You plan to open your own hamburger shop. After doing some research and planning, you have created the table below to help estimate how much to charge for your hamburger to make a profit. You already identified various quantities of hamburgers you could potentially produce as well as the related variable and fixed costs. Review the information already provided in the Hamburger Shop Information Costs table, then calculate and enter the remaining information. # of Hamburgers Variable Costs Fixed Costs Total Costs Average Total Cost Average Variable Cost Marginal Cost 1,000 $500 $5,000 $5,500 2,500 $1,000 $5,000 $6,000 4,000 $1,400 $5,000 $6,400 9,000 $2,400 $5,000 $7,400 13,000 $3,400 $5,000 $8,400 20,000 $10,000 $5,000 $15,000 45,000
You plan to open your own hamburger shop. After doing some research and planning, you have created the table below to help estimate how much to charge for your hamburger to make a profit. You already identified various quantities of hamburgers you could potentially produce as well as the related variable and fixed costs.
Review the information already provided in the Hamburger Shop Information Costs table, then calculate and enter the remaining information.
|
# of Hamburgers |
Variable Costs |
Fixed Costs |
Total Costs |
|
|
Marginal Cost |
|
1,000 |
$500 |
$5,000 |
$5,500 |
|||
|
2,500 |
$1,000 |
$5,000 |
$6,000 |
|||
|
4,000 |
$1,400 |
$5,000 |
$6,400 |
|||
|
9,000 |
$2,400 |
$5,000 |
$7,400 |
|||
|
13,000 |
$3,400 |
$5,000 |
$8,400 |
|||
|
20,000 |
$10,000 |
$5,000 |
$15,000 |
|||
|
45,000 |
$31,250 |
$5,000 |
$36,250 |
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by Bartleby ExpertIdentify the price and quantity of hamburgers you would ideally produce. Explain why.
by Bartleby ExpertGraph the Average Total Costs, Average Variable Costs, and Marginal Costs on the same graph.
by Bartleby Expert
