Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Note: Round 0.005 up to 0.01. (2) (3) (1) (4) (5)
a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Note: Round 0.005 up to 0.01. (2) (3) (1) (4) (5) (7) (8) (9) Labour Total Product Marginal (6) Product Fixed Variable (10) Total Cost Marginal Average Average Variable Average Cost (workers per (burgers per Costs Costs Cost Fixed Cost Cost ($) day) day) (burgers per ($) ($) ($) day) ($) ($) ($) 0 0 400 0 1 110 170 2 390 340 W 550 510 4 636 680 5 686 850 b. Draw a graph showing the marginal cost, average fixed cost, average variable cost, and average cost curves. Using the tools provided plot 5 points for the marginal cost curve, 5 points for the average fixed cost curve, 5 points for the average variable curve and 5 points for the average cost curves for a total of 20 points. To manually plot values first click on the line segment between two points plotted in the graphing area then click on the Icon of a widget to bring up the manual data entry box. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the horizontal axis.Short Run Costs Pete's Burger Joint 10 Tools 9 / / 8 Marginal Cost average Varia ? a; 6 / 3 5 Average Cost Average Fixed a w 4 3 2 1 AFC U 100 200 300 400 500 600 7'00 800 Quantity of Burgers per Day c. Describe the shape of he average fixed cost curve. How does its shape differ from that ofthe average variable cost and average cos curves? The average fixed cost curve is a {Clickto select) v that becomes flatter at higher quantity levels. This differs from the shape of the (Click to select) v and (Click to select) v curves, both of which are (Click to select) v _
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started