Total Product Marginal (lanterns) Workers Variable Total Cost AVC АТС MC Product Cost $ 100 1 10 10 $1000 $90 $90 2 30 $1900 $60 $63.33 3 30 $3000 $51.66 $40 4 80 $5600 $5700 $70 $71.25 1. Average total costs will be minimized at an output of lanterns. 2. Diminishing marginal returns sets in with the worker.

Total Product Marginal (lanterns) Workers Variable Total Cost AVC АТС MC Product Cost $ 100 1 10 10 $1000 $90 $90 2 30 $1900 $60 $63.33 3 30 $3000 $51.66 $40 4 80 $5600 $5700 $70 $71.25 1. Average total costs will be minimized at an output of lanterns. 2. Diminishing marginal returns sets in with the worker.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

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d and e part.. hand written otherwise i'll give you downvote
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