Calculate production costs and identify production costs

Assignment Help Microeconomics

Reference no: EM133753875

Case Scenario

As an economic consultant at Lightning Volt Automotive, your task is to calculate production costs and identify the various production costs that illustrate total cost curves as well as average and marginal cost curves. Then you will determine the firm's current profit maximizing price and quantity.

Instructions

Use the Excel template linked here to complete the following tasks. All work must be shown to receive credit. Submit the completed spreadsheet.

Rubric:

1. Calculations

A - 4 - Mastery

Calculations of total revenue, marginal revenue, profits or losses, and production costs are all correct.

2. Total Cost Line Plot

A - 4 - Mastery

Line plot that shows total costs, total fixed costs, and total variable costs is correct.

3. Production Costs Line Plot

A - 4 - Mastery

Line plot that shows production costs is correct.

4. Profit Maximizing Price and Quantity

A - 4 - Mastery

Explanation of profit maximizing price and quantity is clear and accurate.

Reference no: EM133753875

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