Chapter 8 Cost Practice.pdf-Econ 120 Dr....
Chapter_8_Cost_Practice.pdf-Econ 120 Dr. Gaulke Chapter 8
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Chapter_8_Cost_Practice.pdf-Econ 120 Dr. Gaulke Chapter 8
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Chapter_8_Cost_Practice.pdf-Econ 120 Dr. Gaulke Chapter 8
Page 1
Econ 120
Dr. Gaulke
Chapter 8 Review
1.
How do we calculate profits? π= ______________________________
2.
What is the difference between the way economists and accountants calculate costs?
3.
Suppose a firm’s cost is given by TC = 4 + 3*Q.
What part of the equation is the fixed cost?
Why?
What part of the variable cost?
Why?
4.
How to do we calculate marginal cost?
MC = ___________________
5.
Fill in the following table
Output
FC
VC
TC
MC
AFC
AVC
ATC
0
85
0
-
-
-
-
1
85
5
2
85
8
3
85
33
4
85
52
6.
Fill in the following table
Output
FC
VC
TC
MC
AFC
AVC
ATC
0
48
-
-
-
-
1
12
2
12
3
84
4
48
7.
Fill in the following table
Output
FC
VC
TC
MC
AFC
AVC
ATC
0
-
-
-
-
1
15
10
2
15
4
8.75
5
47
8.
Fill in the following table
Output
VC
MC
1
15
2
25
3
45


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