eco homework10

ECOMICROProductionCOSTS8Q2020.xlsx

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Sheet1

Economics
Production Costs
	1	Average and Marginal Costs
		Q, Output, given	FC, Fixed Costs, given	VC, Variable Costs, given	TC, Total Costs	AFC, Avg Fixed Costs	AVC, Avg Variable Costs	ATC, Avg TC	MC, Marginal Costs
		0	$1,800	0	1800
		50		50
		150		650
		250		750
		350		835
		450		1050
		550		1325
		650		1550
		750		1767
		850		1988
		950		2210
		1050		2427.0476190476
			Graph the AFC, AVC, ATC, and MC on a single graph.
	2	Complete the following table for a perfectly competitive firm:
		Output QTY	TC	AFC	AVC	ATC	MC	Price	TR	Profit
		0	$100					50
		1	150					50
		2	175					50
		3	190					50
		4	210					50
		5	240					50
		6	280					50
		7	330					50
		8	390					50
		9	460					50
		10	540					50
			Graph the Profit curve using a line graph.
			Graph the Profit curve using a scatter plot using QTY and PROFIT.
	3	Complete the following table for a perfectly competitive firm:
		Output QTY	TC	AFC	AVC	ATC	MC
		0	100
		1	155
		2	205
		3	350
		4	600
		5	665
		6	735
		7	815
		8	850
		9	865
		10	900
			Graph each of the curves above on a single graph.
	4	The cost function of a single-product firm is given:
		TC = 15+2Q+3Q^2+4Q^3
		a	Determine the fixed cost of producing 10 units of output.
		b	Determine the variable cost of producing 10 units of output.
		c	Determine the total cost of producing 10 units of output.
		d	Determine the average fixed cost of producing 10 units of output.
		e	Determine the average variable cost of producing 10 units of output.
		f	Determine the average total cost if producing 10 units of output.
		g	Graph the TC curve using a scatter plot.
	5	The cost function of a single-product firm is given:
		TC = 50+2.25Q+1.5Q^2
		a	Determine the fixed cost of producing 100 units of output.
		b	Determine the variable cost of producing 100 units of output.
		c	Determine the total cost of producing 100 units of output.
		d	Determine the average fixed cost of producing 100 units of output.
		e	Determine the average variable cost of producing 100 units of output.
		f	Determine the average total cost if producing 100 units of output.
		g	Graph the TC curve using a scatter plot.
	6	Complete the following table:
		Quantity of Output	Total Cost	Marginal Cost	Average Cost
		0	0
		1	400
		2	900
		3	1,500
		4	1,900
		5	2,200
		6	2,400
		7	2,300
	7	Complete the following table:
		Quantity of Output	Total Cost
		0	0
		1	5
		2	15
		3	19
		4	24
		5	28
		6	26
		a) When the firm produces 4 units, what is the average cost?
		b) What is the marginal cost of 5th unit?
	8	Complete the following table:
		Quantity	Fixed Cost	Variable Cost	Total Cost	ATC	MC
		0			$2,200
		600			2,450
		1,100			2,650
		1,500			2,895
		1,800			3,298
		2,000			3,450
		2,100			4,000