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Output Total Cost

0 $15

1 $25

2 $33

3 $43

4 $58

5 $78

6 $104

a. What are the fixed costs?

b. What are the variable costs of producing 5 units?

c. What is the average total cost of producing 3 units?

d. What is the average fixed cost of producing 4 units?

e What is the marginal cost of producing the 2nd unit?

f. What is the average variable cost of producing 1 unit?

 

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Chika Ilonah
Chika IlonahLv10
28 Sep 2019
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Related questions

12. Suppose your firm’s short-run production function is given as

Labor Total Output

0 0

1 5

2 12

3 20

4 28

5 34

6 39

7 43

8 46

.Assume that labor can be hired for $50 per unit and that your fixed cost is $1,000.

a. What is the total variable cost of producing 5 units of output?

b. What is the average variable cost of producing 12 units of output?

c. What is the total cost of producing 20 units of output?

d. What is the average total cost of producing 28 units of output?

e. What is the marginal cost of producing 34 units of output?

. Answer the questions below given the following quantity output and cost data. Show your calculations.

Total Product (Q): 0 1 2 3 4 5 6

Total Cost (TC): $50 $80 $105 $125 $155 $195 $250

(10 points)

a. What is average variable cost of producing three units of output?

b. What is the average fixed cost of producing 2units?

c. What is the marginal cost of producing the sixth unit of output?

d. What is the average total cost of 5 units of output is:

e. Diminishing marginal returns are incurred when output is increased from___ to ______.

An economist estimated that the cost function of a firm is:

C(Q) = 100 + 20Q + 15Q2 + 10Q3

And, MC(Q) = 20 + 30Q + 30Q2

Based on this information, determine:

1) The fixed cost of producing 10 units of output

2) The variable cost of producing 10 units of output

3) The total cost of producing 10 units of output

4) The average fixed cost of producing 10 units of output

5) The average variable cost of producing 10 units of output

6) The average total cost of producing 10 units of output

7) The marginal cost when Q = 10

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