7b – Short Run Cost Curves PRACTICE

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7b – Short Run Cost Curves PRACTICE This web quiz may appear as two pages on tablets and laptops. I recommend that you view it as one page by clicking on the open book icon at the bottom of the page.

7b Short Run Cost Curves TC Be able to: TVC Calculate TFC Define ATC AVC AFC and MC Be able to: Calculate Define Draw Describe graph shapes Give Examples

7b Short Run Cost Curves TC Be able to find on a: TVC Table TFC ATC AVC AFC and MC Be able to find on a: Table Graph with numbers Graph with letters using geometry

7b Total Cost Curves Average Cost Curves and MC

1. If quantity = 3, what is TC? $ 24 $ 48 $ 72 $ 144 Cannot be found

1. If quantity = 3, what is TC? $ 24 $ 48 $ 72 $ 144 Cannot be found

2. If quantity = 3, what is TFC? $ 24 $ 48 $ 72 $ 144 Cannot be found

2. If quantity = 3, what is TFC? $ 24 $ 48 $ 72 $ 144 Cannot be found

3. If quantity = 3, what is TVC? $ 24 $ 48 $ 72 $ 144 Cannot be found

3. If quantity = 3, what is TVC? $ 24 $ 48 $ 72 $ 144 Cannot be found

4. If quantity = 3, what is ATC? $ 0 $ 12 $ 16 $ 48 Cannot be found

4. If quantity = 3, what is ATC? $ 0 $ 12 $ 16 $ 48 Cannot be found

5. If quantity = 3, what is AFC? $ 0 $ 6 $ 8 $ 12

5. If quantity = 3, what is AFC? $ 0 $ 6 $ 8 $ 12

6. If quantity = 3, what is AVC? $ 0 $ 6 $ 8 $ 12

6. If quantity = 3, what is AVC? $ 0 $ 6 $ 8 $ 12

7. If quantity = 3, what is MC? $ 0 $ 7 $ 48 $ 144

7. If quantity = 3, what is MC? $ 0 $ 7 $ 48 $ 144

8. Q = 250, what is ATC? $0.15 $0.30 $0.47 $0.50 $0.65

8. Q = 250, what is ATC? $0.15 $0.30 $0.47 $0.50 $0.65

Q = 250, what is ATC? $0.15 $0.30 $0.47 $0.50 $0.65

9. Q = 250, what is AVC? $0.15 $0.30 $0.47 $0.50 $0.65

9. Q = 250, what is AVC? $0.15 $0.30 $0.47 $0.50 $0.65

Q = 250, what is AVC? $0.15 $0.30 $0.47 $0.50 $0.65

10. Q= 250, what is AFC? $ 0.60 $ 0.50 $ 0.30 $ 0.20

10. Q= 250, what is AFC? $ 0.60 $ 0.50 $ 0.30 $ 0.20

At Q = 250: ATC - AVC = AFC .50 - .30 = .20

11. Q = 250, what is TC? $ 125 $ 150 $ 200 $ 250

11. Q = 250, what is TC? $ 125 $ 150 $ 200 $ 250

At Q = 250: ATC x Q = TC $ 0.50 x 250 = $ 125

12. Q = 250, what is TVC? $30 $ 75 $ 150 $ 250

12. Q = 250, what is TVC? $30 $ 75 $ 150 $ 250

At Q = 250: AVC x Q = TVC $ 0.30 x 250 = $ 75

13. Q =250, what is TFC? $ 30 $ 50 $ 75 $ 150 $ 250

13. Q =250, what is TFC? $ 30 $ 50 $ 75 $ 150 $ 250

At Q = 250: AFC x Q = TFC .20 x 250 = $ 50

14. Q=250, what is MC? $ 0.30 $ 0.50 $ 0.65 $ 162.50 $ 250

14. Q=250, what is MC? $ 0.30 $ 0.50 $ 0.65 $ 162.50 $ 250

14. Q=250, what is MC? $ 0.30 $ 0.50 $ 0.65 $ 162.50 $ 250

15. If quantity = Q, what is ATC? 0B 0C BC

15. If quantity = Q, what is ATC? 0B 0C BC

At quantity = Q:

16. If quantity = Q, what is AVC? 0B 0C BC

16. If quantity = Q, what is AVC? 0B 0C BC

At quantity = Q:

17. If quantity = Q, what is AFC? AB OB OC BC

17. If quantity = Q, what is AFC? AB OB OC BC

At quantity = Q: ATC – AVC = AFC 0C – 0B = BC

18. If quantity = Q, what is TFC? 0CDQ 0BEQ BCDE 0A

18. If quantity = Q, what is TFC? 0CDQ 0BEQ BCDE 0A

At quantity = Q: TFC = AFC x Q TFC = BCDE

19. If quantity = Q, what is TVC? 0CDQ 0BEQ 0AFQ BCDE

19. If quantity = Q, what is TVC? 0CDQ 0BEQ 0AFQ BCDE

At quantity = Q: TVC = AVC x Q TVC = 0BEQ

20. If quantity = Q, what is TC? 0CDQ OBEQ BCDE 0AFQ

20. If quantity = Q, what is TC? 0CDQ OBEQ BCDE 0AFQ

At quantity = Q: TC = ATC x Q TC = 0CDQ

21. If quantity = Q, what is MC? 0CDQ 0BEQ BCDE 0B

21. If quantity = Q, what is MC? 0CDQ 0BEQ BCDE 0B