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(Table: Variable Costs for Lawns) Use Table: Variable Costs for Lawns. During the summer, Alex runs a lawn-mowing service, and lawn-mowing is a perfectly competitive industry. Assume that costs are constant in each interval; so, for example, the marginal cost of mowing each of the lawns from 1 through 10 is $10. Also assume that he can only mow the quantities of lawn given in the table (and not numbers in between). His only fixed cost is $1,000 for the mower. His variable costs include fuel, his time, and mower parts. If the price for mowing a lawn is $60, how much is Alex's total cost at the profit-maximizing output? Table: Variable Costs for Lawns Quantity of Lawns Variable Costs 0 SO 20 30 40 50 ៈគំគ 10 100 300 500 1,100 1,800 60 2,900 $1,100 $60 $2,400 $2,100

(Table: Variable Costs for Lawns) Use Table: Variable Costs for Lawns. During the summer, Alex runs a lawn-mowing service, and lawn-mowing is a perfectly competitive industry. Assume that costs are constant in each interval; so, for example, the marginal cost of mowing each of the lawns from 1 through 10 is $10. Also assume that he can only mow the quantities of lawn given in the table (and not numbers in between). His only fixed cost is $1,000 for the mower. His variable costs include fuel, his time, and mower parts. If the price for mowing a lawn is $60, how much is Alex's total cost at the profit-maximizing output? Table: Variable Costs for Lawns Quantity of Lawns Variable Costs 0 SO 20 30 40 50 ៈគំគ 10 100 300 500 1,100 1,800 60 2,900 $1,100 $60 $2,400 $2,100

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
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(Table: Variable Costs for Lawns) Use Table: Variable Costs for Lawns. During the summer, Alex runs a lawn-mowing service, and lawn-mowing is a perfectly competitive industry. Assume that costs are constant in each interval; so, for example, the marginal cost of mowing each of the lawns from 1 through 10 is $10. Also assume that he can only mow the quantities of lawn given in the table (and not numbers in between). His only fixed cost is $1,000 for the mower. His variable costs include fuel, his time, and mower parts. If the price for mowing a lawn is $60, how much is Alex's total cost at the profit-maximizing output? Table: Variable Costs for Lawns Quantity Variable Costs of Lawns 0 SO 10 100 20 300 30 500 40 1.100 50 1,800 60 2.900 $1,100 $60 $2,400 $2,100
Transcribed Image Text:(Table: Variable Costs for Lawns) Use Table: Variable Costs for Lawns. During the summer, Alex runs a lawn-mowing service, and lawn-mowing is a perfectly competitive industry. Assume that costs are constant in each interval; so, for example, the marginal cost of mowing each of the lawns from 1 through 10 is $10. Also assume that he can only mow the quantities of lawn given in the table (and not numbers in between). His only fixed cost is $1,000 for the mower. His variable costs include fuel, his time, and mower parts. If the price for mowing a lawn is $60, how much is Alex's total cost at the profit-maximizing output? Table: Variable Costs for Lawns Quantity Variable Costs of Lawns 0 SO 10 100 20 300 30 500 40 1.100 50 1,800 60 2.900 $1,100 $60 $2,400 $2,100
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