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 Marginal Cost Average Total Cost 0 0 $ 1 30 $ 2 70 $ 3 120 $ 4 165 5 200 $ 6 220 7 230 $ $ 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: MCATC AQ ..) Fill in the column for average total cost in the previous table. (Hint: ATC = TC.) Which of the following statements are true about the patterns found in this table? Check all that apply. Marginal cost declines at first, then rises. Average total cost is not U-shaped.

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 Marginal Cost Average Total Cost 0 0 $ 1 30 $ 2 70 $ 3 120 $ 4 165 5 200 $ 6 220 7 230 $ $ 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: MCATC AQ ..) Fill in the column for average total cost in the previous table. (Hint: ATC = TC.) Which of the following statements are true about the patterns found in this table? Check all that apply. Marginal cost declines at first, then rises. Average total cost is not U-shaped.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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