Continuing to refer to Table 7.9 and Figure 7.7, compute the average total cost, average variable cost, and marginal cost of producing 60 and 72 haircuts. Draw the graph of the three curves between 60 and 72 haircuts. Widgets (Q)1.002.003.004.00Workers (L)3.254.45.29.x Wage Rate per hour$10$10$10$10= Cost$32.50$44.00$52.00$90.00Table 7.7LaborQuantityFixed CostVariable CostTotal Cost116$160$80$240240$160$160$32060$160$240$400472$160$320$48080$160$400$560684$160$480$640782$160$560$720Table 7.9 Output and Total CostsContinuing to refer to Table 7.9 and Figure7.7, compute the average total cost, averagevariable cost, and marginal cost ofproducing 60 and 72 haircuts. Draw thegraph of the three curves between 60 and 72haircuts.

Answered: Continuing to refer to Table 7.9 and…

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Chapter1: Making Economics Decisions

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Continuing to refer to Table 7.9 and Figure 7.7, compute the average total cost, average variable cost, and marginal cost of producing 60 and 72 haircuts. Draw the graph of the three curves between 60 and 72 haircuts.

Widgets (Q)
1.00
2.00
3.00
4.00
Workers (L)
3.25
4.4
5.2
9.
x Wage Rate per hour
$10
$10
$10
$10
= Cost
$32.50
$44.00
$52.00
$90.00
Table 7.7
Labor
Quantity
Fixed Cost
Variable Cost
Total Cost
1
16
$160
$80
$240
2
40
$160
$160
$320
60
$160
$240
$400
4
72
$160
$320
$480
80
$160
$400
$560
6
84
$160
$480
$640
7
82
$160
$560
$720
Table 7.9 Output and Total Costs
Continuing to refer to Table 7.9 and Figure
7.7, compute the average total cost, average
variable cost, and marginal cost of
producing 60 and 72 haircuts. Draw the
graph of the three curves between 60 and 72
haircuts.

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