3 4 Tom pays a daily fee of $100 to occupy an ice cream stand in the mall. He pays his workers $90 per day to make and sell ice cream. Complete the table below. Round to two decimal places. Tom's Ice Cream Shop 2 Labor (L) (Q) (workers) (ice cream) 1 O Output 44 60 70 0 20 Fixed Costs (FC) Variable Costs (VC) = wage x labor 270 360 Total Costs (TC) = FC+VC 190 370

3 4 Tom pays a daily fee of $100 to occupy an ice cream stand in the mall. He pays his workers $90 per day to make and sell ice cream. Complete the table below. Round to two decimal places. Tom's Ice Cream Shop 2 Labor (L) (Q) (workers) (ice cream) 1 O Output 44 60 70 0 20 Fixed Costs (FC) Variable Costs (VC) = wage x labor 270 360 Total Costs (TC) = FC+VC 190 370

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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