Q Total Cost ATC AFC MC 0 10 - - - 10 12 12/10=1.2 10/10=1 12-10/10-0=0.2 20 16 16/20=0.8 10/20=0.5 16-12/20-10=0.4 30 26 26/30=0.867 10/30=0.333 26-16/30-20=1 40 38 38/40=0.95 10/40=0.25 38-26/40-30=1.2 50 75 75/50=1.2 10/50=0.2 75-38/50-40=3.7 60 120 120/60=2 10/60=0.167 120-75/60-50

Q Total Cost ATC AFC MC 0 10 - - - 10 12 12/10=1.2 10/10=1 12-10/10-0=0.2 20 16 16/20=0.8 10/20=0.5 16-12/20-10=0.4 30 26 26/30=0.867 10/30=0.333 26-16/30-20=1 40 38 38/40=0.95 10/40=0.25 38-26/40-30=1.2 50 75 75/50=1.2 10/50=0.2 75-38/50-40=3.7 60 120 120/60=2 10/60=0.167 120-75/60-50

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter20: The Problem Of Adverse Selection Moral Hazard

Section: Chapter Questions

Problem 3MC

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

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Q	Total Cost	ATC	AFC	MC
0	10	-	-	-
10	12	12/10=1.2	10/10=1	12-10/10-0=0.2
20	16	16/20=0.8	10/20=0.5	16-12/20-10=0.4
30	26	26/30=0.867	10/30=0.333	26-16/30-20=1
40	38	38/40=0.95	10/40=0.25	38-26/40-30=1.2
50	75	75/50=1.2	10/50=0.2	75-38/50-40=3.7
60	120	120/60=2	10/60=0.167	120-75/60-50=4.5

What output or q (in the units of 10) is the most efficient production level?

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