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Author Question: Relationship between Short and Long Run Average CostsThe table shows information about Umbrella ... (Read 453 times)

llesku

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on: Nov 23, 2022

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 CostTotal Variable CostTotal 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
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by llesku on Nov 23, 2022

bainer89

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Reply #1 on: Nov 23, 2022
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llesku

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Reply 2 on: Nov 23, 2022
YES! Correct, THANKS for helping me on my review

softEldritch

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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