Average total cost equals quizlet
[DOC File]Chapter 14: SOLUTIONS TO TEXT PROBLEMS:
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Stands earn zero profit, since price equals average total cost. b. If the city government restricts the number of pretzel stands to 800, the industry-supply curve shifts to S2. The market price rises to P2, and individual firms produce output q2. Industry output is now 800 x q2. Now the price exceeds average total cost, so each firm is making a positive profit. Without restrictions on the ...
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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A) price equals marginal cost. B) marginal revenue and average total cost. C) price equals marginal revenue. D) all of the above . E) none of the above . Answer: E. Diff: 1. Section: 10.1. 9) As the manager of a firm you calculate the marginal revenue is $152 and marginal cost is $200. You should . …
[DOC File]F14ECON111HWPS3ans.doc
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A worker costs $100 per day, and the firm has fixed costs of $200. Use this information to fill in the column for total costs. See the table for total cost. It equals $200 …
[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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Total Marginal Fixed Average Total Average Marginal. Output Cost Cost Cost Cost Revenue Revenue Revenue. 0 5 0. 1 7 10. 2 11 20. 3 17 30. 4 27 40. 5 41 50. 6 61 60. Answer: Total Marginal Fixed Average Total Average Marginal. Output Cost Cost Cost Cost Revenue Revenue Revenue. 0 5 - 5 - 0 - - 1 7 2 5 7 10 10 10. 2 11 4 5 5.5 20 10 10. 3 17 6 5 ...
[DOC File]Final Exam - PiratePanel
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A) total revenue equals its total opportunity cost. B) marginal revenue exceeds its marginal cost. C) marginal revenue equals its average variable cost. D) marginal revenue equals its average fixed cost. 11) In the above table, the price of the product is . A) $30. B) $147. C) $150. D) $180.
[DOC File]Final Practice Problem Answers
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The long –run price will equal the minimum of the average total cost curve. For this firm: LAC = TC/Q = 4Q + 100 +100/Q. The minimum point on LAC is found either by graphing the LAC curve or by taking the first . derivative and setting it to zero. dLAC/dQ = 4 - 100/Q2 = 0, which yields Q = 5. In the long run P = LAC = 140. b. If market demand is given by the function Q = 1000 – P, where P ...
[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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B) revenues equal fixed costs. C) price is less than average variable costs of production. D) price equals marginal cost. Answer: A Diff: 3 Type: C 31) A firm suffers operating losses if A) price exceeds average variable cost but is less than average total cost. B) price exceeds marginal cost. C) revenues are smaller than variable costs of ...
[DOC File]gar003, Chapter 3 Systems Design: Job-Order Costing
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The total cost in the beginning work in process inventory was $25,000. During the month, 50,000 units were completed and transferred out of the department. The costs per equivalent unit were computed to be $1.50 for materials and $3.20 for conversion costs. The total cost of the units completed and transferred out of the department was: A ...
[DOC File]Chapter 1
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A) total cost. B) average variable cost. C) total fixed cost. D) the number of buyers. Answer: B . Diff: 1. Topic: Competition in the Short Run. 35) In the long run, profits will equal zero in a competitive market because of . A) constant returns to scale. B) identical products being produced by all firms. C) the availability of information.
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