mircoeconomic assignment
Tutorial 7
Question 5
Based on the table below,calculate and fill up the missing values The table below shows the water tumbler production at Drinkware's factory
Output
(unit
Total Fixed
Cost
(RM)
Total
Variable
Cost
(RM)
Total Cost
(RM)
Average
Total
Cost
(RM)
Total
Revenue
(RM)
Marginal
Cost
(RM)
1
5000
450
5450
5450
9.90
-
2
5000
800
5800
2900
19.80
350
3
5000
1000
6000
2000
29.70
200
4
5000
1400
6400
1600
39.60
400
5
5000
1750
6750
1350
49.50
350
6
5000
1900
6900
1150
59.40
150
7
5000
2000
7000
1000
69.30
100
TC=TFC+TVC
TFC=TC-TVC
5450-450=5000
Total Cost(TC)=TVC+TFC
Output
(unit)
Total
Fixed
Cost
(RM)
Total
Variable
Cost
(RM)
Total Cost
(RM)
Average
Total
Cost
(RM)
Total
Revenue
(RM)
Marginal
Cost
(RM)
1
5000
450
5450
5450
9.90
-
2
5000
800
5800
2900
19.80
350
3
5000
1000
6000
2000
29.70
200
4
5000
1400
6400
1600
39.60
400
5
5000
1750
6750
1350
49.50
350
6
5000
1900
6900
1150
59.40
150
7
5000
2000
7000
1000
69.30
100
Average Total Cost
Total Cost(TC) output(Q) Total Revenue
=PxQ
Four (4) categories of resources:
(4 points with explanations and appropriate example * 3 marks = 12Type of marks) (1) LAND
Resources
(2) LABOUR
All natural resources, such as minerals, forests, water, and unimproved land.
Definition
The physical and mental talents people contribute to the production process.
Oil, wood
Example
A person building a house
(3) CAPITAL
Type of Resources
Produced goods that can be used as inputs for further production
Definition
(4)
ENTREPRENEURSHIP
The particular talent that some people have for:
(i) organising the
Question 5
Based on the table below,calculate and fill up the missing values The table below shows the water tumbler production at Drinkware's factory
Output
(unit
Total Fixed
Cost
(RM)
Total
Variable
Cost
(RM)
Total Cost
(RM)
Average
Total
Cost
(RM)
Total
Revenue
(RM)
Marginal
Cost
(RM)
1
5000
450
5450
5450
9.90
-
2
5000
800
5800
2900
19.80
350
3
5000
1000
6000
2000
29.70
200
4
5000
1400
6400
1600
39.60
400
5
5000
1750
6750
1350
49.50
350
6
5000
1900
6900
1150
59.40
150
7
5000
2000
7000
1000
69.30
100
TC=TFC+TVC
TFC=TC-TVC
5450-450=5000
Total Cost(TC)=TVC+TFC
Output
(unit)
Total
Fixed
Cost
(RM)
Total
Variable
Cost
(RM)
Total Cost
(RM)
Average
Total
Cost
(RM)
Total
Revenue
(RM)
Marginal
Cost
(RM)
1
5000
450
5450
5450
9.90
-
2
5000
800
5800
2900
19.80
350
3
5000
1000
6000
2000
29.70
200
4
5000
1400
6400
1600
39.60
400
5
5000
1750
6750
1350
49.50
350
6
5000
1900
6900
1150
59.40
150
7
5000
2000
7000
1000
69.30
100
Average Total Cost
Total Cost(TC) output(Q) Total Revenue
=PxQ
Four (4) categories of resources:
(4 points with explanations and appropriate example * 3 marks = 12Type of marks) (1) LAND
Resources
(2) LABOUR
All natural resources, such as minerals, forests, water, and unimproved land.
Definition
The physical and mental talents people contribute to the production process.
Oil, wood
Example
A person building a house
(3) CAPITAL
Type of Resources
Produced goods that can be used as inputs for further production
Definition
(4)
ENTREPRENEURSHIP
The particular talent that some people have for:
(i) organising the