Question 6The table below describes the cost functions for a food manufacturer.Total Fixed Variable Totaloutput CostAvg.TotalAvg.FixedAvg.VariableMarginalCostCostCostCostCostCost10019021703340410085a. Fill in the blanks in the table.b. Identify the level of output at which this firm reaches its efficient scale and explainhow you reach that conclusion.

Total cost is the sum of fixed cost and variable cost. Fixed cost does not depend on output and…

Question 6 The table below describes the cost functions for a food manufacturer. Total Fixed Variable Total Cost Avg. Total Avg. Fixed Avg. Variable Marginal Cost output Cost Cost Cost Cost Cost 100 1 90 2 170 3 340 4 100 85 a. Fill in the blanks in the table. b. Identify the level of output at which this firm reaches its efficient scale and explain how you reach that conclusion.

Question 6 The table below describes the cost functions for a food manufacturer. Total Fixed Variable Total Cost Avg. Total Avg. Fixed Avg. Variable Marginal Cost output Cost Cost Cost Cost Cost 100 1 90 2 170 3 340 4 100 85 a. Fill in the blanks in the table. b. Identify the level of output at which this firm reaches its efficient scale and explain how you reach that conclusion.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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