The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixedamount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day.Click the icon to view the table.24288121620Complete the last four columns of the table.Units of LabourTotal Output(per day)(per day)42002424502825105001200195023302450$ 15002510$ 4800$ 1500 $ 5600TFCTVC$6300$ 7100TCMC$ 2.67$ 1.14$ 1.07$ 2.11$6.67$ 13.33AFC$7.5$3$ 1.25$ 0.77$ 0.64$ 0.61AVC$4$3.2$2$ 1.64$ 1.72$ 1.96ATC$ 11.5$6.2$ 3.25$ 2.41$ 2.36$ 2.57$ 2.23$0.6(Round your responses to the nearest cent.)b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output?per day$ 2.83

Total fixed cost (TFC) is that cost which does not change with a change in the level of output.…

The accompanying table shows the total daily output for a firm producing specialty cakes operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 $ 1500 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 12 16 20 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 TFC $ 5600 TVC www $6300 $7100 TC MC $ 2.67 $1.14 $ 1.07 $2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $0.6 $ 2.23 $ 2.83 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day

The accompanying table shows the total daily output for a firm producing specialty cakes operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 $ 1500 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 12 16 20 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 TFC $ 5600 TVC www $6300 $7100 TC MC $ 2.67 $1.14 $ 1.07 $2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $0.6 $ 2.23 $ 2.83 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day

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

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 $200 per unit per day and the fixed cost of the capital is $1500 per day.
Click the icon to view the table.
24
28
8
12
16
20
Complete the last four columns of the table.
Units of Labour
Total Output
(per day)
(per day)
4
200
24
2450
28
2510
500
1200
1950
2330
2450
$ 1500
2510
$ 4800
$ 1500 $ 5600
TFC
TVC
$6300
$ 7100
TC
MC
$ 2.67
$ 1.14
$ 1.07
$ 2.11
$6.67
$ 13.33
AFC
$7.5
$3
$ 1.25
$ 0.77
$ 0.64
$ 0.61
AVC
$4
$3.2
$2
$ 1.64
$ 1.72
$ 1.96
ATC
$ 11.5
$6.2
$ 3.25
$ 2.41
$ 2.36
$ 2.57
$ 2.23
$0.6
(Round your responses to the nearest cent.)
b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output?
per day
$ 2.83

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