Construct the average fixed cost, average variable cost, and average total cost schedules and the marginal cost
Question:
Construct the average fixed cost, average variable cost, and average total cost schedules and the marginal cost schedule.
Len’s body board factory pays $60 a day for equipment and $200 a day to each student it hires. Table 1 sets out Len’s total product schedule.
Transcribed Image Text:
TABLE 1 Labor (workers per day) 67234 0 1 Total product (body boards per day) 0 20 44 60 72
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (3 reviews)
To construct the average fixed cost AFC average variable cost AVC average total cost ATC and margina...View the full answer
Answered By
Madhvendra Pandey
Hi! I am Madhvendra, and I am your new friend ready to help you in the field of business, accounting, and finance. I am a College graduate in B.Com, and currently pursuing a Chartered Accountancy course (i.e equivalent to CPA in the USA). I have around 3 years of experience in the field of Financial Accounts, finance and, business studies, thereby looking forward to sharing those experiences in such a way that finds suitable solutions to your query.
Thus, please feel free to contact me regarding the same.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
At what output is Lens average total cost at a minimum? At what output is Lens average variable cost at a minimum? Lens body board factory pays $60 a day for equipment and $200 a day to each student...
-
Construct Lens total variable cost and total cost schedules. What does the difference between total cost and total variable cost at each output equal? Lens body board factory pays $60 a day for...
-
Explain why the output at which average variable cost is at a minimum is smaller than the output at which average total cost is at a minimum. Lens body board factory pays $60 a day for equipment and...
-
You have been asked to manage a $3 million university endowment fund, which is used to fund the additional salary stipend for 5 endowed chair positions. The stipend for each chair is $30,000 (for a...
-
Suggest reasons why a firm would acquire a derivative and not treat it as an accounting hedge.
-
Curiosity Corner sells books and various other reading-related products. One of the stores most popular reading-related products is a book pillow for hard cover and soft cover books. The pillows each...
-
Petitioner Salman was indicted for federal securities-fraud crimes for trading on inside information he received from a friend and relative-by-marriage, Michael Kara, who, in turn, had received the...
-
The three accounts shown below appear in the general ledger of Bennis Corp. during 2011. Instructions From the postings in the accounts, indicate how the information is reported on a statement of...
-
A certain substance has a mass per mole of 53 g/mol. When 312 J is added as heat to a 26.0 g sample, the sample's temperature rises from 21.0C to 45.0C. What are the (a) specific heat and (b) molar...
-
Deere & Co. plans to lay off 220 workers and decrease its output of farm equipment. If Deere & Co. is operating at maximum total product before it cuts its workforce, how will the marginal product of...
-
An Asian manufacturer of running shoes pays its workers $275 to make 100 pairs an hour. Workers use company-owned equipment that costs $300 an hour in forgone interest and economic depreciation....
-
If a nations currency doubles in value on foreign exchange markets, the currency is said to _________, reflecting a change in the _________ exchange rate. a. appreciate; nominal b. appreciate; real...
-
X Company estimates the following for its two products in 2019: Product X Product Y Selling price $13.80 $35.70 Variable cost $10.70 $28.70 Production [units] 54,000 12,000 Estimated fixed costs in...
-
As a consumer, what approaches and techniques will you now look for when you see marketing in action? For example, if you see an ad, what will you now consider and acknowledge as you look at the...
-
Technology trends have the potential to drive significant disruption and deliver significant opportunities. Digital trends such as AI engineering, distributed cloud, cybersecurity mesh, and...
-
You have leased an auto for 3 years at $299 per month. If money is worth 6% per year compounded quarterly, what is the equivalent cash payment presently for this annuity? The Riveras secured a bank...
-
At the beginning of 2017, Newton Corporation had a Deferred Tax Liability account with a beginning balance of $23,500. This was due to $55,600 of temporary differences that will result in future...
-
During the holiday season, Ajay Singh offers gift-wrapping services at the local mall. Ajay budgets to wrap 1,250 packages per month for $3 per package. Ajay estimates that his variable costs...
-
Find the APR in each of the following cases: NUMBER OF TIMES COMPOUNDED Semiannually Monthly Weekly Infinite EAR APR 10.4% 8.9 11.6 15.4
-
Suppose that the U.S. economy fully recovers from the 2008-2009 recession but the natural unemployment rate has risen to 8 percent and the expected inflation rate is zero. How would the short-run and...
-
In an economy, the natural unemployment rate is 4 percent and the expected inflation rate is 3 percent a year. Draw a graph of the short-run and long-run Phillips curves that display this...
-
Plot the short-run Phillips curve and aggregate supply curve for 2017 and mark the points A, B, C, and D on each that correspond to the data in the left part of the table. The left part of the table...
-
calculate the following ratios: Current ratio. Operating return on assets Times interest earned. Debt ratio Inventory turnover. Average collection period Total asset turnover. Fixed asset turnover...
-
answer the questions: Watch video https://www.youtube.com/watch?v=bxcH0wmmqdk QUESTIONS Why did Nissan and Renault not choose merger and acquisition? What are the motivation(s) for Renault for this...
-
JP Morgan Bank classifies its investments into the following categories: (a) Trading bond investments. (b) Available-for-Sale bond investments, (c) Held-to-Maturity bond investments (d) Equity...
Study smarter with the SolutionInn App