19) Accounting costs and economic costs differ because A) Economic costs include explicit costs and accounting costs do not. B) Accounting costs include explicit costs and economic costs do not. Economic costs include implicit costs and accounting costs do not. D) Accounting costs include implicit costs and economic costs do not.
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- The table below shows cost data for WipeOutSki Company, which manufactures skis for beginners. If the company's fixed costs are $30, what is the average total cost in B? Variable Fixed Total Average Cost $30 $30 $30 $30 $30 $30 $30 Quantity Cost Average Total Marginal Cost Cost Variable Cost Cost $10 $25 $45 $70 $100 $135 2 3 A 456Megan’s Snow Shoveling Service, in which Megan is the only employee, has the following cost schedule. Quantity(sidewalks shoveled per day) Variable Cost Total Cost AVC ATC MC 0 $0 $30 - - - 1 10 40 10 40 10 2 25 55 12.5 27.5 15 3 45 75 15 25 20 4 70 100 17.5 25 25 5 100 130 20 26 30 6 135 165 22.5 27.5 35 a) What are Megan’s fixed costs? Given the nature of sidewalk shoveling production, why does Megan’s marginal cost curve look like it does in your graph? b)Suppose the market price for shoveling a sidewalk is $20 per sidewalk. How many sidewalks will Megan shovel each day to maximize profit? c)Suppose the market price of shoveling a sidewalk rises to $25 because it has been a snowy winter. How many sidewalks will Megan shovel each day to maximize profit?Costs and Profit Maximization: Work It Out 1 Suppose Margie decides to lease a photocopier and open up a black-and-white photocopying service in her dorm room for use by faculty and students. Her total cost, as a function of the number of copies she produces per month, is given in the table. Number of Photocopies Per Month Total Cost Fixed Cost Variable Cost Total Revenue Profit 0 $100 1,000 $110 2,000 $125 3,000 $145 4,000 $175 5,000 $215 6,000 $285 a. Fill in the missing numbers in the table, assuming that Margie can charge 6 cents per black-and-white copy. Margie's fixed cost is: $ Variable cost, 0 photocopies/month: $ Variable cost, 1,000 photocopies/month: $ Variable cost, 2,000 photocopies/month: $ Variable cost, 3,000 photocopies/month: $ Variable cost, 4,000 photocopies/month: $…
- The total fixed cost, total variable cost, and total cost curves are shown for a company that produces custom baseball gloves. v Cost ($) 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 0 0 1 2 3 4 2nd attempt 5 Price ($) 400 375 350 8 7 8 9 10 11 TC TVC TEC 12 13 14 15 Graph the average total cost curve by first using the point tool to plot points for the average total cost for Q= 1, Q=5, and Q = 14 and then using the curved-line tool to connect them. You may assume that all total costs for these quantities are multiples of $25. Use the formula ATC = TC for your calculations. To refer to the graphing tutorial for this question type, please click here. 15 16 Quantity of gloves produced See Hint O2. Problems and Applications Q7 Your cousin Vinnie owns a painting company with fixed costs of $150 and the following schedule for variable costs: Quantity (Houses Painted per Month) 1 2 3 4 5 6 The efficient scale is Variable Cost Average Fixed Cost Average Variable Cost (Dollars) (Dollars) (Dollars) 15 35 60 90 135 240 480 houses. Average Total Cost (Dollars) Save & Continue Continue without saving4. Firm's Costs Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs: Quantity (Houses Painted per Month) Variable Cost (Dollars) 10 2 3 20 40 80 5 160 6 320 7 640 The efficient scale is houses Average Fixed Cost Average Variable Cost Average Total Cost (Dollars) (Dollars) (Dollars)
- 2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to determine the nature of their long-run cost structure. Some cost data has been collected for you and appears in the table below. Quantity of Generators Labor Costs Tools Cost $2 $4 $7 $8 $15 $24 $28 $41 $65 $80 Total Cost Long Run Average Cost $10 12 14 16 20 30 42 1 4 5 8 9 10 70 100 (a) Fill in the missing values in the table. (b) Graph the firm's long-run average cost curve below. (c) Determine the range of output levels over which there exists economies and diseconomies of scale, and mark these ranges on your graph.. Write the word or phrase that best completes each statement or answers the question. Table 11-6 Quantity of workers Quantity of foot massages per day Fixed cost Variable cost Total cost Average total cost Marginal cost 0 0 1 10 2 25 3 45 4 60 5 70 4) Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 4) computer- controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months' notice. She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.Calculate and plot the following: No of units Total cost 0 2 1 9 2 12 3 15 4 20 5 30 6 42 Variable cost Fixed cost Average fixed cost Average variable cost Marginal cost
- 2. Find the volumes over which each site for making a product is the lowest cost. Site Fixed Variable 1 20,000 18 2 10,000 32,000 23 166 4. 35,000 20 a) What is the highest volume where site 2 is the lowest cost? b) What is the lowest volume where site 3 is the lowest cost?Ball Bearings, Inc., faces costs of production asfollows:Quantity (cases) Total Fixed Cost Total Variable Cost0 $100 $ 01 100 502 100 703 100 904 100 1405 100 2006 100 360a. Calculate the company’s average fixed cost,average variable cost, average total cost, andmarginal cost at each level of production.Your cousin Vinnie owns a painting company with fixed costs of $200 and the following schedule for variable costs: Qty of houses painted per month 1 2 3 4 5 6 7 Variable Cost $10 $20 $40 $80 $160 $320 $640 Calculate average fixed cost, average variable cost, and average total cost for each quantity. What is the efficient scale of the painting company?