Business
Business, 05.07.2020 16:01, caden8233

Ball Bearings, Inc., faces costs of production as follows: Quantity

Total Fixed Costs

Total Variable Costs

(Dollars)

(Dollars)

0 100 0
1 100 50
2 100 70
3 100 90
4 100 140
5 100 200
6 100 360
Complete the following table by calculating the companyâs total cost, marginal cost, average fixed cost, average variable cost, and average total cost at each level of production.

Quantity

Total Cost

Marginal Cost

Average Fixed Cost

Average Variable Cost

Average Total Cost

(Dollars)

(Dollars)

(Dollars)

(Dollars)

(Dollars)

0
1
2
3
4
5
6
The price of a case of ball bearings is $50. Seeing that he canât make a profit, the company's chief executive officer (CEO) decides to shut down operations.

The firmâs profit in this case is $(Fill in the blanks with the dollar amount) (Note: If the firm suffers a loss, enter a negative number in the previous cell.)

True or False: This was a wise decision.

True

False

Vaguely remembering his introductory economics course, the company's chief financial officer tells the CEO it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity.

At this level of production, the firmâs profit is.$(fill in the blanks with the dollar amount) (Note: If the firm suffers a loss, enter a negative number in the previous cell.).

True or False: This is the best decision the firm can make.

True

False

answer
Answers: 1

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Ball Bearings, Inc., faces costs of production as follows: Quantity

Total Fixed Costs

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