Question: Using EXCEL, complete the following question: The total costs for Morris Industries are summarized in the following table. Q FC VC TC AFC AVC ATC

Using EXCEL, complete the following question:

 The total costs for Morris Industries are summarized in the following table. 
Q
 FC VC TC AFC AVC ATC MC
0
 1000
10
 2000
20
 2500
30
 3800
40
 6000
50
 10,000
60
 16,000

a. Complete the table.

b. Graphically illustrate the MC and price line.

c. If the price of the product is 300, what is the profit maximizing output level (illustrate on your graph)?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

A firms fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the table below. Complete the table to find the fixed cost, variable cost,...

Q:

Webby Inc. is a web development company. Webbys monthly production function for developing websites is given in Table 12P-3. Webby pays $4,000 a month in rent for office space and equipment. It pays...

Q:

Evaluate 1 e x 2 2 x 2 d x

Q:

11. From the table on page 265 (257 if you have the 6th edition of the book): If this company was able to charge $310 for each pair of shoes it should hire ___ workers. At this point the total...

Q:

I need help on these 5 microeconomic questions: Question 21 (2.5 points) Which one of the following goods is excludable? O Canada Day reworks O a road that does not charge a toll O tornado sirens O...

Q:

I need help on these 2 microeconomics questions: Question 24 (2.5 points) Saved The cost information for a firm is given by the following table. Assume that labor is paid a constant wage and capital...

Q:

A firm's fixed costs for O units of output and its average total cost of producing different output levels are summarized in the following table. Complete the table to find the fixed cost, variable...

Q:

Please show the calculations and explain Question 1 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...

Q:

6. A firm's fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the following table. Complete the table to find the fixed cost,...

Q:

6. A firms fixed costs for 0 units of output and its average total cost of producing different output levels are summarized in the following table. Complete the table to find the fixed cost, variable...

Q:

Harris Company manufactures and sells a single product. A partially completed schedule of the company's total costs and costs per unit over the relevant range of 52,000 to 92,000 units is given...

Q:

Prepare the GENERAL ENTRIES for BM Inc. for the month of December 2022 12/1/2022 Revenue total $86,000. Cash paid $50,000 and $36,000 on account 12/2/2022 Material Purchased for $43000. Cash paid...

Q:

Rewrite into simple terms: Your discussion on ethical resource stewardship in the context of operating systems and intellectual property (IP) laws is insightful and highlights the importance of...

Q:

Nevada Corporation had outstanding 200,000 shares of no-par-value common stock, with a stated value of $12, on December 1, 2016. The directors voted to split the stock on a 2-for-1 basis, issuing one...

Q:

Kling Company was organized in late 2010 and began operations on January 2, 2011. Prior to the start of operations, it incurred the following costs: Costs of hiring new employees .......................

Q:

Assume that you are Tommy OConnell and have learned that Carl Wilmeth will be working for you on the Altamesa audit engagement. Would you handle this situation any differently than Tommy did? Explain.

Q:

The KLK Clothing Company manufactures professional clothing for women. In order to keep costs low while still producing quality clothes, KLK conducts many research and development projects. On a...

Q:

Frankum Company has issued three different bonds during 2017. Interest is payable annually on each of these bonds. 1. On January 1, 2017, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2017, were...

Q:

1 . Let f ( x ) = x ^ 3 . Make a chart of secant line slopes to estimate the slope of this function at x = 2 . Make two charts, one for slopes above the point and one for slopes below. Also make sure...

Q:

A firm is considering building a two- way network that links 12 users. The cost of building the network is $ 10,000. a. How many potential connection services does this network provide? b. If each...

Q:

You are the manager of a firm that competes against four other firms by bid-ding for government contracts. While you believe your product is better than the competition, the government purchasing...

Q:

A large Coca- Cola vendor recently hired some economic analysts to assess the effect of a price increase in its 16-ounce bottles from $ 1.00 to $ 2.00. The analysts determined that, on average, the...

Q:

What about psychology has surprised you the most so far?

Q:

Can you think of a time when you focused your attention so completely on one thing that you did not notice something else? What happened?

Q:

Which of the four big ideas is most interesting to you? What was it that attracted your attention to that idea?