Chapter 21 Quiz: 2024SP-ECON- X MindTap - Cengage Learning X Midterm (Chapters 1-4, 19-21): 2 X 2024SP-ECON-104-W06 : Prin Ec X - X C https:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5813538219621591114194498&eISBN=978133... A CENGAGE | MINDTAP Q Search this course ? Homework: Production and Costs (Ch 21) X b. Ine relationship between marginal physical product and marginal cost Susan's Burrito Stand is a small restaurant that sells burritos. For Susan, stoves are a fixed input and workers are variable inputs. Assume that labor is Susan's only variable cost. Susan has a fixed cost of $80 per day and pays each of her workers $120 per day. E Susan's total product schedule and total cost at each level of labor are presented in the following table. A-Z Fill in the blanks to complete the Marginal Physical Product of Labor column for each worker and the Marginal Cost column at each level of labor. (Hint: Marginal cost is the change in total cost divided by the change in the quantity of output. You can calculate it here by dividing the increase in EI total cost from hiring one more worker by the marginal physical product from hiring one more worker.) + Quantity of Labor Quantity of Output Marginal Physical Product of Labor Total Cost Marginal Cost (Workers) (Burritos per day) (Burritos per day) (Dollars per day) (Dollars per burrito) bongo 0 0 $80 40 $200 100 $320 W N 140 $440 4 160 $560 175 $680 ? A+ When hiring 3 or more workers, Susan's Burrito Stand faces marginal returns to labor. I Over the range of workers for which the marginal product of labor is increasing, Susan's Burrito Stand faces marginal cost. Grade It Now Save & Continue Temps to plum... Tuesday Q Search 9:33 PM 3/24/2024