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The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $2000 per day. Click the icon to view the table. a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. Units of Labour Total Output (per day) (per day) 20 100 40 60 80 100 120 140 300 800 1370 1570 1630 1670 TFC TVC TC $2000 $2000 $4000 $2000 $4000 $6000 $2000 $6000 $8000 $2000 $8000 $10000 $2000 $10000 $12000 $2000 $12000 $14000 $ 2000 $14000 $16000 MC AFC AVC ATC

The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $2000 per day. Click the icon to view the table. a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. Units of Labour Total Output (per day) (per day) 20 100 40 60 80 100 120 140 300 800 1370 1570 1630 1670 TFC TVC TC $2000 $2000 $4000 $2000 $4000 $6000 $2000 $6000 $8000 $2000 $8000 $10000 $2000 $10000 $12000 $2000 $12000 $14000 $ 2000 $14000 $16000 MC AFC AVC ATC

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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< The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $2000 per day. Click the icon to view the table. a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. Units of Labour Total Output (per day) (per day) 100 20 40 60 80 100 120 140 40 60 300 80 800 1370 1570 1630 1670 300 800 TFC $2000 1370 $ 2000 $ 2000 TVC $2000 Complete the last four columns of the table. Units of Labour (per day) Total Output (per day) 20 100 $ 4000 $ 6000 $ 2000 $ 8000 $2000 $10000 TFC TC $ 4000 $6000 TVC $ 8000 2000 $12000 $14000 $10000 $2000 $14000 $16000 $12000 TC MC MC $10 4 $3.50 $10 4 AFC AFC $20 $2.5 AVC $6.67 $ 13.33 $ 1.46 AVC $20 $7.5 $5.84 ATC ATC $40 $20 $ 10 $7.30 Next
Transcribed Image Text:< The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $2000 per day. Click the icon to view the table. a. Using the information provided, compute all of the short-run costs for this firm and complete the table. Remember to record the marginal costs between the rows indicating total cost. Complete the third, fourth, and fifth columns of the table. Units of Labour Total Output (per day) (per day) 100 20 40 60 80 100 120 140 40 60 300 80 800 1370 1570 1630 1670 300 800 TFC $2000 1370 $ 2000 $ 2000 TVC $2000 Complete the last four columns of the table. Units of Labour (per day) Total Output (per day) 20 100 $ 4000 $ 6000 $ 2000 $ 8000 $2000 $10000 TFC TC $ 4000 $6000 TVC $ 8000 2000 $12000 $14000 $10000 $2000 $14000 $16000 $12000 TC MC MC $10 4 $3.50 $10 4 AFC AFC $20 $2.5 AVC $6.67 $ 13.33 $ 1.46 AVC $20 $7.5 $5.84 ATC ATC $40 $20 $ 10 $7.30 Next
d the Monopolistic Competitor 8 19 20 IZV F2 K The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $2000 per day. Click the icon to view the table. 140 40 60 Complete the last four columns of the table. Units of Labour (per day) 20 80 100 120 140 TUJU 1670 Total Output (per day) 100 20 300 800 F3 1370 1570 1630 VZUUU| V|IZUUU 1670 $2000 $ 14000 TFC TVC Question 17 of 20 000 17500 $ 16000 TC F5 MC LA 10 $3.50 $ 10 $33.33 $50 AFC $ 20 $6.67 F6 $2.5 AVC $20 $13.33 $7.5 $1.46 $5.84 $1.27 $6.37 1.22 $ 7.36 ……. ATC $40 F7 $ 20 2011 $1.20 $8.38 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 20 units, what is this firm's capacity level of output? $ 10 7.30 per day c. Assuming that labour is only hired in increments of 20 units, at what level of labour employed per day does the firm encounter diminishing marginal productivity of labour? units per day $7.64 $8.59 9.58 This question: 4 point(s) possible ➤II F8 F9 Submit quiz F10 Next F12 G
Transcribed Image Text:d the Monopolistic Competitor 8 19 20 IZV F2 K The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $2000 per day. Click the icon to view the table. 140 40 60 Complete the last four columns of the table. Units of Labour (per day) 20 80 100 120 140 TUJU 1670 Total Output (per day) 100 20 300 800 F3 1370 1570 1630 VZUUU| V|IZUUU 1670 $2000 $ 14000 TFC TVC Question 17 of 20 000 17500 $ 16000 TC F5 MC LA 10 $3.50 $ 10 $33.33 $50 AFC $ 20 $6.67 F6 $2.5 AVC $20 $13.33 $7.5 $1.46 $5.84 $1.27 $6.37 1.22 $ 7.36 ……. ATC $40 F7 $ 20 2011 $1.20 $8.38 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 20 units, what is this firm's capacity level of output? $ 10 7.30 per day c. Assuming that labour is only hired in increments of 20 units, at what level of labour employed per day does the firm encounter diminishing marginal productivity of labour? units per day $7.64 $8.59 9.58 This question: 4 point(s) possible ➤II F8 F9 Submit quiz F10 Next F12 G
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