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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.

image text in transcribedimage text in transcribed
\f30.00 29.00 28.00 27.00 26.00 25.00 24.00 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 15.00 14.00 13.00 12.00 11.00 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0 50 130 190 240 280 305 320

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