The following table represents the potential monthly output (Q), number of workers (L), marginal product of labor (MPL), variable costs (VC), fixed costs (FC), total costs (TC), average total costs (ATC), average variable costs (AVC), average fixed costs (AFC), and marginal cost (MC) for Black Cat Burrito. (Note that it resembles the large table used throughout our class notes for Lecture 8, which is also given as Exhibit 6.3 in the textbook.) Stu Quantity of Output Labor (L) (a) Marginal Product Variable Cost (VC) Fixed Cost (FC) of Labor (MPL) Average Total Cost Average Variabli (ATC) Total Cost (TC) Cost (AVC) N/A N/A N/A 15 an 41 91 3. dia 185 r Res 391 765 unical 968 sible urces 1071 Fll in the blanks in the table with the appropriate values. Each unit of labor costs $100, and the foxed cost when L0 is $2,600. (Round all numbers to the second decimal place when necessary. Any subsequent calculations using that number will used the rounded version)

The following table represents the potential monthly output (Q), number of workers (L), marginal product of labor (MPL), variable costs (VC), fixed costs (FC), total costs (TC), average total costs (ATC), average variable costs (AVC), average fixed costs (AFC), and marginal cost (MC) for Black Cat Burrito. (Note that it resembles the large table used throughout our class notes for Lecture 8, which is also given as Exhibit 6.3 in the textbook.) Stu Quantity of Output Labor (L) (a) Marginal Product Variable Cost (VC) Fixed Cost (FC) of Labor (MPL) Average Total Cost Average Variabli (ATC) Total Cost (TC) Cost (AVC) N/A N/A N/A 15 an 41 91 3. dia 185 r Res 391 765 unical 968 sible urces 1071 Fll in the blanks in the table with the appropriate values. Each unit of labor costs $100, and the foxed cost when L0 is $2,600. (Round all numbers to the second decimal place when necessary. Any subsequent calculations using that number will used the rounded version)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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