Question: he table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of
he table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of the capital is $1000 per day. (1 point X 7 columns = 7 points)
Units of Labour (per day) Total Output (per day) TFC TVC TC MC AFC AVC ATC
10 100
20 300
30 900
40 1320
50 1500
60 1620'
70 1680
Using the information provided, compute all of the short-run costs for this firm and complete the table. Please write down the formula (1.5 points) and show the full calculation work for each cell (1.5 points) to get full marks.
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