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A project instruction for students in principles of microeconomics at cuyahoga community college. The project involves analyzing a firm's cost structure using data provided in the document. Students are required to complete a table, identify critical data items, determine if there is anything unique about the cost structure, identify cost containment, and draw firm unit and total cost graphs. This project is intended to help students understand the concepts of fixed and variable costs, total cost, marginal cost, and cost containment.
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Cuyahoga Community College - Eastern Campus - Economics Department Principles of MicroEconomics -- ECON 2620 L. M. Kendra Project # 11 Chapter 8 Problem Specifics: A. Fixed Cost is known to be $ 200. B. Complete the table. C. Identify and label ALL critical data items. D. Is there anything unique about the cost structure if this firm? E. Is cost containment indicated? F. Draw the Firm Unit and Total Cost Graphs. Average Average Average Fixed Variable Total Marginal Fixed Variable Total Quantity Cost Cost Cost Cost Cost Cost Cost 8 74. 10 70. 12 66. 14 64. 16 68. 18 74. 20 82. 22 92. 24 106. Note: See graphing grids on Page 2 of this file. Page 1 of 2
Cuyahoga Community College - Eastern Campus - Economics Department Note: This graphing grid form can be used for Projects 9 thru 12. Page 2 of 2