Focus on, how did Diminishing Returns create a problem for MCD's drive-through order takers? How did management try to solve the problem? Q2. Number of Cakes VC MC 0 1 2 3 4 HM 30 AVC 25 25 FC 50 TC 100 125 155 ATC 50 41.67 38.75 i) Consider the cake-maker above. Fill in the table and show equations used in the space below. (Hint: You can start with any cell with an answer and fill in the others in any direction, like a sudoku. Use the definitions for Average, Total, Variable, Marginal, and Fixed costs from the notes or text)
Focus on, how did Diminishing Returns create a problem for MCD's drive-through order takers? How did management try to solve the problem? Q2. Number of Cakes VC MC 0 1 2 3 4 HM 30 AVC 25 25 FC 50 TC 100 125 155 ATC 50 41.67 38.75 i) Consider the cake-maker above. Fill in the table and show equations used in the space below. (Hint: You can start with any cell with an answer and fill in the others in any direction, like a sudoku. Use the definitions for Average, Total, Variable, Marginal, and Fixed costs from the notes or text)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Q1.
Ch 5, Application Question #1, based on the opening chapter case. A few concise sentences is fine.
Focus on, how did Diminishing Returns create a problem for MCD's drive-through order takers? How
did management try to solve the problem?
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25
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ATC
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i) Consider the cake-maker above. Fill in the table and show equations used in the space below. (Hint:
You can start with any cell with an answer and fill in the others in any direction, like a sudoku. Use the
definitions for Average, Total, Variable, Marginal, and Fixed costs from the notes or text)
ii)Is this firm in a short-run or long-run horizon and how can you tell? Explain in a concise sentence or
two.
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