Question

Total revenue; Explicit cost; Implicit cost; Price; Fixed cost; Variable cost; Accounting cost; Economic cost Using...

  1. Total revenue; Explicit cost; Implicit cost; Price; Fixed cost; Variable cost; Accounting cost; Economic cost

Using the above concepts, write an equation for accounting profit (5 points)

Using the table below answer the questions 8-10 and show your work.

Quantity

Total

Cost

Fixed

Cost

Variable

Cost

Marginal

Cost

Average

Fixed

Cost

Average

Variable

Cost

Average

Total

Cost

0

$50

$50

$0

--

--

--

--

1

$150

A

B

C

D

E

F

2

$270

G

H

I

J

K

L

3

M

N

O

P

Q

$120

R
  1. Refer to Table above. What is the value of L? (10 points)
  1. Refer to Table above. What is the value of B? (10 points)
  1. Refer to Table above. What is the value of C? (10 points)
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Homework Answers

Answer #1

Ans: Accounting Profit = Total Revenue - Explicit cost

Ans:  The value of L is $135

Explanation:

Average Total cost = Total Cost / Quantity

= $270 / 2 =$135

Ans: The value of B is $100

Explanation:

Total Variable cost = Total cost - Total Fixed cost

= $150 - $50

Ans: The value of C is $100

Explanation:

Marginal Cost = ∆TC/ ∆Q

= ( $150 -$50) / ( 1 - 0)

= $100 / 1

=$100

Explanation:

Quantity Total
Cost		 Fixed
Cost		 Variable
Cost		 Marginal
Cost		 Average Fixed
Cost		 Average Variable
Cost		 Average Total
Cost
0 50 50 0 -- -- -- --
1 150 50 100 100 50 100 150
2 270 50 220 120 25 110 135
3 410 50 360 140 16.67 120 136.67

AFC = FC / Q

AVC = VC / Q

ATC = TC / Q

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