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KAPLAN MICROECONOMICS BU224 Unit 6 Homework

Question # 00028266
Subject: Economics
Due on: 10/14/2014
Posted On: 10/14/2014 04:41 AM

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HOMEWORK - UNIT 6

BEHIND THE SUPPLY CURVE : INPUTS AND COSTS

5.The accompanying table shows a boat manufacturer’s total cost of producing boats.

Quantity of Boats

Total Cost

0

$ 450,000

1

$ 490,000

2

$ 510,000

3

$ 520,000

4

$ 540,000

5

$ 570,000

6

$ 610,000

7

$ 670,000

8

$ 750,000

9

$ 870,000

a.What is this manufacturer’sfixed cost?

b.For each level of output, calculate thevariable cost (VC). For each level of output except zero output, calculate theaverage variable cost (AVC),average total cost (ATC), andaverage fixed cost (AFC)

Qty of boats

Total Cost

Variable Costs

Average Variable Costs

Average Total Costs

Average Fixed Costs

0

$450,000

1

490,000

2

510,000

3

520,000

4

540,000

5

570,000

6

610,000

7

670,000

8

750,000

9

870,000

What is the minimum-costoutput?

c.For each level of output, calculate this manufacturer’smarginal cost (MC)

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KAPLAN MICROECONOMICS BU224 Unit 6 Homework

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