The table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. Units of Labour (per day) Total Output (per day) TFC TVC TC MC AFC AVC ATC 10 100 1000 1500 20 300 2000 30 900 2500 40 1320 3000 50 1500 3500 60 1620 4000 70 1680 4500 Using the information provided, compute all of the short-run costs for this firm and complete the table (6 points). Please write down the formulae (2 points) and clearly show each cell's full calculation step by step (2 points) to get full marks. Please calculate the values up to 2 decimal points. Question 1 options:
The table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital.
Units of Labour (per day)
Total Output (per day)
TFC
TVC
TC
MC
AFC
10
100
1000
1500
20
300
2000
30
900
2500
40
1320
3000
50
1500
3500
60
1620
4000
70
1680
4500
Using the information provided, compute all of the short-run costs for this firm and complete the table (6 points). Please write down the formulae (2 points) and clearly show each cell's full calculation step by step (2 points) to get full marks. Please calculate the values up to 2 decimal points.
Question 1 options:
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