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- A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.Fill in for each letter in the given Table:
- The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을Help Mad Mildred's Magic Mall by determining the missing values in the table Labor (workers/day) Output (units/day) Total fixed cost ($/day) Total variable cost ($/day) Total cost ($/day) 50 50 50 75 A 100 50 125 с 175 0 1 2 3 4 5 0 8 15 21 26 30 A: Total fixed cost with two workers per day: $ B: Total variable cost with three workers per day: $ C: Total cost with four workers per day: $ 50 50 0 25 50 B 100 125Camille's variable cost, VC is his wage cost ($80 per worker per day) and his other input costs ($0,50 per cup) complete the table Labour (workers) Quantity of frozen yogurt (CUPS) FC (FIXED COST) VC (VARIABLE COST) TC (TOTAL COST) AC (AVERAGE COST) MC (MARGINAL COST) 1 110 80 $55.00 235 2 200 80 $100.00 3 270 80 $135.00 4 300 80 $150.00 5 320 80 $160.00
- 1) In the following market, Marginal Product Total Cost Average Total Cost Marginal cost Workers Output 1 2 3 4 5 20 50 90 120 140 150 155 7 a) Fill the column for marginal product. Can you explain diminishing marginal product based on those numbers? b) A worker cost $45 a day, and the firm has fixed cost of $80. Use this information to fill in the column for total cost. c) Fill in the column for average total cost. d) Fill the column for the marginal cost. e) Compare the column for average total cost and the column for marginal cost. Explain the relationship.What is the Marginal Cost (MC) for the 40th unit of output? Quantity of Labor Total Output 0 1 2 0 3.33 -5 5 3 4 56 6- 0 16 40 60 72 80 84 Fixed Cost $160 Variable Cost . $80 $160 $240 $320 $400 $480 Total CostGull Roza is a florist specializing in floral arrangements for weddings, graduations, and other events. Gull Roza has a fixed cost associated with space and equipment of $50 per day. Each worker is paid $80 per day. The daily production function for Gull Roza is shown in the accompanying table. Quantity of Labor (workers) Quantity of floral arrangements 0 0 1 110 2 200 3 270 4 300 5 320 6 320 Calculate the marginal product of each worker. Calculate the marginal cost, Average total cost, and average variable cost of each level of output.
- Jill Pizza restaurant labor is 650 per worker, cost of oven is 800. The workers needed increases as the number of pizzas made increases. Using the information below: 1. Fill in the remaining columns given the calculations to calculate costs: variable (VC), Marginal (MC), Average Var.(AVC) Average Fixed (AFC) 2. Graph the MC, ATC, AVC, AFC curves (start from Quantity of 200 or your graphs look bad) 3. What is happening to your MC curve over time? Total Costs (TC), ATC (Average Total Costs),AFC (Average Fixed Costs), AVC(Average Variable Costs), MC (Marginal Costs) Workers Ovens 0 1 2 3 4 5 6 2 2 2 2 2 2 2 Q of pizzs 0 200 450 550 600 625 640 Fixed Cost of Ovens 800 800 800 800 800 800 800 Varriable Cost of Workers 0 650 Total Costs 0 ATC 0 AFC 0 AVC MC 0 0The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs.The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof Chairs TotalHours AverageHoursper Chair MarginalHoursper Chair TVC($) AVC($) TFC($) TC($) ATC($) MC($) 1 6 180 2 8 3 9 4 16 5 25 6 36 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs. The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers…
