c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of Workers Output TP = 1 10 2 3 A 5 88 180 240 280 294 TVC($) 220 440 660 880 100 1320 TFC Table B TC 400 620 400 840 400 1060 400 1280 400 1500 400 1720 AVC($) ATC 22 5.5 3.67 3.67 3.9 4.5 62 10.5 5.89 5.33 5.3 5.8 MC($) 0 220 220 220 220 220 dy On the graph given below, plot the following points showing the quantity and dollar amounts. point of diminishing returns (D) most productive point (P) economic capacity (E)

c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of Workers Output TP = 1 10 2 3 A 5 88 180 240 280 294 TVC($) 220 440 660 880 100 1320 TFC Table B TC 400 620 400 840 400 1060 400 1280 400 1500 400 1720 AVC($) ATC 22 5.5 3.67 3.67 3.9 4.5 62 10.5 5.89 5.33 5.3 5.8 MC($) 0 220 220 220 220 220 dy On the graph given below, plot the following points showing the quantity and dollar amounts. point of diminishing returns (D) most productive point (P) economic capacity (E)

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of TP = WorkersOutput 1 2 3 4 5 6 18 80 180 240 280 294 7 TVC($) 6 220 440 660 880 1100 1320 TFC Table B 400 400 400 400 400 400 TC 620 840 1060 1280 1500 1720 AVC($) 22 5.5 3.67 3.67 G ATC 62 10.5 5.89 5.33 5.33 5.3 3.9 4.5 5.8 d) On the graph given below, plot the following points showing the quantity and dollar amounts. point of diminishing returns (D) most productive point (P) economic capacity (E) Once a point is plotted, a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. Tools Question 1- CH 6: In-Class Activity x MC($) 0 220 220 220 220 220 Prev i 1 of 8 Next > O & https://exto.mheducation.com/ext/map/index.html? l
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The Trouser Company has fixed costs of 2,400 per week. In addition, we have some information about its total costs of production.Output020406080100120140TC2400530067007200770091001200017400a) For each of the output levels in the table, calculate the Trouser Company’s average variable costs (AVC), average (total) cost (AC) and marginal cost (MC).b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm’s short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in the short run.