The daily short-run costs for a parking lot are shown in the table below. a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Note: Round 0.005 up to 0.01. (1) Labour (workers per hour) (3) Marginal Product (2) Total Product (4) Fixed Costs (5) Variable (6) Total Cost Marginal Cost (8) Average Fixed (9) Average Variable Cost (7) (cars parked per hour) (10) Average Cost ($) Costs (cars parked per hour) ($) ($) ($) Cost ($) ($) ($) 3 es 1. 2 2 12 3 4 3 17 4 20 3 8 5 22 3 10 b. Draw a graph showing the marginal cost, average variable cost, and average cost curves. Using the tools provided plot 5 points for the marginal cost curve, 5 points for the average variable curve and 5 points for the average cost curves for a total of 15 points. To manually plot values first click on the line segment between two points plotted in the graphing area then click on the icon of a widget to bring up the manual data entry box. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the horizontal axis. Short Run Costs for a Parking Lot 1.0 Tools < Prev 9 of 12 Next >

The daily short-run costs for a parking lot are shown in the table below. a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Note: Round 0.005 up to 0.01. (1) Labour (workers per hour) (3) Marginal Product (2) Total Product (4) Fixed Costs (5) Variable (6) Total Cost Marginal Cost (8) Average Fixed (9) Average Variable Cost (7) (cars parked per hour) (10) Average Cost ($) Costs (cars parked per hour) ($) ($) ($) Cost ($) ($) ($) 3 es 1. 2 2 12 3 4 3 17 4 20 3 8 5 22 3 10 b. Draw a graph showing the marginal cost, average variable cost, and average cost curves. Using the tools provided plot 5 points for the marginal cost curve, 5 points for the average variable curve and 5 points for the average cost curves for a total of 15 points. To manually plot values first click on the line segment between two points plotted in the graphing area then click on the icon of a widget to bring up the manual data entry box. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the horizontal axis. Short Run Costs for a Parking Lot 1.0 Tools < Prev 9 of 12 Next >

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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