Costs and cost curves - self-test questions
1 |
Cost calculationA firm produces 200 units and the total cost of production is $4000. When they increase output to 220, the cost rises to $4200. What is the marginal cost? |
2 |
Cost calculationA firm produces 200 units and the total cost of production is $4000. When they increase output to 220, the cost rises to $4200. What is the average cost of producing 220 units? |
3 |
Cost calculationA firm producing in the short run produces 200 units and the total cost of production is $4000. When they increase output to 220, the cost rises to $4200. When output rises to 240, the cost rises to $4100. The firm is experiencing: |
4 |
Cost calculationA firm produces 200 units and the total cost of production is $4000. When they increase output to 220, the cost rises to $4200. When the firm produces zero output, the cost is $1000. What is the fixed cost per unit when they produce 200 units? |
5 |
Cost calculationA firm produces 200 units and the total cost of production is $4000. When they increase output to 220, the cost rises to $4200. When the firm produces zero output, the cost is $1000. What is the variable cost per unit when they produce 200 units? |
6 |
Types of costsMatch the following cost definitions to their type. |