Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need explanation. Economics 102, Homework 3: Production Cost Curves Use the following graph of a firm's cost curves to answer the questions, ATC 1296 AVC

image text in transcribed

need explanation.

image text in transcribed
Economics 102, Homework 3: Production Cost Curves Use the following graph of a firm's cost curves to answer the questions, ATC 1296 AVC (dollars per unit) Casts 206 120 Rate of Output (units per time period) 1. What is the marginal cost of the 120th unit of output? A) $1.20 B) $200.00 $208.00 D) $288.00 2.Using the above figure, calculate the firm's Total Cost (TC) when output is 120 units. A) $34,560 B) $9,600 $24,960 $10,560 3.Using the above figure, calculate the firm's Variable Cost (VC) when output is 100 units. A) $9,600 $296 C) $200 $20,000 4.Using the above figure, calculate the firm's Average Fixed Cost (AFC) when output is 120 units. A) $0.67 B) $80.00 C) $96.00 D) $208.00 5.Using the above figure, calculate the firm's Fixed Cost (FC) of production. A) $80 B) $10,000 C) $9.600 D) $29.600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Cost Accounting Foundations and Evolutions

Authors: Michael R. Kinney, Cecily A. Raiborn

8th Edition

9781439044612, 1439044619, 978-1111626822

Students also viewed these Economics questions

Question

=+c) Explain the meaning of the intercept of the line.

Answered: 1 week ago