September 2023 AB224 Unit 8 Assignment Template Name Course Number Section Number Unit Number

2024 AB224: Microeconomics unit 8 Assignment – Revised Assignment Help

AB224 Unit 8 Assignment Template Name Course Number Section Number Unit Number 2023

AB224 Unit 8 Assignment Template: Name: – Course Number: – Section Number: – Unit Number: – 8 Date: – ———————————- General Instructions for all Assignments ———————————– 1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format: Course number_section number_LAST_FIRST_ unit number 2. At the top of the template, insert the appropriate information: Your Name, Course Number, Section Number and Date 3. Insert your answers below, or in the appropriate space provided for in the question. Your answers should follow the APA format with citations to your sources and, at the bottom of your last page, a list of references. Your answers should also be in Standard English with correct spelling, punctuation, grammar, and style (double spaced, in Times New Roman, 12-point, black font). Respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions. 4. Provide a list of references at the end of the last page of your assignment. 5. Upload the completed assignment to the appropriate dropbox. 6. Any questions about the assignment, or format questions, should be directed to your course instructor. ——————————————- Career Competencies —————————————– In this assignment, you will engage in developing the following career competencies: Analyzing Quantitative Data ——————————————- Assignment ——————————————- The accompanying table shows a boat manufacturer’s total cost of producing boats. Quantity of Boats Total Cost 0 $ 450,000 1 $ 490,000 2 $ 510,000 3 $ 520,000 4 $ 540,000 5 $ 570,000 6 $ 610,000 7 $ 670,000 8 $ 750,000 9 $ 870,000 1. What is this manufacturer’s fixed cost? 2. For each level of output, calculate the variable cost ( VC ). For each level of output except zero output, calculate the average variable cost ( AVC ), average total cost ( ATC ), and average fixed cost ( AFC ). Qty of boats Total Cost Marginal Costs a. Variable Costs b. Average Variable Costs c. Average Total Costs d. Average Fixed Cost e. 0 $450,000 – – – – 1 490,000 2 510,000 3 520,000 4 540,000 5 570,000 6 610,000 7 670,000 8 750,000 9 870,000 3. What is the minimum-cost output? (How many boats?) 4. Joe Brown’s dairy operates in a perfectly competitive marketplace. Joe’s machinery costs $500 per day and is the only fixed input. His variable costs are comprised of the wages paid to the few workers he employs at the dairy and the grain he feeds to his dairy cows. His cost structure is shown on the accompanying table Gallons of Milk FC VC TC MC AVC ATC 0 $500 – $500 – – – 1000 500 $2,100 2,600 $2.10 $2.10 $2.60 2000 500 $2,200 2,700 $0.10 $1.10 $1.35 3000 500 $2,900 3,400 $0.70 $0.97 $1.13 4000 500 $3,680 4,180 $0.78 $0.92 $1.05 5000 500 $5,180 5,680 $1.50 $1.04 $1.14 4. a. What is the break-even price? 4. b. What is the shut-down price? 4. c. If the market price of milk is $1.50 per gallon, will Joe make a profit? Explain. 4. d. If the market price of milk is $1.50 per gallon, should Joe continue to produce in the short run? Explain. 4. e. If the market price of milk is $1.00 per gallon, will Joe make a profit? Explain. 4. f. If the market price of milk is $1.00 per gallon, should Joe continue to produce in the short run? Explain. 4. g. If the market price of milk is $0.75 per gallon, will Joe make a profit? Explain. 4. h. If the market price of milk is $0.75 per gallon, should Joe continue to produce in the short run? Explain. ——————————————– References: Unit _8_ PERFORM Assignment Grading Rubric Content Percent Possible Points Possible Full assignment 100% 80 Overall Writing: 20% 16 correct coversheet information at the top of 1st page 4 APA format for answers 2 correct citations 2 standard English no errors 4 At least ONE, or more, references 4 Answers: provides complete information demonstrating analysis and critical thinking: 80% 64 Individual Questions: 1. Calculate this manufacturer’s fixed cost 3 2.a. – Calculate this manufacturer’s marginal cost. 5 2. b. – Calculate this manufacturer’s variable cost. 5 2. c. – Calculate this manufacturer’s average variable cost. 5 2. d. – Calculate this manufacturer’s average total cost. 5 2. e. – Calculate this manufacturer’s average fixed cost 5 3. – Identify this manufacturer’s minimum cost output level. 4 4. a. – Joe’s break-even price 4 4. b. – Joe’s shut-down price 4 4. c. – Profit at $1.50 4 4. d. – Produce at $1.50 4 4. e. – Profit at $1.00 4 4. f. – Produce at $1.00 4 4. g. – Profit at $0.75 4 4. h. – Produce at $ 0.75 4

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