Question
1. Suppose that running hamburger business only requires food cart and labor. Monthly rent for food cart is 1,000. Monthly wage for hiring one worker
1. Suppose that running hamburger business only requires food cart and labor.
Monthly rent for food cart is 1,000. Monthly wage for hiring one worker is 400.
The following table shows possible monthly output depending on different levels of inputs.
1.1 Complete the tablebelow (if needed, round to the second decimal place) (3 points)
Labor | Food cart | Total Output | Marginal Output | Fixed Cost | Variable Cost | Total Cost | Average Fixed cost | Average Variable Cost | Average Total Cost | Marginal Cost |
0 | 1 | 0 | N/A | N/A | N/A | N/A | N/A | |||
1 | 1 | 50 | ||||||||
2 | 1 | 130 | ||||||||
3 | 1 | 190 | ||||||||
4 | 1 | 240 | ||||||||
5 | 1 | 280 | ||||||||
6 | 1 | 305 | ||||||||
7 | 1 | 320 |
1. 2. Graph AFC, ATC, and MC using thecoordinate plane below. (3 points)
* Graph lines do not need to be super accurate.
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