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[DOC File]Chapter 2
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Rubber Boats per Week Fixed Cost Variable Cost Total Cost Average Fixed Cost Average variable Cost Marginal Cost 1 1 2 2 3 5 4 7 5 11 6 14 7 16 8 17 9 18 10 18 Calculate the firm’s average fixed cost, average variable cost, and marginal cost…
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[DOC File]Worksheet - Chapter One
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a. Calculate the firm’s average variable cost and average total cost curves. The variable cost of producing an additional unit, marginal cost, is constant at $1,000, so the average variable cost is constant at $1,000, . Average fixed cost is . Average total cost is the sum of average variable cost and average fixed cost: b.
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[DOC File]CHAPTER 7
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Draw a graph that shows marginal cost, average variable cost, and average total cost, with cost on the vertical axis and quantity on the horizontal axis. Average total cost is u-shaped and reaches a minimum at an output of 7, based on the above table. Average variable cost is u-shaped also and reaches a minimum at an output of 3.
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Average Costs and Curves | Microeconomics
Average cost is total cost divided by output, or AC = TC/Q. In the long run, average costs must be covered by revenues or the company will go out of business. When marginal cost is greater (less) than average cost, average cost is increasing (decreasing).
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[DOC File]CHAPTER 7
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To find the quantity where price equals average total cost use the demand curve and the average total cost curve. Hence, 100 – Q = 20 +(3/10) Q or Q = 800/13 units=61.5units. Use the demand curve to find the price associated with 40 units of output. Thus, P = 100 – Q = 100 – 800/13 = $500/13=38.5. d.
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[DOC File]University of Wisconsin–Madison
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Equation of total revenue (TR) is given below. TR = 100Q – Q2. If Q =3 than calculate average revenue and slope of average revenue. i. TR = P x Q. ii. AR = TR/Q; AR is usually equal to price unless the firm is engaged in price discrimination. iii. MR = ∆TR/∆Q. How can we achieve optimum combination of factors of production if: 5 Marks
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[DOC File]5. Assume that demand for a product is inelastic, will ...
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Mar 20, 2013 · The economic profit per unit equals the price minus the average total cost. To calculate average total cost, note that when Acme produces 8 units, the average variable cost per unit is $6.50 and the average fixed cost is $1.50, so Acme's average total cost equals $8.00. Thus Acme makes an economic profit of $14.20 - $8.00 = $6.20 per unit.
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Calculate average total cost economics