The information related to the cost structure of the firm is given below.

. The information related to the cost structure of the firm is given below. No of...

. The information related to the cost structure of the firm is given below. No of Labour Total Output (Q) Total Cost (TC) 0 0 25 1 4 50 2 10 75 3 13 100 4 15 125 5 16 150 i. Calculate total fixed cost and total variable cost ii. Calculate marginal cost, the average variable cost, and average total cost. iii. Draw the graphical relationship among these cost curves. iv What is the shape of the AFC curve...

Q1. What is the relationship between the marginal product of labour and the marginal cost? Q2....

Q1. What is the relationship between the marginal product of labour and the marginal cost? Q2. What is the difference between diminishing marginal returns and diseconomies of scale? Q3. Draw an average total cost curve, an average variable cost, and a marginal cost curve all on the same diagram. You do not need to include numbers or make it to scale. Make sure however that the curves have their usual shape, and that your diagram shows the correct relationships between...

30. Tom owns and operates a classy bistro restaurant, Tom's Bistro, and gathers the following information...

30. Tom owns and operates a classy bistro restaurant, Tom's Bistro, and gathers the following information to make a decision on whether to stay open for business or to shut down permanently: Future operating revenues = $12 million Future operating costs = $10 million Sunk costs = $4 million Tom should: A. shut down because the operating revenues are insufficient to cover the operating costs and sunk costs. B. continue to operate because the operating revenues exceed the operating costs....

3. Cost Tables (a) Fill in the following table, where TFC = Total Fixed Cost, TVC...

3. Cost Tables (a) Fill in the following table, where TFC = Total Fixed Cost, TVC = Total Variable Cost, TC = Total Cost, AFC = Average Fixed Cost, AVC = Average Variable Cost, ATC = Average Total Cost, and MC = Marginal Cost. Remember the following relationships: TFC + TV C = TC AF C = T F C/Q, AV C = T V C/Q, AT C = T C/Q MC = ∆TC ∆Q Output (Q) TFC TVC TC...

1. The daily production data of a firm are given below. The wage rate is MYR...

1. The daily production data of a firm are given below. The wage rate is MYR 20 per day for each labor (variable input) and it is the only variable cost incurred. Additionally, output refers to the total products and it is in hundreds of units. Labor Output AP MP TVC TC MC AFC AVC ATC 0 0 - - 40 - - - - 1 18 2 37 3 57 4 76 5 94 6 111 7 127 a....

Draw the average variable cost and average total cost curves for a typical firm. Include the...

Draw the average variable cost and average total cost curves for a typical firm. Include the MC curve. Describe the relationship between marginal and average costs.

The table below refers to the production cost of Syarikat Sonata Enterprise. Quantity Fixed Cost Variable...

The table below refers to the production cost of Syarikat Sonata Enterprise. Quantity Fixed Cost Variable Cost Total Cost Average Total Cost Marginal Cost 0 100 0 - - 1 20 2 35 3 50 50 4 100 150 37.5 0 5 -10 6 100 -12 Based on the table, answer the following questions. a)  Complete the table above. (1/2 mark for each correct answer = Total 10 marks) b)  Calculate the Average Variable Cost (AVC) and Average Fixed Cost (AFC) at...

4. Answer the following questions: a). If Total Variable Cost (TVC) = $80 and Average Variable...

4. Answer the following questions: a). If Total Variable Cost (TVC) = $80 and Average Variable Cost (AVC) = 4, then what does Quantity (Q) equal to? b). If Total Cost (TC) is $40 when Q = 2 and TC is $45 when Q = 3, then what does Marginal Cost (MC) equal to? c). What does Average Fixed Cost (AFC) equal at Q = 2 if TVC is $15 at Q = 2? d). Why does the AFC curve...

a) The following tables gives you the cost schedule for a firm producing sugar. Calculate the...

a) The following tables gives you the cost schedule for a firm producing sugar. Calculate the average costs and the marginal cost and complete the cost schedule. Output(tons) FC($) VC($) TC($) AFC($) AVC($) ATC($) MC($) 250 200 450 300 200 500 350 200 570 400 200 660 450 200 780 b) Draw the typical shapes of the average costs (AFC,AVC, ATC) and MC. c) Explain the relationship between Marginal cost and Average total cost.

Suppose you are given the following information:             Price of variable input is $40/unit; Price of...

Suppose you are given the following information:             Price of variable input is $40/unit; Price of fixed input is $50/unit a. Using the above information, complete the followingtable Units of Fixed Input Units of Variable Input Output Marginal Product TFC TVC AFC AVC ATC MC 2 0 0 2 1 10 2 2 25 2 3 45 2 2 2 2 4 5 6 7 8 70 100 125 140 150 b. Draw graphs for AFC, AVC, ATC, and MC....