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Labor Output 1 4 2 11 17 20 21 Suppose the firm rents its machine for $10 per day and pays its workers $15 a day. The average fixed cost of producing 21 units of output is S The marginal cost when increasing production from 20 to 21 units of output is s The average variable cost of producing 20 units of output is $ N 3 4 5

Labor Output 1 4 2 11 17 20 21 Suppose the firm rents its machine for $10 per day and pays its workers $15 a day. The average fixed cost of producing 21 units of output is S The marginal cost when increasing production from 20 to 21 units of output is s The average variable cost of producing 20 units of output is $ N 3 4 5

Microeconomics A Contemporary Intro
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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Round all answers to two decimal places (e.g., 7.555 becomes 7.56). Consider the following output schedule for a firm using 1 machine: Labor Output 1 4 11 3 17 4 20 21 Suppose the firm rents its machine for $10 per day and pays its workers $15 a day. The average fixed cost of producing 21 units of output is $ The marginal cost when increasing production from 20 to 21 units of output is $ The average variable cost of producing 20 units of output is $
Transcribed Image Text:Round all answers to two decimal places (e.g., 7.555 becomes 7.56). Consider the following output schedule for a firm using 1 machine: Labor Output 1 4 11 3 17 4 20 21 Suppose the firm rents its machine for $10 per day and pays its workers $15 a day. The average fixed cost of producing 21 units of output is $ The marginal cost when increasing production from 20 to 21 units of output is $ The average variable cost of producing 20 units of output is $
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