Andrea Mowry is a knitwear designer, and she has a firm DreaReneeKnits. She uses knitters as labour and only uses one variable cost – yarn – and one fixed cost – the price of knitting needles. She pays R100 for a knitter, R50 for yarn and R100 for knitting needles. Use this information to complete the table values askes and questions below. LABOUR TP MP AP TFC TVC TC ATC MC 0 0 - - 100 0 100 - - 1 2 2 2 100 150 250 125 150 2 5 (a) 2.5 100 300 (d) (e) 66.67 3 9 4 3 100 450 550 61.11 (f) 4 12 3 (b) 100 (c) 700 58.33 50 5 15 2 2.8 100 750 850 60.71 75 a. Complete values a-f.
Andrea Mowry is a knitwear designer, and she has a firm DreaReneeKnits. She uses knitters as labour and only uses one variable cost – yarn – and one fixed cost – the price of knitting needles. She pays R100 for a knitter, R50 for yarn and R100 for knitting needles. Use this information to complete the table values askes and questions below. LABOUR TP MP AP TFC TVC TC ATC MC 0 0 - - 100 0 100 - - 1 2 2 2 100 150 250 125 150 2 5 (a) 2.5 100 300 (d) (e) 66.67 3 9 4 3 100 450 550 61.11 (f) 4 12 3 (b) 100 (c) 700 58.33 50 5 15 2 2.8 100 750 850 60.71 75 a. Complete values a-f.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: Earnings And Discrimination
Section: Chapter Questions
Problem 8PA
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Andrea Mowry is a knitwear designer, and she has a firm DreaReneeKnits. She uses knitters
as labour and only uses one variable cost – yarn – and one fixed cost – the price of knitting
needles. She pays R100 for a knitter, R50 for yarn and R100 for knitting needles. Use this
information to complete the table values askes and questions below.
| LABOUR | TP | MP | AP | TFC | TVC | TC | MC | |
| 0 | 0 | - | - | 100 | 0 | 100 | - | - |
| 1 | 2 | 2 | 2 | 100 | 150 | 250 | 125 | 150 |
| 2 | 5 | (a) | 2.5 | 100 | 300 | (d) | (e) | 66.67 |
| 3 | 9 | 4 | 3 | 100 | 450 | 550 | 61.11 | (f) |
| 4 | 12 | 3 | (b) | 100 | (c) | 700 | 58.33 | 50 |
| 5 | 15 | 2 | 2.8 | 100 | 750 | 850 | 60.71 | 75 |
a. Complete values a-f.
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