Marginal Quantity Fixed Product Labor Variable Total Cost Marginal Cost Average Total Average Variable Produced Cost Cost Cost Cost (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) 1 $50 10 $50 $20 3 25 $50 $40 45 $50 $60 60 $50 $80 70 $50 $100 2. 寸 to

Marginal Quantity Fixed Product Labor Variable Total Cost Marginal Cost Average Total Average Variable Produced Cost Cost Cost Cost (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) (dollars) (dollars) 1 $50 10 $50 $20 3 25 $50 $40 45 $50 $60 60 $50 $80 70 $50 $100 2. 寸 to

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter16: Information, Risk, And Insurance

Section: Chapter Questions

Problem 18RQ: What are some of the metrics economists use to measure health outcomes?

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Question

1. Consider the following information about a business Rodriguez opened last year: price = $5; quantity sold = 15,233; implicit cost = $18,000; explicit cost = $33,000. What was Rodriguez's accounting profit and economic profit? Show your work.

2. What are fixed costs? What are variable costs?

3 Complete the following table

***Please explain the question number 3 in the picture

Labor
Marginal
Product
Quantity
Produced
Fixed
Variable
Total Cost
Marginal
Cost
Average
Total
Average
Variable
Cost
Cost
Cost
Cost
(workers) (units)
(units)
(dollars) (dollars)
(dollars)
(dollars)
(dollars)
(dollars)
1
$50
10
$50
$20
25
$50
$40
4
45
$50
$60
5
60
$50
$80
6.
70
$50
$100

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