4. Problems and Applications Q4Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a givenday:In the following table, complete the marginal product column,Workers Output Marginal Product Total Cost Marginal Cost Average Total Cost$$$0123456703070120165200220230$S$$$A worker costs $120 a day, and the firm has fixed costs of $180. Use this information to fill in the column for total cost in the previous table.Fill in the column for marginal cost in the previous table. (Hint: MC=AC.)Fill in the column for average total cost in the previous table. (Hint: ATC= 4. Problems and Applications Q4Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a givenday:In the following table, complete the marginal product column,Workers Output Marginal Product Total Cost Marginal Cost Average Total Cost$$$0123456703070120165200220230$S$$$A worker costs $120 a day, and the firm has fixed costs of $180. Use this information to fill in the column for total cost in the previous table.Fill in the column for marginal cost in the previous table. (Hint: MC=AC.)Fill in the column for average total cost in the previous table. (Hint: ATC=

Total cost (TC) is the overall expense incurred by a business or individual to produce a specific…

Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product Total Cost $ $ $ $ S 0 1 2 3 4 5 6 7 0 30 70 120 165 200 220 230 $ $ Marginal Cost Average Total Cost A worker costs $120 a day, and the firm has fixed costs of $180. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. (Hint: MC=) Fill in the column for average total cost in the previous table. (Hint: ATC=

Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product Total Cost $ $ $ $ S 0 1 2 3 4 5 6 7 0 30 70 120 165 200 220 230 $ $ Marginal Cost Average Total Cost A worker costs $120 a day, and the firm has fixed costs of $180. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. (Hint: MC=) Fill in the column for average total cost in the previous table. (Hint: ATC=

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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