FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with this question also Consider the following cost chart: L...... Q. .. TFC........TVC..................TC.................MC...... ..AFC................AVC.................ATC 0......0. .300..........0 1......15.. 300. ........40 2......25.. 300.........80 3......30. 300.........120

image text in transcribed

Need help with this question also

image text in transcribed
Consider the following cost chart: L...... Q. .. TFC........TVC..................TC.................MC...... ..AFC................AVC.................ATC 0......0. .300..........0 1......15.. 300. ........40 2......25.. 300.........80 3......30. 300.........120 Questions: (a) Calculate TC, MC, AFC, AVC and ATC for L=2 and L=3 (7 marks) (b) Show where diminishing returns begin (2 marks)

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_2

Step: 3

blur-text-image_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

Principles Of Microeconomics

Principles Of Microeconomics

Authors: Robert Frank

7th Edition

1260111083, 9781260111088

More Books

Students also viewed these Economics questions

Question

★★★★★
Find the limits as x and as x -. Use this information, together with intercepts, to give a rough sketch of the graph as in Example 12. (a) y = x4 - x6 (b) y = (3 - x) (1 + x)2 (1 - x)4

Answered: 1 week ago

Question

★★★★★
(Calculating the present value of a growing perpetuity) A pension plan pays 30,000 at the end of Year 1 and then grows at the rate of 3 percent per year indefinitely. What is the present value if the...

Answered: 1 week ago

Question

★★★★★
In a company with 300 employees, find the probability that exactly 4 employees have their birthday on February 14th (assuming a nonleap year of 365 days) (i) using the binomial distribution; (ii)...

Answered: 1 week ago

Question

★★★★★
What type of intermediary is Li & Fung for its customers? Is it an agent, a wholesaler, a manufacturers agent, jobber, or some other choice? What evidence can you offer to support your choice?

Answered: 1 week ago

Question

★★★★★
A corporation: A) Does not have to pay taxes. B) Has shareholders who have unlimited liability for the acts of the corporation. C) Is a legal entity separate and distinct from its owners. D) Must...

Answered: 1 week ago

Question

★★★★★
Describe in words what the state machine in Figure 3.69 does. Using binary state encodings, complete a state transition table and output table for the FSM. Write Boolean equations for the next state...

Answered: 1 week ago

Question

★★★★★
compute the billing for september/october 2017 for russell brady and collin bennet allocating OH on the basis of a single cost driver: professional hours (estimated 12500 hrs 2017)

Answered: 1 week ago

Question

★★★★★
Blue Lagoon Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31 , 2024, the company reports the following amounts: In addition, the company...

Answered: 1 week ago

Question

★★★★★
Jamie Lee Jackson, age 25, a busy full-time student and part-time bakery clerk, has been trying to organize her priorities, including her budget. She has been wondering if she is allocating enough of...

Answered: 1 week ago

Question

★★★★★
Customer Service E-mail You recently paid $250 to Keller & Jenkins for adding a provision in your will to establish a scholarship endowment at your alma mater. While eating lunch in a crowded...

Answered: 1 week ago

Question

★★★★★
1. When a member with a minority interest in an LLC acquires enough ownership interests in the LLC to hold a majority interest: a. a change of ownership occurs b. reassessment of the entire parcel of...

Answered: 1 week ago

Question

★★★★★
13) On December 31, 2023, Vivid Corporation prepared adjusting entries that included the following items: Depreciation expense: $43,400. Accrued sales revenue: $40,600. Accrued expenses: $16,800....

Answered: 1 week ago

Question

★★★★★
For the Cook County Company, the average age of accounts receivable is 60 days, the average age of accounts payable is 45 days, and the average age of inventory is 72 days. Assuming a 365-day year,...

Answered: 1 week ago

Question

★★★★★
1. Set a personal goal for yourself in your work situation. Examine this goal in the light of the 10 factors to achieve goals.

Answered: 1 week ago

Question

★★★★★
4. Set up at least one work role that is important for you to master. Reflect on how you can use your time more efficiently, not necessarily spend more time, to perform better in this work role.

Answered: 1 week ago

Question

★★★★★
3. List four goals that are important to you. Then set up the roles that correspond to these goals. How will you shape your personal vision as a result of your goals and roles?

Answered: 1 week ago

Previous Question Next Question