Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9246 I'I I! Points) Due on Monday March 25 1. Complete the following table and draw the seven cost curves. Plot the total xed cost,

image text in transcribedimage text in transcribed
image text in transcribedimage text in transcribed
9246 I'I I! Points) Due on Monday March 25 1. Complete the following table and draw the seven cost curves. Plot the total xed cost, total variable cost and total cost in one graph and average xed cost, average variable cost, average total cost and marginal cost in another graph. (4 points) No. of Fruit Total Fixed cost $ Total Variable Tolal Cost $ Mmginal Cost $ Baskets Cost? 0 50 U 50 --- l 50 10 6D 10 2 50 15 65 S 3 50 2| 7| 6 4 50 31 81 10 5 50 46 96 15 50 68 118 22 2_ Refer to the table above. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize prots, Danz Fruit market should sell fruit baskets and their prot is . (2 Points) 3. Refer the graph below. Find the prot maximizing level of output, price and calculate the total cost, total revenue and prot. Show your work (4 Points) Bales of hay co-EQE Dashboard Calendar To Do Notications Inbox Number of Total Total Fixed ToralcostAveragc Average Average Marginal Swords Variable Cost Variable Fixed Total Cost or Cost Cost TFC Cost Cost Average cost MC TVC TC AVC AFC ATC or AC 0 50 l 25 2 47.50 3 23.33 4 150 5 135 MICROECONOMICS CHAPTER 3 HOMEWORK {10 Points) Due on Monday March 25 1. Complete the following table and draw the seven cost curves. Plot the total xed cost, total variable cost and total cost in one graph and average xed cost, average variable cost, average total cost and marginal cost in another graph. (4 points) No. of Fruit Total Fixed cost $ Total Variable Total Cost $ Marginal Cost $ Baskets Cost$ 0 50 0 50 --- l 50 IO 60 10 2 50 15 65 S 3 50 2| 7| 6 4 50 31 81 10 S 50 46 96 15 ti 50 63 118 22 2. Refer to the table above. Assume that fruit baskets are sold in a perfectly competitive market. The market price of a fruit basket is $22. To maximize prots, Danz Fruit market should sell fruit baskets and their prot is . (2 Points) 3. Refer the graph below. Find the prot maximizing level of output, price and calculate the total cost, total revenue and prot. Show your work (4 Points) Dashboard Calendar To Do Notications Inbox

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Driven Technology

Authors: Paige Baltzan

8th Edition

1259924920, 978-1259924927

More Books

Students also viewed these Economics questions