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- Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $28,000 a year. Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost?0 Labo capit total Labors ur al product $20 FC 5 15 1 10 1 1 1 20 1 Question 6 Mr-Ali Alawi recently set a shoe manufacturing outlet. He is planning for production demand, labor requirement, fixed cost, variable cost, the revenue. He come up with the following schedule. Help him to fill up the schedule. Initially he plans to use one machine. Total fixed cost per month is expected to be $1000. The unit cost of labor is estimated to be $20. 0 25 75 100 VC=# of 150 0 100 200 300 1000 total Cost(FC+VATotal cost/ C) 100 1000 120 1000 140 1000 160 Marginal cost(MC) 400 1000 180 ATotal Product Total Revenue ProfitUse the information in the graph to find the values for the fol- lowing costs at an output level of 500. a. Total fixed cost b. Total variable cost c. Total cost d. Marginal cost
- What are the short-run and long-run costs of the production of Walmart?Differentiate between Fixed and Variable Costs?A special shoe manufacturer ABC Co. has costs of production as follows and solve all the subparts: Quantity 0 1 2 3 4 5 6 Total Variable Cost ($) 0 50 70 90 140 200 360 ABC Co.’s fixed costs are $100. Calculate average fixed costs, average variable costs, average total costs and marginal costs at each level of production. Draw the company’s cost curves in a clearly labelled graph. The price of ABC shoe is $50. What are the company’s profits? In case of loss, should the CEO continue operations or decide to shut-down? Which would be a wise decision? Explain. The chief financial officer tells the CEO that it’s better to produce only one shoe this month. What could be the reason for this advice by the CFO? What are the firm’s profits at that level of production? Is this the best decision? Explain.
- The pizzeria's fixed cost is $ Complete the third column of the following table by calculating the marginal cost per dozen pizzas using the information on total cost. Then complete the final column by calculating the marginal cost per dozen pizzas using the information on variable cost. BILING Quantity (Dozens of pizzas) 1 2 3 4 5 6 O True Total Cost O False (Dollars) 300 350 390 420 450 490 540 Marginal Cost Using Total Cost (Dollars) O Search Variable Cost (Dollars) True or False: It doesn't matter whether you compute marginal cost using total cost or variable cost. 0 50 90 120 150 190 240 Marginal Cost Using Variable Cost (Dollars) P COA firm's long run cost is the cost of production when the firm Select one calculates its cost at least one year into the future Luses the economically ethicient quantities for its plant and its labor an vary the amount of output it produces adds together all of its short run costsWhich of the following is not a variable cost at the sandwich shop? O Cost of labor O Cost of delivery O Cost of rent O Cost of tomatoes
