Example Question - total cost
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Calculating Total Cost at Specific Output Level for Three Different Sized Firms
<p>To find the total cost for an output level of 5 units for three different firm sizes:</p> <p>For Loji 1:</p> <p>\text{Cost for 5 units} = 2.50 \times 5 = 12.50 \text{ RM}</p> <p>For Loji 2:</p> <p>\text{Cost for 5 units} = 2.00 \times 5 = 10.00 \text{ RM}</p> <p>For Loji 3:</p> <p>\text{Cost for 5 units} = 1.00 \times 5 = 5.00 \text{ RM}</p> <p>Add the costs from all three firms:</p> <p>\text{Total cost} = 12.50 + 10.00 + 5.00 = 27.50 \text{ RM}</p> <p>None of the options A, B, C, or D match the calculated total of 27.50 RM, so this might be a trick question or there's a mistake in the provided options.</p>
Cost Schedule Analysis of a Firm's Production
<p>(a) Total Variable Cost (TVC) is the cost of variable factors of production, which changes with the level of output. Since we only have Total Fixed Cost (TFC) and Marginal Cost (MC) in the table, we can calculate TVC by summing the MC for each additional unit of output.</p> <p>For 1 unit: TVC = 0 (since there is no additional cost for the first unit if no output is produced initially)</p> <p>For 2 units: TVC = 0 + 20 = 20</p> <p>For 3 units: TVC = 20 + 20 = 40</p> <p>For 4 units: TVC = 40 + 30 = 70</p> <p>Total Cost (TC) is the sum of Total Fixed Cost (TFC) and Total Variable Cost (TVC).</p> <p>For 1 unit: TC = TFC + TVC = 20 + 0 = 20</p> <p>For 2 units: TC = TFC + TVC = 20 + 20 = 40</p> <p>For 3 units: TC = TFC + TVC = 20 + 40 = 60</p> <p>For 4 units: TC = TFC + TVC = 20 + 70 = 90</p> <p>(b) Total Revenue (TR) is calculated by multiplying the price per unit by the quantity of output.</p> <p>TR at $30 per unit:</p> <p>For 0 units: TR = 0 * 30 = 0</p> <p>For 1 unit: TR = 1 * 30 = 30</p> <p>For 2 units: TR = 2 * 30 = 60</p> <p>For 3 units: TR = 3 * 30 = 90</p> <p>For 4 units: TR = 4 * 30 = 120</p> <p>(c) Profit/Loss is calculated as Total Revenue (TR) minus Total Cost (TC).</p> <p>For 0 units: Profit/Loss = TR - TC = 0 - 20 = -20</p> <p>For 1 unit: Profit/Loss = 30 - 20 = 10</p> <p>For 2 units: Profit/Loss = 60 - 40 = 20</p> <p>For 3 units: Profit/Loss = 90 - 60 = 30</p> <p>For 4 units: Profit/Loss = 120 - 90 = 30</p> <p>(d) The firm is in equilibrium when marginal cost (MC) equals marginal revenue (MR), which in this case is the price of $30, as there is no information to calculate MR otherwise.</p> <p>Looking at the MC column, equilibrium is reached at an output level of 3 units (where MC for the next unit would exceed the price).</p> <p>(e) The time period of the firm's operation is not given in the question and cannot be determined from the information provided.</p>
Cost Schedule Analysis for a Firm
(a) To calculate the Total Variable Cost (TVC) and Total Cost (TC): <p></p> <p>TVC = Output \times Marginal Cost</p> <p>TC = Total Fixed Cost + TVC</p> <p>At output 1: TVC = 1 \times 10 = 10, TC = 20 + 10 = 30</p> <p>At output 2: TVC = 2 \times 20 = 40, TC = 20 + 40 = 60</p> <p>At output 3: TVC = 3 \times 30 = 90, TC = 20 + 90 = 110</p> <p>At output 4: TVC = 4 \times 40 = 160, TC = 20 + 160 = 180</p> <p></p> (b) To calculate the Total Revenue (TR) at each level of output if price is $30: <p></p> <p>TR = Price \times Output</p> <p>At output 1: TR = 30 \times 1 = 30</p> <p>At output 2: TR = 30 \times 2 = 60</p> <p>At output 3: TR = 30 \times 3 = 90</p> <p>At output 4: TR = 30 \times 4 = 120</p> <p></p> (c) To calculate the profit/loss at each level of output: <p></p> <p>Profit/Loss = TR - TC</p> <p>At output 1: Profit/Loss = 30 - 30 = 0</p> <p>At output 2: Profit/Loss = 60 - 60 = 0</p> <p>At output 3: Profit/Loss = 90 - 110 = -20 (loss)</p> <p>At output 4: Profit/Loss = 120 - 180 = -60 (loss)</p> <p></p> (d) The firm will be in equilibrium at the output level where TR = TC: <p></p> <p>At output 1 and 2 the TR equals TC, so the equilibrium price would be at output levels 1 and 2 if the price should remain at $30.</p> <p></p> (e) With the provided information, it's not possible to determine the time period of the firm's operation, as it requires additional business cycle data or context.
Economic Analysis of a Firm's Cost Schedule
<p>Total Variable Cost (TVC) is calculated by multiplying the output level by the Marginal Cost (MC) for each level of output. Total Cost (TC) is the sum of Total Fixed Cost (TFC) and Total Variable Cost (TVC) for each level of output.</p> <p>For an output of 1:</p> <p>\text{TVC} = \text{Output} \times \text{MC} = 1 \times 10 = 10</p> <p>\text{TC} = \text{TFC} + \text{TVC} = 20 + 10 = 30</p> <p>For an output of 2:</p> <p>\text{TVC} = \text{Output} \times \text{MC} = 2 \times 10 = 20</p> <p>\text{TC} = \text{TFC} + \text{TVC} = 20 + 20 = 40</p> <p>For an output of 3:</p> <p>\text{TVC} = \text{Output} \times \text{MC} = 3 \times 10 = 30</p> <p>\text{TC} = \text{TFC} + \text{TVC} = 20 + 30 = 50</p> <p>For an output of 4:</p> <p>\text{TVC} = \text{Output} \times \text{MC} = 4 \times 10 = 40</p> <p>\text{TC} = \text{TFC} + \text{TVC} = 20 + 40 = 60</p> <p>Total Revenue (TR) at a price of $30 for each level of output:</p> <p>\text{TR} = \text{Price} \times \text{Output}</p> <p>For an output of 1:</p> <p>\text{TR} = 30 \times 1 = 30</p> <p>For an output of 2:</p> <p>\text{TR} = 30 \times 2 = 60</p> <p>For an output of 3:</p> <p>\text{TR} = 30 \times 3 = 90</p> <p>For an output of 4:</p> <p>\text{TR} = 30 \times 4 = 120</p> <p>Profit/Loss at each level of output is calculated by subtracting Total Cost (TC) from Total Revenue (TR).</p> <p>For an output of 1:</p> <p>\text{Profit/Loss} = \text{TR} - \text{TC} = 30 - 30 = 0</p> <p>For an output of 2:</p> <p>\text{Profit/Loss} = \text{TR} - \text{TC} = 60 - 40 = 20</p> <p>For an output of 3:</p> <p>\text{Profit/Loss} = \text{TR} - \text{TC} = 90 - 50 = 40</p> <p>For an output of 4:</p> <p>\text{Profit/Loss} = \text{TR} - \text{TC} = 120 - 60 = 60</p> <p>The firm will be in equilibrium when Total Revenue (TR) equals Total Cost (TC), which occurs at an output level of 1:</p> <p>\text{TR} = \text{TC} = 30</p> <p>Since the question does not provide a time frame, we cannot determine the actual time period in which the firm is operating.</p>
Calculating Variable Costs, Total Costs, Marginal Costs, and Revenues for a Product
Since the image presents an economics problem, we'll proceed by defining the economic concepts and then calculate each column accordingly. - Variable Cost (\(CV\)) is the cost that varies with the level of output. - Total Cost (\(CT\)) is the sum of Fixed Cost (\(CF\)) and Variable Cost (\(CV\)). - Marginal Cost (\(CM\)) is the change in Total Cost when output is increased by one unit. - Total Revenue (\(RT\)) is the price (\(P\)) multiplied by the quantity (\(Q\)). - Marginal Revenue (\(RM\)) is the change in Total Revenue when one more unit is sold. <p>\begin{align*} \text{Given:} \\ & CF = 10 \text{ (Fixed Cost)} \\ & P = 6 \text{ (Price of each unit)} \\ \end{align*}</p> <p>\begin{align*} \text{For Quantity } (Q) = 0: \\ & CV(0) = Réponse\ 2 = 0 \\ & CT(0) = CF + CV(0) = 10 + 0 = 10 \\ & CM(0) \text{ is not defined as no output is produced.} \\ & RT(0) = P \times Q = 6 \times 0 = 0 \\ & RM(0) \text{ is not defined as no revenue is generated.} \\ \end{align*}</p> <p>\begin{align*} \text{For Quantity } (Q) = 1: \\ & CV(1) = Réponse\ 7 = 6 \\ & CT(1) = CF + CV(1) = 10 + 6 = 16 \\ & CM(1) = CT(1) - CT(0) = 16 - 10 = 6 \\ & RT(1) = P \times Q = 6 \times 1 = 6 \\ & RM(1) = RT(1) - RT(0) = 6 - 0 = 6 \\ \end{align*}</p> <p>(Continue calculating for each subsequent quantity in the same manner.)</p> Note: Due to the unclear resolution and incompleteness of the given table, specific entries cannot be precisely filled in, and some responses are replaced by placeholders (Réponse\ x) which means that the actual numerical values would need to be calculated based on the provided information in the image.
Completing an Economic Table Involving Cost and Revenue
<p>\begin{align*} \text{Quantité (Q)} & \text{Coût fixe (CF)} & \text{Coût variable (CV)} & \text{Coût total (CT)} & \text{Coût marginal (Cm)} & \text{Recette totale (RT)} & \text{Recette marginale (Rm)} \\ 0 & 5 & 0 & 5 + 0 = 5 & - & 0 & - \\ 1 & 5 & 3 & 5 + 3 = 8 & 8 - 5 = 3 & 18 & 18 - 0 = 18 \\ 2 & 5 & 2 \times 3 = 6 & 5 + 6 = 11 & 11 - 8 = 3 & 2 \times 18 = 36 & 36 - 18 = 18 \\ 3 & 5 & 3 \times 3 = 9 & 5 + 9 = 14 & 14 - 11 = 3 & 3 \times 18 = 54 & 54 - 36 = 18 \\ 4 & 5 & 4 \times 3 = 12 & 5 + 12 = 17 & 17 - 14 = 3 & 4 \times 18 = 72 & 72 - 54 = 18 \\ 5 & 5 & 5 \times 3 = 15 & 5 + 15 = 20 & 20 - 17 = 3 & 5 \times 18 = 90 & 90 - 72 = 18 \\ \end{align*}</p>
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