Consider the following table. What is the marginal cost of producing the fifth unit of output? |...
Question:
Consider the following table. What is the marginal cost of producing the fifth unit of output?
| Quantity of Output | Fixed Cost | Variable Cost |
| 0 | $20 | $0 |
| 1 | $20 | $10 |
| 2 | $20 | $40 |
| 3 | $20 | $80 |
| 4 | $20 | $130 |
| 5 | $20 | $200 |
| 6 | $20 | $300 |
Quantity of Output:
The quantity of output signifies the total number of products manufactured by the firms with the available resources and technologies. The quantity of output varies with the availability of inputs and the total cost incurred from purchasing them.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerThe total cost experienced by the firm in producing output includes fixed (FC), and variable cost (VC) incurred from employing input factors.
{eq}TC...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Marginal Cost: Definition, Equation & Formula
from
Chapter 3 / Lesson 12
254K
What is marginal cost? Learn how to calculate marginal cost with the marginal cost formula. See the definition, behavior, and marginal cost examples.
Related to this Question
- Consider the following table. What is the average fixed cost of producing 5 units of output? | Quantity of Output | Fixed Cost | Variable Cost | 0 | $20| $0 | 1 | $20 | $10 | 2 | $20 | $40 | 3 | $20 | $80 | 4 | $20 | $130 | 5 | $20 | $200 | 6 | $20
- If a firm is producing 5 units of output and the marginal cost for the fifth unit is $7 and the average variable cost for the fifth unit is $3, then the average variable cost for the fourth unit is a. 1 b. 2 c. 4 d. 8 e. None of the above
- The table given below shows the total revenue and total cost of producing a commodity. \\ In the table above, the marginal cost of producing the sixth unit of output is equal to {Blank}. \\ A. $500 B. $600 C. $300 D. $200 E. $700
- For the cost function TC = 1000 + 14Q + 9Q^2+3Q^3, where Q is the level of output produced, what is the marginal cost of producing the fourth unit of output?
- Consider the cost function C(x)=7x^2+14x+22 (thousand dollars). Use the marginal cost at production level x = 3 to estimate the cost of producing 3.50 units.
- 1. What is the variable cost when producing 10 units of output? (What is X on the table?) A. 30 B. 50 C. 60 D. 40 2. What is the total cost when producing 0 units of output? (What is Y on the table?) A. 45 B. 40 C. 0, since you aren't producing any output
- Refer to the table below If the competitive price of the product produced by the labor is equal to $2, what is the value of the marginal product of the fifth unit of labor? a) $12 b) $2 c) $24 d) $6 e) $10 |Units of Labor |Marginal Product of Labor (MPL)
- Refer to the table below. If the firm is producing 3 units of output, it should produce: a. More units of output because its marginal revenue is greater than its marginal cost, b. Fewer units of output because its marginal revenue is less than its margina
- If the total cost of producing three units of output is $2,141 and the total cost of producing four units of output is $3,222, then the marginal cost of the fourth unit is $___?
- Refer to the table above. What is the average variable cost of producing 5 units of output? A. $4 B. $5 C. $40 D. $44
- An economist estimated that the cost function of single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity of output. Calculate the variable cost of producing 10 units of output.
- Refer to the Table below. What is the average variable cost of producing 5 units of output? a. $4 b. $5 c. $40 d. $44 |Outpit (units)|Fixed cost (dollars)|Variable cost (dollars) |0|20|0 |1|20|10 |2|20|40 |3|20|80 |4|20|130 |5|20|200 |6|20|300
- Consider the following cost function: *C = 0.2q(cubed) - 3q(squared) + 75q + 150 a. When output is 19 units, average cost is $_. b. When output is 19 units, marginal cost is $_. c. The output level wh
- ||Output ||Total Cost |0 |$10 |1 |20 |2 |28 | 3 |38 |4 |53 |5 |73 |6 |98 Refer to the table above. The average variable cost of producing 3 units of output is: A. $9.33 B. $10 C. $12.67 D
- In the table above, if for an output of 11 units the average variable cost is $52: a. the total variable cost is $576. b. the total variable cost is $622. c. the total cost of 11 units of output will be $652. d. the marginal cost of the 11th unit is $102.
- A firm's fixed costs for producing zero units of output is equal to $15,000. Use the table below and find the average variable cost at all levels of output. | Quantity | Fixed Cost | Average Total Cost | Average Variable Cost | 0 | $15,000 | --- | | 1
- An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity. Calculate the fixed cost of producing 10 units of output.
- Refer to the data in the table above. What is the variable cost in producing 5 units? A. $61 B. $48 C. $37 D. $24.
- An economist estimated that the cost function of a single-product firm is C(Q) = 50 + 25Q + 30Q^2 + 5Q^3. Determine the variable cost of producing 10 units of output.
- A firm's fixed costs for producing zero units of output is equal to $15,000. Use the table below and find the average fixed cost at all levels of output. | Quantity | Fixed Cost | Average Total Cost | Average Fixed Cost | 0 | $15,000 | --- | | 100 | |
- Refer to the table below. The average fixed cost for producing 3 units of output is: a. $3.33 b. $10 c. $38 d. $12.67 |Output|Total cost |0|$10 |1|20 |2|28 |3|38 |4|53 |5|73 |6|98
- Consider the table above. Assume that the resource and output markets are both perfectly competitive. The equilibrium price of the resource is $25 and the equilibrium price of the product is $1.00. How many units of the resource will be hired by a profit
- Consider a profit-maximising, price-taking firm that only uses capital as input at a cost of v per unit. Its production function is given by f(k) = 11 - \frac{1}{1 + k}. What is its cost function (whe
- Below are two statements regarding a firm?s costs: Statement A. For Sophia, the marginal cost of producing the fourth unit of output is $6. If the average variable cost of producing the fourth unit of
- A production facility can produce 1,000 units per year. Fixed costs are $60,000 per year and the variable cost is $3 per unit produced. What is the marginal cost of producing the 600th unit?
- Unit of Labor Output Marginal Product Price MRP_1 Marginal Revenue Product MRP_2 Marginal Revenue Product 0 0 1 50 $20 2 90 $20 3 $20 $600 4 20 $20 5 $20 $200 6 155 $20 1. Provide the missing values in the first five columns of the table. Ignore the
- Using the table, determine the average variable cost of producing 27 units. ||Q||FC||VC |0|500|0 |8|500|250 |17|500|500 |27|500|750 |40|500|1000 |54|500|1250 |66|500|1500 |76|500|1750 |84|500|2000 |91|500|2250 |96|500|2500 A. $ 46.30 B. $ 29.41 C. $ 27.7
- A firm's fixed costs for producing zero units of output is equal to $15,000. Complete the table below to find the variable cost at all levels of output. | Quantity | Fixed Cost | Average Total Cost | Variable Cost | 0 | $15,000 | --- | | 100 | | $300
- You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. (Part A) What is the marginal product of the second worker? (Part B) What is the marginal revenue product (MRP) of the fourth worke
- Consider the information in the following table. If the product price is $5, the marginal revenue product (MRP) of the fourth worker is ____. a. $100 b. $125 c. $25 d. $175 | Labor | Output | 0 | 0 | 1 | 20 | 2 | 45 | 3 | 80 | 4 | 100 | 5 | 110
- An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity. Calculate the average variable cost of producing 10 units of output.
- Refer to the table. What are the fixed costs of production for this firm? a. $34 b. $4 c. $30 d. $50 __Oil Production__ |Barel of Oil Produced| Marginal Revenue|Marginal Cost|Average Costs |1|$50|$4|$34 |2|50|6|20 |3|50|11|17 |4|50|17|17 |5|50|23|18.20 |
- Given the information in the table below, marginal revenue from the fourth unit of output is: |Quantity| Price ($) |0 |7 |1 |6 |2 |5 |3 |4 |4 |3 |5 |2 |6| 1 a. $12 b. $3 c. $4 d. -$4 e. $0
- An economist estimated that the cost function of single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity of output. Calculate the average fixed cost of producing 10 units of output.
- Marginal cost is A. all the costs of production of goods. B. all the costs of the fixed inputs. C. the change in the total cost resulting from a one-unit change in output. D. all the costs that vary with output.
- Using the table, determine the total cost of producing 54 units. ||Q||FC||VC |0|500|0 |8|500|250 |17|500|500 |27|500|750 |40|500|1000 |54|500|1250 |66|500|1500 |76|500|1750 |84|500|2000 |91|500|2250 |96|500|2500 A. $ 1,250 B. $ 500 C. $ 2,000 D. $ 1,750
- The table above shows the product price of a perfectly competitive firm and the output produced by the firm. From the table, it can be said that the marginal product of the third machine is A. $2. B. $3. C. 3 units. D. 15 units. E. 5 units.
- Refer to the table below. The average total cost of producing 3 units of output is: a. $9.33 b. $38 c. $10 d. $12.67 |Output|Total cost |0|$10 |1|20 |2|28 |3|38 |4|53 |5|73 |6|98
- Suppose that an economy produces 300 units of output, employing the 50 units of input, and the price of the input is $9 per unit. The level of productivity and the per-unit cost of production are, respectively: a. 1.50 and $6.00. b. 6 and $1.50. c. 5 and
- You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below. [TABLE] (1.) What is the marginal product of the second worker? (2.) What is the marginal revenue product of the fourth worker? (3.
- A firm is producing 50 units of output and receiving $1.50 for each unit. At this output, marginal revenue is $l.25, average cost per unit is $l.20, and marginal cost is $l.40. From these revenue and
- An economist estimated that the cost function of single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity of output. Calculate the total cost of producing 10 units of output.
- Consider a firm with production function f(L,K)=3L1/3K2/3. Assume that capital is fixed at K=1. Assume also that the price of capital r=5 and the price of labor w=3. Then, the variable cost of producing q units is what?
- An economist estimated that the cost function of a single-product firm is C(Q) = 50 + 25Q + 30Q^2 + 5Q^3. Determine the fixed cost of producing 10 units of output.
- The table below shows the quantity produced and the price set by a monopoly firm. Based on the table, the marginal revenue from the 14th unit of output is: a. $0.25 b. $46.75 c. $49.75 d. $46.00 e. $ 46.50
- Refer to the Table below. In order to maximize profits, the firm should stop producing after it makes the: a. First unit, b. Second uni, c. Fourth unit, d. Fifth unit. |Price |Quantity |Total Cost |$6 |0| $4 |$6 |1| $6 |$6| 2| $9 |$6| 3 |$13 |$6 |4 |
- 1. The change in total output resulting from a 1-unit increase in the quantity of a factor of production used, holding the quantities of all other factors of production constant, is? A) average cost. B) average product. C) marginal cost. D) marginal produ
- Given the following table of production quantities, with their corresponding marginal revenue and marginal cost, estimate the production level that maximizes profit.
- The average variable cost of producing five units of output is $16.8.
- Costs of production that change with the rate of output are: a. sunk costs. b. opportunity costs. c. fixed costs. d. variable costs.
- Costs of production that change with the rate of output are: A) sunk costs. B) opportunity costs. C) variable costs. D) fixed costs.
- The change in total output resulting from a 1-unit increase in the quantity of a factor of production used, holding the quantities of all other factors of production constant, is: a) average cost. b) average product. c) marginal cost. d) marginal product.
- Refer to the following table. A blank stands for a value that can be calculated. What is the average variable cost of producing four (4) units of the good?
- ||Output ||Total Cost |0 |$10 |1 |20 |2 |28 | 3 |38 |4 |53 |5 |73 |6 |98 Refer to the above table. The average variable cost of producing 3 units of output is: A. $9.33 B. $10 C. $12.67 D.
- Refer to the table below. The average variable cost of producing four purses is: a. $35 b. $140 c. $47.50 d. $190 __Table: Cost Data__ |Quantity of output| Variable cost (VC)|Total cost (TC) |0|0|50 |1|50|100 |2|70|120 |3|100|150 |4|140|190 |5|190|240 |
- If the fixed cost of producing a product is $1,500 and the price is $10 with an average variable cost of $5, what is the breakeven output level?
- |Total Output |Total Cost |$ 0 |$100 |2| 196 |4 |212 |6 |310 |8 |430 |10| 570 In the table above, when total output is 8 units, the average variable cost is a. $3,440. b. AVC cannot be determ
- 1. Marginal cost is defined as: a. the change in total costs from producing one more unit of output b. the change in fixed cost from producing one more unit of output. c. total cost divided by total o
- Consider the production function expressed in the following table: 1) What is the marginal product of the 4th unit of labor when K = 2? When K = 4? 2) What is the slope of the production isoquant (wit
- Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f(E,K) = E�K �, so that the marginal product of
- If the total cost of producing 6 units is $228 and the total cost of producing 7 units is $245, what is the marginal cost of producing the seventh unit? a. $35 b. $245 c. $3 d. $38 e. $17 Consider t
- A firm's fixed costs for producing zero units of output is equal to $15,000. Use the table below and find the total cost at all levels of output. | Quantity | Fixed Cost | Average Total Cost | Total Cost | 0 | $15,000 | --- | | 100 | | $300 | | 200 |
- Refer to the data below: Output Total cost 0 $30 1 39 2 47 3 54 4 60 5 67 6 75 Calculate the total variable cost of producing 5 units.
- Suppose a firm produces an output measured in units Q. The cost of producing Q units is given by the cost function C(Q) = aQ^2 + bQ + c, where you can assume a 0,b 0,c 0. In Economics we also think about cost per unit (average cost) given by: AC(Q) = C(
- Consider the following information. How much is the total cost when output is zero? | Output | Fixed cost | Variable cost | 1 | 100 | 100 | 2 | 100 | 180 | 3 | 100 | 240 | 4 | 100 | 320
- A firm has fixed costs of $5,000. Its short-run production function is y = 2x^{1/2}, where x is the amount of variable factor it uses. The price of the variable factor is $80 per unit. Where y is the amount of output, the short-run total cost function is
- Refer to the data from the table above. The average fixed cost of producing 3 units of output is A. $8. B. $7.40 C. $5.50 D. $6.
- ||Total Output ||Total Cost |0| $100 |2| 196 | 4 | 212 |6 | 310 |8 | 430 |10 |570 7. In the table above, when total output is 8 units, the average variable cost is a. $3,440. b. AVC cannot be
- The following table shows the production costs for a perfectly competitive firm. If the price is $140 per unit, then the short run profit maximizing output is a. 0. b. 4. c. 5. d. 7. e. 8.
- An economist estimated that the cost function of a single-product firm is C(Q) = 50 + 25Q + 30Q^2 + 5Q^3. Determine the average variable cost of producing 10 units of output.
- The table below shows the quantity of workers and total output for a local pizza parlor. Assuming the marginal product of the second worker is 6, the law of diminishing marginal returns set in with the A) sixth worker hired. B) fifth worker hired. C) f
- Refer to the accompanying table to answer the questions that follow. If the price of output is $5, what is the value of the marginal product of labor for the third worker? A) $30 B) $38 C) $40 D) $190
- Using the table, determine the average fixed cost of producing 40 units. ||Q||FC||VC |0|500|0 |8|500|250 |17|500|500 |27|500|750 |40|500|1000 |54|500|1250 |66|500|1500 |76|500|1750 |84|500|2000 |91|500|2250 |96|500|2500 A. $12.00 B. $12.50 C. $18.52 D. $
- What is the marginal cost in dollars of each of the units between 500 and 600? a. 5.25 b. 3.35 c. 5.45 d. 5.55 Production (units) Rent Wages Supplies Tools Total cost 0 $300 $200 $0 $100 $600 100 $300 $410 $50 $200 $960 200 $300 $650 $1000 $300 $1,350 300
- A firm has the production function y = x_1^{1/2}x_2. In the short run, it must use exactly 35 units of factor 2. The price of factor 1 is $105 per unit and the price of factor 2 is $3 per unit. What is the firm's short-run marginal cost function?
- Consider the information in the following table. If the product price is $5, the marginal revenue product (MRP) of the third worker is _____. a. $35 b. $125 c. $25 d. $175 | Labor | Output | 0 | 0 | 1 | 20 | 2 | 45 | 3 | 80 | 4 | 100 | 5 | 110
- Consider the information in the following table. If the product price is fixed at $8, the marginal revenue product (MRP) of the third worker is _____. a. $100 b. $125 c. $280 d. $375 | Labor | Output | 0 | 0 | 1 | 20 | 2 | 45 | 3 | 80 | 4 | 100 | 5 |
- The table shows output and cost data. Calculate the average total cost, average fixed cost, average variable cost, and marginal cost schedules. If the price were $500, should the firm shut down in the
- The table below shows some of the production cost data. Add columns to show, respectively, average fixed cost (AFC), average variable cost (AVC), average total cost (ATC), and short-run marginal cost
- Refer to the below table and answer the following questions.(1) What are the fixed costs? a)$50 b)$500 c)$0 d)$550 (2) When output is 3, what is the firm?s variable cost of production? a)$45 b)$625 c
- 1. According to the competitive firm table shown, at a production level of 4 units which of the following is true? a. Fixed cost is zero. b. Marginal cost is $6. c. Total revenue is less than varia
- Consider the cost function C(x) = 7x^2 + 16x + 25. (in thousands of dollars.) a. What is the marginal cost (MC) at the production level x = 4? b. Use the MC at x = 4 to estimate the cost of producing 4.5 units. c. Let the revenue function be given by R(x)
- A firm is producing its output based on the following cost schedule. How many units of output should it produce when the price of the product is $70, $85, or $95, respectively, and what is the firm's short-run supply curve? |Total Product|Fixed Cost|Varia
- According to the table below, what is the total cost of producing 125 units of output? Q FC VC 0 1000 0 20 1000 350 50 1000 760 90 1000
- Labor Output Variable Cost Fixed Cost Total Cost 0 0 12 1 10 5 2 18 22 3 24 15 4 28 20 32 Consider the table above. What is the average total cost at 3 units of labor?
- According to the table below, what is the average total cost of producing 160 units of output?
- Refer to the table above. What is the average total cost of producing five units? a. 180 b. 37 c. 31 d. 185
- Consider the following table of the cost of production of Sunbeam Cost of Sunbeam Production |Quantity of output|total fixed cost|Averagr fixed cost|Total variable cost|Average variable cost|Total c
- Consider the table below. If a technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price, determine the new equilibrium price.
- A firm's total cost is $1,000 if it produces one unit, $1,600 if it produces two units, and $2,000 if it produces three units of output. Draw up a table of total, average, and marginal costs for this
- Using the table, determine the average total cost of producing 66 units. ||Q||FC||VC |0|500|0 |8|500|250 |17|500|500 |27|500|750 |40|500|1000 |54|500|1250 |66|500|1500 |76|500|1750 |84|500|2000 |91|500|2250 |96|500|2500 A. $ 30.30 B. $ 7.58 C. $ 22.73 D.
- Refer to the table below. Suppose we know that the value of the marginal product of the seventh unit of labor is $15. If the firm operates in a competitive product market, what is the price of the good being produced by this labor? a) $2.50 b) $2 c) $6 d)
- Consider a firm with the production function f(L,K)=L^{1/5}K^{4/5}. Assume that the price of capital r=3 and the price of labor w=2. If L^* and K^* are the amounts used by the firm to produce q units of output when both L and K are variable, then what is
- Consider the production function Y = X _1^{1/5} X _2^{3/5} with P_{ x_1} = $2 and P_{x_2} = $2. Find the Least-Cost combination of X_1 and X_2 to produce 8 units of Y.
- An economist estimated that the cost function of a single-product firm is C(Q) = 100 + 20Q + 15Q^2 + 10Q^3, where Q is the quantity. Calculate the average total cost of producing 10 units of output.
- The addition to total costs associated with the production of one more unit of output is referred to as A. average cost. B. marginal cost. C. opportunity cost. D. overhead cost.
- The table above shows some of the costs for a perfectly competitive firm. If the price is $160 per unit, how many units of output will the firm produce? A. 8, because this output level will maximize profit. B. 8, because this output level is the maximum c
- An economist estimated that the cost function of a single-product firm is C(Q) = 50 + 25Q + 30Q^2 + 5Q^3. Determine the average fixed cost of producing 10 units of output.
- Suppose that a firm's production function is q = 10L1/2K1/2. The cost of a unit of labor is $20 and the cost of a unit of capital is $80. a. Derive the long-run total cost curve function TC(q). b. The firm is currently producing 100 units of output. Find
- Refer to the Table below. What is the marginal product of the first worker? (300 units, 200 units,100 units, or 50 units?) What is the marginal product of the third worker? (300 units, 200 units,
Explore our homework questions and answers library
Browse
by subject