Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table: FixedVariableMarginalTotalMarginalOutput(pizzasper hour)TotalAverageAverageAverageCostCostCostCostFixedVariableCostRevenueRevenue(8)(dollarsper hour)(1)(2)(3)CostCost(6)(7)(4)(5)10121230341454569Write down the formulas for all the calculations in the table above, from columns 1- 8:

Fixed cost is independent of output produced.

Answered: (pizzas per hour) Cost Cost Cost Cost…

(pizzas per hour) Cost Cost Cost Cost Fixed Variable Cost Revenue Revenue (dollars (1) (2) (3) Cost Cost (6) (7) (8) per hour) (4) (5) 10 1 21

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table:

Fixed
Variable
Marginal
Total
Marginal
Output
(pizzas
per hour)
Total
Average
Average
Average
Cost
Cost
Cost
Cost
Fixed
Variable
Cost
Revenue
Revenue
(8)
(dollars
per hour)
(1)
(2)
(3)
Cost
Cost
(6)
(7)
(4)
(5)
10
1
21
2
30
3
41
4
54
5
69
Write down the formulas for all the calculations in the table above, from columns 1- 8:

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