Question 1
Interpreting the Shape of Cost Curves
Use the information in the graph to find costs at an output level of Q1=300.
If C1=$2.50, C2=$7.50, and C3=$14.50, what is marginal cost? What is total cost? What is total variable cost? What is total fixed cost?
◦ $750, $14.50, $7.50, $7.00
◦ $2.50, $14.50, $7.50, $7.00
◦ $2.50, $4350, $2250, $2100
◦ $750, $4350, $2250, $2100
Question 2
Relationship between Short and Long Run Average Costs
The table shows information about Umbrella Corporation's short-run costs.
Quantity of
Prescription Drugs | Total Fixed Cost | Total Variable Cost | Total Cost |
| 0 | $4000 | | |
| 1 | | $7 | |
| 2 | | $14 | |
| 3 | | $21 | |
| 4 | | | $4028 |
What is the average fixed cost of producing 4 prescription drugs? What is the average variable cost?
What is the average total cost of producing 2 prescription drugs? What is the marginal cost?
◦ $2000, $7, $2007, $2000
◦ $2000, $21, $2007, $2000
◦ $1000, $7, $2007, $2000
◦ $1000, $7, $2007, $7
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