109 . Refer to the above data. The marginal cost column reflects: A. the law of
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109. Refer to the above data. The marginal cost column reflects:
A. the law of diminishing returns.
B. the law of diminishing marginal utility.
C. diseconomies of scale.
D. economies of scale.
110. 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.
111. 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.
112. Refer to the above data. We can infer that, at zero output, this firm's total fixed, total variable, and total costs are:
A. zero, zero, and zero, respectively.
B. zero, $25, and $175, respectively.
C. $150, $25, and $175, respectively.
D. $150, zero, and $150, respectively.
113. Refer to the above data. If the market price for this firm's product is $87, it will produce:
A. 9 units at an economic profit of zero.
B. 6 units at a loss of $90.
C. 9 units at an economic profit of $281.97.
D. 8 units at an economic profit of $130.72.
114. Refer to the above data. If the market price for this firm's product is $68.10, it will produce:
A. 8 units at an economic profit of zero.
B. 6 units at a loss of $90.
C. 9 units at an economic profit of $281.97.
D. 8 units at an economic profit of $130.72.
115. Refer to the above data. If the market price for this firm's product is $35, it will produce:
A. 6 units at a loss of $150.
B. 6 units at a loss of $90.
C. 9 units at an economic profit of $281.97.
D. 8 units at an economic profit of $130.72.
116. Refer to the above data. If the market price for this firm's product is $24, it will produce:
A. 4 units at a loss of $150.
B. 6 units at a loss of $90.
C. 3 units at an economic profit of zero.
D. 4 units at a loss of $138.
117. Refer to the above data. If the market price for this firm's product is $15, it will produce:
A. 0 units at a loss of $150.
B. 3 units at a loss of $168.
C. 3 units at an economic profit of zero.
D. 4 units at a loss of $138.
can you explain how they got these answers thank you!
Answer the question on the basis of the following cost data for a firm that is selling in a purely competitive market.Explanation / Answer
109.the law of diminishing returns- as the marginal cost is increaing with each increase in unit
110. $150; $300- fixed cost = 6*25=150, total cost = 6*50 = 300
111.$60; $210.- variable cost = 3*20 = 60, total cost = 3*70 = 210
112.$150, zero, and $150, respectively.- this is because we are given marginal cost = 25, which means at 0 unit of output total cost was 150 and total cost comprises of fixed cost and variable cost, at 0 units there will be no variable cost hence fixed cost = 150
113.9 units at an economic profit of $281.97.- profit = 87-55.67 = 31.33*9 = 281.97
114.8 units at an economic profit of $130.72. -profit = 68.10-51.76 = 16.34*8 = 130.72
115.6 units at a loss of $90.- loss = 35-50 = -15*6 = -90
116.4 units at a loss of $138.- loss = 24-58.5 = -34.5*4 = -138
117.0 units at a loss of $150. - loss = 150 which is the fixed cost
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