tailieunhanh - Bài tập về Kinh tế vĩ mô bằng tiếng Anh - Chương 7

Tham khảo tài liệu 'bài tập về kinh tế vĩ mô bằng tiếng anh - chương 7', kinh tế - quản lý, kinh tế học phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter 7 The Costs of Production CHAPTER 7 THE COST OF PRODUCTION EXERCISES 1. Joe quits his computer-programming job where he was earning a salary of 50 000 per year to start his own computer software business in a building that he owns and was previously renting out for 24 000 per year. In his first year of business he has the following expenses salary paid to himself 40 000 rent 0 and other expenses 25 000. Find the accounting cost and the economic cost associated with Joe s computer software business. The accounting cost represents the actual expenses which are 40 000 0 25 000 65 000. The economic cost includes accounting cost but also takes into account opportunity cost. Therefore economic will include in addition to accounting cost an extra 24 000 because Joe gave up 24 000 by not renting the building and an extra 10 000 because he paid himself a salary 10 000 below market 50 000- 40 000 . Economic cost is then 99 000. 2. a. Fill in the blanks in the following table. Units of Output Fixed Cost Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 0 100 0 100 0 1 100 25 125 25 100 25 125 2 100 45 145 20 50 3 100 57 157 12 19 4 100 77 177 20 25 5 100 102 202 25 20 6 100 136 236 34 7 100 170 270 34 8 100 226 326 56 9 100 298 398 72 10 100 390 490 92 10 39 49 b. Draw a graph that shows marginal cost average variable cost and average total cost with cost on the vertical axis and quantity on the horizontal axis. Average total cost is u-shaped and reaches a minimum at an output of 7 based on the above table. Average variable cost is u-shaped also and reaches a minimum at an output of 3. Notice from the table that average variable cost is always below average total cost. The difference between the two costs is the average fixed cost. Marginal cost is first diminishing to a quantity of 3 based on the table and then .