able 11-6 Quantity of workers Quantity of foot massages per day Fixed cost Variable cost Total cost Average total cost Marginal cost 0   0           1 10           2 25           3 45           4 60           5 70

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter4: Extent (how Much) Decisions
Section: Chapter Questions
Problem 4.2IP
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Question

.  Write the word or phrase that best completes each statement or answers the question.

Table 11-6

Quantity of workers

Quantity of foot massages per day

Fixed cost

Variable cost

Total cost

Average total cost

Marginal cost

0

  0

 

 

 

 

 

1

10

 

 

 

 

 

2

25

 

 

 

 

 

3

45

 

 

 

 

 

4

60

 

 

 

 

 

5

70

 

 

 

 

 

4) Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4          4) computer- controlled massage booths, for which she pays $125 per day. She cannot          increase the number machines she leases without giving the manufacturer 3 months' notice. She can hire as many workers as she wants at a cost of $75 per day per worker. These are the only two inputs she uses in her business. Use this information to fill in the columns in the above table.

 

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