1 2 3 4 6 6 7 8 quantity total average total average

This preview shows page 3 - 4 out of 4 pages.

(1)(2)(3)(4)(6)(6)(7)(8)QuantityTotalAverageTotalAverageAverageofFixedFixedVariable VariableTotalTotalMarginalOutputCostCostCostCostCostCostCost0$ 200A$ 0V1200B30LWGGQQ2200C50MXHHRR3200D60NYIISS4200E65OZJJTT5200F75PAAKKUU6200G95QBBLLVV7200H125RCCMMWW8200I165SDDNNXX9200J215TEEOOYY10200K275UFFPPZZThe answers are:(1)(2)(3)(4)(6)(6)(7)(8)QuantityTotalAverageTotalAverageAverageofFixedFixedVariable VariableTotalTotalMarginalOutputCostCostCostCostCostCostCost0$ 200$ 0$ 2001200$ 200.030$ 30.00230$ 230.00$ 302200100.05025.00250125.0020320066.76020.0026086.6710420050.06516.2526566.255520040.07515.0027555.0010620033.39515.8429549.6720720028.612517.8632546.4330820025.016520.6236545.6340920022.221523.8941546.11501020020.027527.5047547.5060
3.Price = $20, quantity = 400 units, unit cost = $15, implicit costs = $4,000. What does economic profit equal?
6.If marginal physical product is continually declining, what does marginal cost look like? Explain your answer.
7.If the ATC curve is continually declining, what does this imply about the MC curve?Explain your answer.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture