5 Econ Questions (Each question is separate and all the information is provided)

1.

At the end of the year, a firm produced 20500 laptops. Its total costs were $10 million, and its fixed cost were $3 million. What are the average variable cost of this firm? (Round your response to two decimal place) At its current short-run level of production, a firm's average variable costs equal $33 per unit, and its average fixed costs equal $52 per unit. Its total costs at this production level equal $5450. Do not enter the comma "," or a dollar sign (35) while entering your answer. What is the firm's output level? Round your response to the nearest dollar (whole number). What are the total variable costs at this output level? Round your response to the nearest dollar (whole number). What are the total fixed costs? Round your response to the nearest dollar (whole number). In general, at low levels of output, as the quantity level (daily production of product) increases, the average variable cost will . At higher levels of output, as production continues to increase, the average variable cost w q I . In _ decrease general, the AVG curve IS aln) curve stay constant increase Check Phillip manufactures a standard-sized white patio chair in a large warehouse. The graph below describes the behaviour of the per chair costs per hour in Phillip's chair operation. 15- 14- MC 13- 12- ATC AVC costs per chair 5 6 # chairs per hour According to this graph, at the quantity level of 3 chairs per hour, average variable cost is: Do not enter the comma "," or a dollar sign ($) while entering your answer.Paxton manufactures a standard-sized white patio chair in a large warehouse. The graph below describes the behaviour of the per chair costs per hour in Paxton's chair operation. 15 ;. IL'IJII'JLJZI'HJLJ costs per d'mn' u-Nu.u$-UIUI I! 1 2 3 4 5 5 " E. Q 13 # chairs per hour According to this graph, at the quantity level of 3 chairs per hour, marginal cost is: Do not enter the comma "," or a dollar Sign (35) while entering your