Question: please check and answer. 2 . Problems 13-4 Nimbus, Inc., makes brooms and then sells them doortodoor. Here is the relationship between the number of

please check and answer.

please check and answer. 2 . Problems 13-4 Nimbus, Inc., makes broomsand then sells them doortodoor. Here is the relationship between the number

2 . Problems 13-4 Nimbus, Inc., makes brooms and then sells them doortodoor. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product TotalCost Marginal Cost Average Total Cost 0 0 $200 20 15.00 V 1 20 $300 5.00 V 30 8.00 v 2 50 $400 3.33 v 40 5.56 V 3 90 $500 1.50 V 30 5.00 v 4 120 $600 3.33 v 20 5.00 V 5 140 $700 5.00 V 10 5.33 V 6 150 $800 10.00 v 5 5.81 V 7 155 $900 20.00 V A worker cosls $100 a day, and the rm has xed costs of $200. Use this information to ll in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. (Hint: MC = {Ii3".) Fill in the column for average total cost in the previous table. (Hint: ATC = T7: .) which of the following statemenls are true about the patterns found in this table? Check all that apply. - Marginal product rises at rst, then declines. a When marginal product is rising, marginal cost is also rising. * Average total cost is not U-shaped. a When marginal cost is less than average total cost, average total cost is falling. 3 . Problems 13-10 Consider the following table of long-run total costs for three different rms: Quantity 1 2 3 4 5 6 7 Firm A 10 21 32 43 54 66 so Firm 3 1o 15 18 23 35 50 65 Firm c 10 19 28 37 46 55 60 Indicate whether each rm experiences economies of scale or diseconomies of scale. (Note: If a rm experiences economies of scale in one region and disemnomies of scale in another, make sure to select both columns.) Firm Economies of Scale Diseconomies of Scale A 7

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!