Compute marginal cost and average total cost, Microeconomics, Microeconomics

Compute marginal cost and average total cost, Microeconomics, Microeconomics

Assignment Help:

Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day:

Workers

Output

Marginal Product

Total Cost

Average Total Cost

Marginal cost

0

0

1

28

2

50

3

67

4

80

5

90

6

95

7

96

a. Fill in the column of marginal products. What pattern do you see? How might you explain it?

b. A worker costs $30 per day and the ''Firm has fixed costs of $10. Use this information to fill in the column for total cost.

c. Fill in the column for average total cost. (Recall that ATC = TC/Q) What pattern do you see?

d. Now fill in the column for marginal cost. (Recall that MC = ATC/AQ.) What pattern do you see?

e. Compare the column for marginal product and the column for marginal cost. What pattern do you see?

f. Compare the column for average total cost and the column for marginal cost. Explain the relationship.

Related Discussions:- Compute marginal cost and average total cost, Microeconomics

Equilibrium exchange rate, Equilibrium Exchange Rate: The theory of ex...

Equilibrium Exchange Rate: The theory of exchange rate determination explains how demand and supply of foreignexchange interact and jointly determine the equilibrium exchange

Choice under uncertainity, what is the reason behind studing this topic ?

what is the reason behind studing this topic ?

Market supply of labour, #queUse a graphical illustration to describe brief...

#queUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more wome

Economic analysis of asset replacements, An important aspect of municipal f...

An important aspect of municipal finance involves capital budgeting and resource allocation. In some cases, resource allocations involve expenditures that are not directly revenue

Policy measures for private sector investment, Policy Measures for Private ...

Policy Measures for Private Sector Investment Policy measures aimed at reforming education financing was made with two major propositions, viz. (i) Improving the efficiency

Egyptian Labor Market.., How to use Demand and Supply tools to analyze the ...

How to use Demand and Supply tools to analyze the case of the Egyptian labor market?

Foreign direct investment, Foreign Direct Investment: It is an investment b...

Foreign Direct Investment: It is an investment by a company (based in one country) in an actual operating business, including real physical capital assets (such asmachinery, buildi

Total cost function, TC = Q3 – 8Q2 + 68Q + 4, get the median and mode

TC = Q3 – 8Q2 + 68Q + 4, get the median and mode

Ridge line., what is aridge line and significance in economics.

what is aridge line and significance in economics.

Objectives of the imf, International Monetary Fund: International Mone...

International Monetary Fund: International Monetary Fund (IMF) is one of the two institutions that were established as a result of the Brettonwoods Conference in 1944, the oth

Write Your Message!

Name

Email id

Message

Verfication Code

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd