ECN 2802, EXAM TWO, PART ONE
FILL IN THE BLANKS
NAME ___________________
1. An ink bottle shaped to look like an oil supertanker cracks, spilling pools of black ink over an economist’s books. Please help the economist restore his records by filling the missing entries.
|
Quantity |
AFC |
TVC |
ATC |
MC |
TC |
|
0 |
XXX |
XXX |
XXX |
||
|
10 |
20 |
||||
|
20 |
280 |
||||
|
30 |
11 |
390 |
|||
|
40 |
420 |
||||
|
50 |
2 |
14 |
XXX values are unknown.
Quantity = Units of output; AFC = Average fixed cost; TVC = Total variable cost;
ATC = Average total cost; MC = Marginal cost; and TC = Total cost.
2. Fill in the blanks in the following table:
|
Output |
TC |
FC |
VC |
AFC |
AVC |
ATC |
MC |
|
1 |
$100 |
$900 |
|||||
|
2 |
850 |
||||||
|
3 |
700 |
||||||
|
4 |
800 |
||||||
|
5 |
900 |
||||||
|
6 |
1,500 |
||||||
|
7 |
|
7,900 | |||||
|
8 |
1,300 |
||||||
|
9 |
14,000 |
3. Fill in the blanks in the following table:
|
Variable Input |
Total Product |
Average Product |
Marginal Product |
|
4 |
20 |
XXX |
|
|
5 |
15 |
||
|
6 |
102 |
||
|
7 |
10 |
||
|
8 |
15 |
||
|
9 |
126 |
||
|
10 |
12 |