15. You are provided with cost data for the Amber Amazing Restaurant for its signature dinner...

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15. You are provided with cost data for the Amber Amazing Restaurant for its signature dinner dish that it offers to its patrons. Use the following figure for this business to answer the questions below. Assume the number of meals served weekly (quantity of output) is 1,000. 5 a. How much is marginal cost? Costs 20 30 MC 0 b. How much is average variable cost? c. How much is average total cost? 10 d. How much is average fixed cost? e. How much is total cost? $30 20 100 15 ee ATC AVC 20 10 30 f. How much is total variable cost? g. How much are total fixed costs? h. Amazing Amber is an excellent employer, and she increases the wages of his workers. What would happen to average variable cost, average fixed cost, average total cost and marginal cost? Assume there is no change in the quantity of output. 0 1,000 Quantity of output 15. You are provided with cost data for the Amber Amazing Restaurant for its signature dinner dish that it offers to its patrons. Use the following figure for this business to answer the questions below. Assume the number of meals served weekly (quantity of output) is 1,000. 5 a. How much is marginal cost? Costs 20 30 MC 0 b. How much is average variable cost? c. How much is average total cost? 10 d. How much is average fixed cost? e. How much is total cost? $30 20 100 15 ee ATC AVC 20 10 30 f. How much is total variable cost? g. How much are total fixed costs? h. Amazing Amber is an excellent employer, and she increases the wages of his workers. What would happen to average variable cost, average fixed cost, average total cost and marginal cost? Assume there is no change in the quantity of output. 0 1,000 Quantity of output

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a Marginal Cost MC is the change in total cost due to producing one additional unit of output Since ... View the full answer