity of 50 cheeseburgers per hour to 60 cheeseburgers per hour, the average variable cost of production is (Click to select) and the average total cost of cheeseburger production is (Click to select) ✓conl This Question: 1 pt in M sign Hom e a The graph shows the average variable cost curve and average total cost curve for a firm that produces candles. Draw the firm's marginal cost curve. Label it. When the marginal cost of producing an output exceeds its average variable cost but is less than its average total cost, OA. total variable cost is at its maximum value OB. average variable cost is increasing while average total cost is decreasing OC. average fixed cost is increasing OD. both average variable cost and average total cost are increasing Click the graph, choose a tool in the palette and follow the instructions to create your graph. APR 97 36 7- 6- 5- Cost (dollars per candle) ATC AVC 10 20 15 Output (candles per day) >>> Draw only the objects specified in the question. 25 302- Use the information in the graph to find the values for the following costs at an output level of 500. ATC 15 s00 Ilaits l'aty D. Total fixed cost E. Total variable cost F. Total cost G. Marginal cost. Cust r ait (S)
