User Account

All Pages

What do the marginal and average cost functions look like

Assignment Help Microeconomics
Reference no: EM132473326

For Apple-Cinnamon Cheerios, we assumed the average cost was constant, so that the unit cost of a pound of cereal was equal to $2, regardless of the quantity produced.

1. Draw the cost function (also called the total cost curve) for this case.

2. What do the marginal and average cost functions look like?

3. Now suppose that the marginal cost of producing a pound of Cheerios was $2, whatever the quantity, but there were also some fixed production costs. Draw the total, marginal, and average cost curves in this case.

Reference no: EM132473326

Questions Cloud

How do journalize the petty cash transactions : How do Journalize the petty cash transactions? Post to the Petty Cash account. Concord Company maintains a petty cash fund for small expenditures.
Calculate the new equilibrium rent curve : The city builds new highway system and this reduces transportation costs for workers by half. The city is a closed city. Calculate the new equilibrium rent curv
Determine the ending inventory at september : Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.? calculate the sum of ending inventory and cost of goods
Explain how price ceilings encourage greater discrimination : Explain how price ceilings encourage greater discrimination?
What do the marginal and average cost functions look like : For Apple-Cinnamon Cheerios, we assumed the average cost was constant, so that the unit cost of a pound of cereal was equal to $2, regardless of the quantity
What huge impact on employee motivation and productivity : Describe the effective use in your workplace of just one of the many motivation theories discussed and explain why it worked so well at your job
Conventional production function : Suppose my friend Joe owns a firm with a conventional production function resulting in U-shaped ATC, AVC, and MC curves.
What adjustment do they need to do for consolidation : At 30 June 2019, do they need to prepare the consolidation worksheet? If needed, what are the entries like? What adjustment do they need to do for consolidation
Real income or nominal income : Should people typically pay more attention to their real income or their nominal income? Explain

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd