1. A firm has a single variable factor of production (labor), and its fixed factor is...
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1. A firm has a single variable factor of production (labor), and its fixed factor is the rent it pays on the building. The following table gives the amount of output that the firm produces with a given number of employees. Employees (per day) 0 10 20 30 40 50 60 70 80 90 100 Output (per day) 0 18 45 90 126 158 185 207 225 239 248 a. Suppose the firm has fixed costs of $30 per day and that each employee earns $20 per day. Expand the table above (using Excel) by adding columns for fixed cost, variable cost, and total cost. Next, expand the table to include average variable cost, average cost, and marginal cost. Round the numbers in your table to the nearest hundredth (e.g. $7.11). 1. A firm has a single variable factor of production (labor), and its fixed factor is the rent it pays on the building. The following table gives the amount of output that the firm produces with a given number of employees. Employees (per day) 0 10 20 30 40 50 60 70 80 90 100 Output (per day) 0 18 45 90 126 158 185 207 225 239 248 a. Suppose the firm has fixed costs of $30 per day and that each employee earns $20 per day. Expand the table above (using Excel) by adding columns for fixed cost, variable cost, and total cost. Next, expand the table to include average variable cost, average cost, and marginal cost. Round the numbers in your table to the nearest hundredth (e.g. $7.11).
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Employees per day 10 20 30 40 50 60 70 80 go 0 100 Output per D... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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