CS 17 Subject - Economics The only variable input a janitorial service firm uses to clean offices isworkers who are paid a wage, w, of $12 an hour. Each worker can clean fouroffices in an hour. Use math to determine the variable cost, the averagevariable cost, and the marginal cost of cleaning one more office.$The average variable cost, and marginal cost of cleaning one more office is(Enter a numeric response using a real number rounded to twodecimal places.)Use the line drawing tool to graph the variable cost (VC), the averagevariable cost (AVC), and the marginal cost (MC) curves. Properly label eachof the three lines.Carefully follow the instructions above, and only draw the required objects.Note: The graph to the right measures values using two different units.Variable cost is measured in dollars, while marginal cost and averagevariable cost are measured in dollars per unit. Although these relationshipsare not typically graphed together, it was done to illustrate the relationshipbetween variable cost and marginal cost (hint: compare marginal cost to theslope of the variable cost curve).Cost, Cost per unit, $26-24-22-20-18-16-14-12-10-8-6-4-2-0-024Quantity, q, Offices cleaned- co8Q10

The cost of production refers to the total expenses incurred by a business in the process of…

he only variable input a janitorial service firm uses to clean offices is orkers who are paid a wage, w, of $12 an hour. Each worker can clean four Fices in an hour. Use math to determine the variable cost, the average riable cost, and the marginal cost of cleaning one more office. he average variable cost, and marginal cost of cleaning one more office is (Enter a numeric response using a real number rounded to two cimal places.) se the line drawing tool to graph the variable cost (VC), the average riable cost (AVC), and the marginal cost (MC) curves. Properly label each the three lines. arefully follow the instructions above, and only draw the required objects. ote: The graph to the right measures values using two different units. ariable cost is measured in dollars, while marginal cost and average riable cost are measured in dollars per unit. Although these relationships e not typically graphed together, it was done to illustrate the relationship etween variable cost and marginal cost (hint: compare marginal cost to the ope of the variable cost curve). Cost, Cost per unit, $ 26- 24- 22- 20 18- 16- 14- 12- 10- 8- 6- 4- 2+ 04 0 2 4 Quantity a Offices cleaned 8

he only variable input a janitorial service firm uses to clean offices is orkers who are paid a wage, w, of $12 an hour. Each worker can clean four Fices in an hour. Use math to determine the variable cost, the average riable cost, and the marginal cost of cleaning one more office. he average variable cost, and marginal cost of cleaning one more office is (Enter a numeric response using a real number rounded to two cimal places.) se the line drawing tool to graph the variable cost (VC), the average riable cost (AVC), and the marginal cost (MC) curves. Properly label each the three lines. arefully follow the instructions above, and only draw the required objects. ote: The graph to the right measures values using two different units. ariable cost is measured in dollars, while marginal cost and average riable cost are measured in dollars per unit. Although these relationships e not typically graphed together, it was done to illustrate the relationship etween variable cost and marginal cost (hint: compare marginal cost to the ope of the variable cost curve). Cost, Cost per unit, $ 26- 24- 22- 20 18- 16- 14- 12- 10- 8- 6- 4- 2+ 04 0 2 4 Quantity a Offices cleaned 8

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Problem 1QTC

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

CS 17

Subject - Economics

The only variable input a janitorial service firm uses to clean offices is
workers who are paid a wage, w, of $12 an hour. Each worker can clean four
offices in an hour. Use math to determine the variable cost, the average
variable cost, and the marginal cost of cleaning one more office.
$
The average variable cost, and marginal cost of cleaning one more office is
(Enter a numeric response using a real number rounded to two
decimal places.)
Use the line drawing tool to graph the variable cost (VC), the average
variable cost (AVC), and the marginal cost (MC) curves. Properly label each
of the three lines.
Carefully follow the instructions above, and only draw the required objects.
Note: The graph to the right measures values using two different units.
Variable cost is measured in dollars, while marginal cost and average
variable cost are measured in dollars per unit. Although these relationships
are not typically graphed together, it was done to illustrate the relationship
between variable cost and marginal cost (hint: compare marginal cost to the
slope of the variable cost curve).
Cost, Cost per unit, $
26-
24-
22-
20-
18-
16-
14-
12-
10-
8-
6-
4-
2-
0-
0
2
4
Quantity, q, Offices cleaned
- co
8
Q
10

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