Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 13, 2024

A firm has the following relationship between output (Q) and total cost (TC): Q TC 0 $ 100 1 120 2 160 3 220 4

A firm has the following relationship between output (Q) and total cost (TC):

Q TC

0 $ 100

1 120

2 160

3 220

4 300

5 400

6 520

7 660

8 820

9 1000

10 1200

a.What is average total cost at Q = 2?

b.What is average variable cost at Q = 4?

c.What is marginal cost at Q = 9?

d.Is the firm operating under increasing or diminishing returns at Q = 9? Why?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

Contemporary Labor Economics

Authors: Campbell R. McConnell, Stanley L. Brue, David Macpherson

11th Edition

1259290602, 1259290603, 978-1259290602

Students also viewed these Economics questions

Question

★★★★★

Refer to the amortization schedule prepared in Exercise 15-18. Assume a November 30 year-end. Required Part 1 Record the following entries: a. Issuance of the bonds on October 1, 2014. b. Adjusting...

Answered: 1 week ago

Question

★★★★★

Because entities usually dont know the fair value of their assets, they report them at c __ .

Answered: 1 week ago

Question

★★★★★

The time-and-motion studies conducted by Frank and Lillian Gilbreth aimed to reduce the steps needed to conduct a particular task. In this way they could improve the efficiency of workers and reduce...

Answered: 1 week ago

Question

★★★★★

For most construction projects, Bradley Heating and Cooling buys sheet metal and forms the metal into heating/cooling ducts as needed. The company estimates the costs of making and installing...

Answered: 1 week ago

Question

★★★★★

Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The...

Answered: 1 week ago

Question

★★★★★

Sheridan Company is constructing a building, Construction began on January 1 and was completed on December 31 . Expenditures were $6390000 on March 1, $5350000 on June 1, and $8650000 on December 31....

Answered: 1 week ago

Question

★★★★★

Identify a potential trade opportunity ,which you will be expected to research in order to justify the proposed trade and to provide the investors an overview of its potential,including...

Answered: 1 week ago

Question

★★★★★

Comprehension: Wooden chair manufacturing is a huge business for families living in the outskirts of Moradabad, Uttar Pradesh. These families, around a hundred in number, have been making wooden...

Answered: 1 week ago

Question

★★★★★

Consider a processing center that can be purchased at $25000 today and will have a 10 years of useful lifetime, in the end of which the processing center is expected to have a salvage value of $5000....

Answered: 1 week ago

Question

★★★★★

The Hope Manufacturing Co. uses a Raw and In Process (RIP) inventory account and expensed all conversion costs to the cost of goods sold account. At the end of each month, all inventories are...

Answered: 1 week ago

Question

★★★★★

Explain what stable data responding say about the environmental conditions under which it occurred. Identify (2) reasons why an investigator should be concerned about trends in the data that have no...

Answered: 1 week ago

Question

★★★★★

1. [19 marks] Fuel economy improvement continues to be a focus in all aspects of engine design and operation. Researchers investigated the effect of lubricant properties on the Fuel Economy Increment...

Answered: 1 week ago

Question

★★★★★

2. Give six examples that silence (not saying anything) or not responding can be very informative to the other party.

Answered: 1 week ago

Question

★★★★★

1. Discuss the following statements: a) The smaller the unit of measurement used to measure a coastline, the longer the coastline becomes. b) The interpretation is different from what is interpreted....

Answered: 1 week ago

Question

★★★★★

1. What information of vital importance is not expressed in the message? The answer to the question tells us a little about the code used between the parties.

Answered: 1 week ago

Previous Question Next Question