0 Exam Security Strip - Do Not Remove or Adjust Score Drafting Sheet 2 Question 1-a (CK1, CK3, CC2, CC3, CCIT1) 3 The Pizza Biz Co., Lid. has information in the table below. The fixed cost is $500/day and the firm employs daily-paid workers 4 which is 50$/day/worker. Price of pizza is $1.25 per unit. (this firm is a perfectly competitive firm). 5 6 Calculate fixed cost (FC), variable cost (VC), total cost (TC), marginal cost (MC), average total cost, and average variable cost 7 (AVC) (fill in the table by using spreadsheet formula). Number of Number of Variable Cost Fixed Cost Workers Per Total Cost ($) |Marginal Cost Average Total Pizzas Per Average Price ($) ($/Day) ($/Day) Day ($) Cost ($) Variable Cost Day (L) (Q) (VC) (FC) (TC) (MC) (ATC) (AVC) (P) 10 0 0 11 1 210 12 2 390 13 3 540 14 A 670 15 780 16 6 850 17 7 890 18 8 910 19 9 920 20 10 925 21 22 Question 1-b CK1, CK3, CC2, CC3, CCIT1) 23 + Short