paid $46 and each piece of capital is rented for $14. The firms is currently using 9 units of capital. L 0 1 2 3 4 5 6 7 8 9 10 11 12 13 q 0 17 49 100 168 257 359 476 output in the short-run. Suppose each worker 574 663 720 776 806 822 Part (a): What level of output should the firm produce at if their goal is to minimize their average variable cost? Part (b): Which level of output should the firm produce at if their goal is to minimize their marginal cost? Part (c): What level of output should the firm produce at if their goal is to minimize their average total cost?

paid $46 and each piece of capital is rented for $14. The firms is currently using 9 units of capital. L 0 1 2 3 4 5 6 7 8 9 10 11 12 13 q 0 17 49 100 168 257 359 476 output in the short-run. Suppose each worker 574 663 720 776 806 822 Part (a): What level of output should the firm produce at if their goal is to minimize their average variable cost? Part (b): Which level of output should the firm produce at if their goal is to minimize their marginal cost? Part (c): What level of output should the firm produce at if their goal is to minimize their average total cost?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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