Q1. Pizzas sell for $13 each. Pat's cost of producing pizzas is given below. Complete the table: Total Fixed Variable Average Marginal Total Marginal Output (pizzas per hour) Average Average Cost Cost Cost Cost Fixed Variable Cost Revenue Revenue (dollars (1) (2) (3) Cost Cost (6) (7) (8) per hour) (4) (5) 10 1 21

Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 2CQ
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Note: You need to show all your calculations within the table.
Q1. Pizzas sell for $13 each. Pat's cost of producing pizzas is given below. Complete the table:
Total
Fixed
Variable
Average
Marginal
Total
Marginal
Output
(pizzas
per hour)
Average
Fixed
Average
Variable
Cost
Cost
Cost
Cost
Cost
Revenue
Revenue
(dollars
per hour)
(1)
(2)
(3)
Cost
Cost
(6)
(7)
(8)
(4)
(5)
10
1
21
2
30
3
41
4
54
69
Write down the formulas for all the calculations in the table above, from columns 1-8:
Transcribed Image Text:Note: You need to show all your calculations within the table. Q1. Pizzas sell for $13 each. Pat's cost of producing pizzas is given below. Complete the table: Total Fixed Variable Average Marginal Total Marginal Output (pizzas per hour) Average Fixed Average Variable Cost Cost Cost Cost Cost Revenue Revenue (dollars per hour) (1) (2) (3) Cost Cost (6) (7) (8) (4) (5) 10 1 21 2 30 3 41 4 54 69 Write down the formulas for all the calculations in the table above, from columns 1-8:
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