Business, 21.07.2020 17:01 KimberlyC

Answer the question on the basis of the following cost data for a firm that is selling in a purely competitive market. Total Output Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost
1 $150.00 $25.00 $175.00 $25.00
2 75 23 98 21
3 50 20 70 14,00
4 37.5 21 58.5 24
5 30 23 53 31
6 25 25 50 35
7 21.43 28 49.43 46.01
8 18.75 33 $1.76 68.07
9 16.67 48 55.67 86.95
10 15 39 63 128.97

1. Refer to the data. If the market price for this firm's product is $24, it will produce:

a. the law of diminishing returns.
b. the law of diminishing marginal utility.
c. diseconomies of scale.
d. economies of scale.

2. Refer to the above data. At 6 units of output, total fixed cost is and total cost is

a. $25; $50.
b. $50; $300.
c. $100; $200.
d. $150; $300.

3. Refer to the above data. At 3 units of output, total variable cost is and total cost is
a. $20; $70.
b. $60; $210.
c. $20; $210.
d. $60; $350.

Answers: 2

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