Cost Notes (10-29-09)

Cost Notes (10-29-09) - TotalCost Quiz...

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Total Cost Quiz Calculate Costs and Profits Cost Curves
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Averages and Marginal  Changes ATC = TC/Q OR = ___/Q+TVC/Q MC = ΔTC / ___ MP= ΔTP / ___ TR = __*Q ___ = TP/L Profit = __ – TC  TC = TFC + ___ Profit = P*___ – (TFC + TVC) AVC = ___/Q TVC =  AVC*___ AFC = TFC/___
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Production Function for XYZ Inc. Variable costs/day  are $30 wages for  each worker hired Overhead/day: Taxes $15 Rent $50 Machines  $45 Total/day  $110 Short Run or Long  Run?
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TVC= $30 per unit of Labor;  Overhead/day=Rent 50, Mach. 45,tax 15—Complete the  table #L Q TVC TFC TC AVC AFC ATC MC 0 0 0 30 30 --- --- --- --- 1 12 30 30 60 2.5 2.5 5 2.5 2 31 60 30 90 1.95 .96 2.90 1.57 3 41 90 30 120 2.19 .73 2.92 3 4 50 120 30 150 2.4 .6 3 3.33 5 58 150 30 180 2.58 .51 3.10 3.75 6 64 180 30 210 2.81 .46 3.28 5 7 67 210 30 240 3.13 .44 3.58 10
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# Labor Output 0 0 1 12 2 31 3 41
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This note was uploaded on 03/24/2010 for the course ECO 113 taught by Professor Briggs during the Fall '07 term at Bryant.

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Cost Notes (10-29-09) - TotalCost Quiz...

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