The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $50 per day Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.) TC MC ATC Workers 0 Q 0 1 50 2 110 3 176 4 229 5 252
The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $50 per day Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.) TC MC ATC Workers 0 Q 0 1 50 2 110 3 176 4 229 5 252
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
Question
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Transcribed Image Text:The following table shows the daily relationship between the number of workers and output (Q) for a small factory in the short run, with capital held constant. Each worker costs $200 per day, and the firm has fixed costs of $50 per day
Calculate total cost (TC), marginal cost (MC), and average total cost (ATC). (Round your answers to two decimal places.)
TC
MC
ATC
Workers
0
Q
0
1
50
2
110
3
176
4
229
5
252
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