Question
Offered Price $10.00

Portland ECON 201 - Costs calculation

Question # 00430719
Subject: Economics
Due on: 11/26/2016
Posted On: 11/26/2016 02:35 AM

Rating:
4.1/5
Expert tutors with experiences and qualities
Posted By
Best Tutors for school students, college students
Questions:
96880
Tutorials:
96981
Feedback Score:

Purchase it
Report this Question as Inappropriate
Question
Ch.14 Costs calculation and Ch.16 Monopoly Graphing (6 points)
A. (3 points) This problem is matching learning objectives of chapter 14
sections14.2 and 14.3; also refer to ch.14 table 14.4. The table above has the total product schedule for an imaginary good called a
widget. Each unit of labor costs $25 and the fixed cost of capital is $100.
a. Use this information to complete the table. In the table, TFC is the total fixed
cost, TVC is the total variable cost, TC is the total cost, AFC is the average
fixed cost, AVC is the average variable cost, ATC is the average total cost,
and MC is the marginal cost.
B. (3 points) This problem is matching learning objectives of chapter 16
section 16.2 Single-Price Monopoly Output and Price Decision. Ron's Hamburger Joint is the only restaurant in town. The above figure represents
Ron's cost, the market demand, and marginal revenue curves. Ron operates as a
single-price monopoly.
a. How many hamburgers does Ron produce? Explain your answer.
b. What price does Ron charge for a hamburger? Explain your answer. 
c. What is Ron's total revenue and total cost? Show your calculation work for c. and
d.
d. What is Ron's economic profit?

Tags calculation costs econ portland total cost table rons chapter marginal explain ch14 average does variable objectives monopoly price calculation costs hamburger revenue matching problem points learning market representsrons town joint restaurant demand figure produce

Tutorials for this Question
Available for
$10.00

Portland ECON 201 - Costs calculation

Tutorial # 00426318
Posted On: 11/26/2016 02:36 AM
Posted By:
Best Tutors for school students, college students dr.tony
Expert tutors with experiences and qualities
Questions:
96880
Tutorials:
96981
Feedback Score:
Report this Tutorial as Inappropriate
Tutorial Preview …201 x…
Attachments
Portland_ECON_201_-_Costs_calculation.ZIP (18.96 KB)
Preview not available.
Purchase this Tutorial @ $10.00 *
* - Additional Paypal / Transaction Handling Fee (3.9% of Tutorial price + $0.30) applicable
Loading...