ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:Suppose Nittany Bakery rents a building for $120 per day, and they can hire workers for $75 per day. The short run labor
and output (quantity of scones) information is listed below. Fill in the columns for total cost and marginal cost. (Note: You
may need to make columns for fixed cost (FC) and variable cost (VC) on a piece of scrap paper, which will make it easier
to find total cost (TC).) Do not enter any dollar signs, and if necessary, round to two decimal places.
Short Run Labor, Output, and Costs
Labor (L) Output (Q) Total Cost (TC) Marginal Cost (MC)
00
--
14
212
3 24
440
5 60
675
7 84
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