Question
Table 1. Output (unit) Input 1 ($) Input 2 ($) Input 3 ($) Input 4 ($) 10,000 50,000 20,000 70,000 10,000 20,000 60,000 40,000 70,000
Table 1.
Output (unit)
Input 1 ($)
Input 2 ($)
Input 3 ($)
Input 4 ($)
10,000
50,000
20,000
70,000
10,000
20,000
60,000
40,000
70,000
40,000
30,000
70,000
60,000
70,000
90,000
40,000
80,000
80,000
70,000
160,000
50,000
90,000
100,000
70,000
250,000
- Table 1 shows the units of output and the costs of four inputs of a firm. The table reads, for instance, that the firm costs $50,000 on input 1, $20,000 on input 2, $70,000 on input 3, and $10,000 on input 4 to produce 10,000 units of output as shown on the second row. How many fixed and variable inputs are there on Table 1?
- One fixed and three variable inputs
- Two fixed and two variable inputs
- Three fixed and one variable inputs
- Four fixed and no variable inputs
Given the total cost function TC=9-4Q+Q2, please answer questions 35.
- The variable cost function is ____________.
- The average variable cost function is _____________.
- The marginal cost function is ___________.
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Consumer Behaviour
Authors: Evans, Martin Evans
2nd Edition
0470994657, 9780470994658
