Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor an capital are shown in the table below. Suppose that each gardener is paid $150 per day and the greenhouse is rented for $350 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor 0 Capital Output Total Cost 1 0 $350 1 80 500 2 240 650 3 4 320 800 360 950 380 1100 Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.) Labor 0 Capital 1 2 3 Output 0 Total Cost $350 Average Total Cost 80 500 240 650 320 800 360 950 380 1,100
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor an capital are shown in the table below. Suppose that each gardener is paid $150 per day and the greenhouse is rented for $350 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor 0 Capital Output Total Cost 1 0 $350 1 80 500 2 240 650 3 4 320 800 360 950 380 1100 Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.) Labor 0 Capital 1 2 3 Output 0 Total Cost $350 Average Total Cost 80 500 240 650 320 800 360 950 380 1,100
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 18PAE
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Transcribed Image Text:Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and
capital are shown in the table below.
Suppose that each gardener is paid $150 per day and the greenhouse is rented for $350 per day.
Fill in total cost in the table below. (Enter your responses as integers.)
Labor
Capital
Output
Total Cost
0
1
0
$350
1
1
80
500
2
240
650
3
320
800
4
1
360
950
380
1100
Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.)
Labor
Capital
Output
0
0
Total Cost
$350
Average Total Cost
1
1
80
500
2
1
240
650
3
320
800
4
1
360
950
5
380
1,100
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