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Economics Homework Six - Model (view source)

Revision as of 02:15, October 26, 2009

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6.  Suppose you spent one million dollars to build your factory, and another million dollars for materials and labor and electricity to make 50 cars.  What is your fixed cost, average variable cost, and average total cost?  Now suppose it costs you $18,000 to make a 51st car.  What is your marginal cost?
 
6.  Suppose you spent one million dollars to build your factory, and another million dollars for materials and labor and electricity to make 50 cars.  What is your fixed cost, average variable cost, and average total cost?  Now suppose it costs you $18,000 to make a 51st car.  What is your marginal cost?
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:The fixed cost would be $2,000,000, the average variable cost would be $20,000, and the average total cost would be $40,000, [and with] the 51st car my marginal cost would be $18,000.  (Matt)
    
:FC-$1,000,000 VC-$1,000,000 AVC-$20,000/per unit ATC-$40,000/per unit MC-$18,000 (Aran)
 
:FC-$1,000,000 VC-$1,000,000 AVC-$20,000/per unit ATC-$40,000/per unit MC-$18,000 (Aran)
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