What number goes where the highlighted question marks are? In other words, what is the last number in the TC column? Your answer will be a whole number.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter7: Production Economics
Section: Chapter Questions
Problem 5E
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See the cost table below.
You may want to draw you own copy to fill it out.
TFC TVC
TO
AFC
0
60
20
80
34
94
120
Q
0
1
2
3
4
5
8888
60
60
60
60
60
60
????
60
30
20
15
12
AVC ATC MC
20
17
24
80
47
20
14
26
60
What number goes where the highlighted question marks are? In other words, what is the last number in the TC column? Your answer will be a whole
number.
Transcribed Image Text:See the cost table below. You may want to draw you own copy to fill it out. TFC TVC TO AFC 0 60 20 80 34 94 120 Q 0 1 2 3 4 5 8888 60 60 60 60 60 60 ???? 60 30 20 15 12 AVC ATC MC 20 17 24 80 47 20 14 26 60 What number goes where the highlighted question marks are? In other words, what is the last number in the TC column? Your answer will be a whole number.
Consider the short run U-shaped cost curves, ATC, AVC, and MC.
What gives these curves their U-shape?
increasing wage rates for workers
Ochanging amounts of capital in the short run
diminishing marginal product of labor in the short run
firms reducing the price of output to sell more
Transcribed Image Text:Consider the short run U-shaped cost curves, ATC, AVC, and MC. What gives these curves their U-shape? increasing wage rates for workers Ochanging amounts of capital in the short run diminishing marginal product of labor in the short run firms reducing the price of output to sell more
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