Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
Related questions
Question
Production costs of books are presented in the table below.
| Labor | Quantity | Fixed Cost | Variable Cost | Total Cost | Marginal Cost |
Total Cost |
|---|---|---|---|---|---|---|
| 0 | 0 | $80 | $0 | $80 | ||
| 1 | 10 | $80 | $30 | $110 | ||
| 2 | 26 | $80 | $60 | $140 | ||
| 3 | 46 | $80 | $90 | $170 | ||
| 4 | 65 | $80 | $120 | $200 | ||
| 5 | 78 | $80 | $150 | $230 |
Using the table above, calculate the average total cost for producing 10 books, in dollars.
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