The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixedamount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day.Click the icon to view the table.24288121620Complete the last four columns of the table.Units of LabourTotal Output(per day)(per day)42002424502825105001200195023302450$ 15002510$ 4800$ 1500 $ 5600TFCTVC$6300$ 7100TCMC$ 2.67$ 1.14$ 1.07$ 2.11$6.67$ 13.33AFC$7.5$3$ 1.25$ 0.77$ 0.64$ 0.61AVC$4$3.2$2$ 1.64$ 1.72$ 1.96ATC$ 11.5$6.2$ 3.25$ 2.41$ 2.36$ 2.57$ 2.23$0.6(Round your responses to the nearest cent.)b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output?per day$ 2.83

Total fixed cost (TFC) is that cost which does not change with a change in the level of output.…

The accompanying table shows the total daily output for a firm producing specialty cakes operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 $ 1500 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 12 16 20 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 TFC $ 5600 TVC www $6300 $7100 TC MC $ 2.67 $1.14 $ 1.07 $2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $0.6 $ 2.23 $ 2.83 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day

The accompanying table shows the total daily output for a firm producing specialty cakes operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 $ 1500 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 12 16 20 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 TFC $ 5600 TVC www $6300 $7100 TC MC $ 2.67 $1.14 $ 1.07 $2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $0.6 $ 2.23 $ 2.83 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter6: Proudction Costs

Section: Chapter Questions

Problem 8SQP

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Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 90 0 90 0 0 0 0 3 1 4 90 20 110 22.5 5 27.5 5 3 2 90 90 40 130 1 0.444 1.444 0.233 3 3 160 90 60 150 0.563 0.375 0.938 0.286 3 4 200 90 80 170 0.45 0.400 0.85 0.5 3 5 230 90 100 190 0.391 0.435 0.826 0.667 3 6 250 90 120 210 0.36 0.480 0.84 1 3 7 260 90 140 230 0.346 0.538 0.885 2 3 8 265 90 160 250 0.340 0.604 0.943 4 If the firm produces 265 units of output and sells it at $1 per unit, is it making profits or losses? How much are they making?
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