statistics homework statistics homework statistics homework statistics homework

Question

statistics homework statistics homework statistics homework statistics homework statistics homework Seare https/ My Home > ECON-2020-W77-Mic-. Homework: Chapter 22 Homework Score: 0 of 1 pt 13of19(16 complete HIV Score: 7895%, 15of19 pts Concept Question 3.12 following table shows the daily relationship between the number of workers and output(Q) tr a smal ktiy nheshot·th opt- Each worker costs $200 per day and the firm has fixed costs of $75 per day Calculate total cost (TC) marginal cost (MC) and average tot cost ATC Round your answers to two decimal places) TC ATC Workers 40 2 141 183 201

Explanation / Answer

TC = fixed costs + cost of workers

For Q = 0

Total cost = $ 75 + 0 x $ 200

Total cost = $75

Marginal cost and ATC for Q = 0 is 0

______________________________________________________________________

For Q = 40

Total cost = $ 75 +  $ 200 x 1

Total cost = $ 275

MC = $ 275 - 75 ( $ 200)

ATC = Total cost / output

ATC = $ 275 / 40 ( $ 6.88)

______________________________________________

Q = 88

Total cost = $ 75 +  $ 200 x2

TC = 475

MArginal cost = 475 - 275 ( 200)

ATC = 475 / 88 ( $ 5.40)

For Q = 141

TC = 75 + 200 x 3

TC = 675

MC = 675 - 475(200)

ATC = 675 / 141

ATC = 4.79

For Q= 183

TC = 75 + 200 x 4 ( 875)

MC = 200

ATC = 875 / 183 ( 4.78)

For Q = 201

TC = 75 + 200 x 5 ( 1075)

MC = 200

ATC = 1075 / 201 (5.35)

Workers Q TC MC ATC 0 0 $75 _ _ 1 40 $275.00 $200 $6.88 2 88 $475.00 $200 $5.40 3 141 $675.00 $200 $4.79 4 183 $875.00 $200 $4.78 5 201 $1,075.00 $200 $5.35

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.