Question
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $180per day and the greenhouse is rented for $300 per day
Fill in total cost in the table below. (Enter your responses as integers.)
Labor | Capital | Output | Total Cost |
0 | 1 | 0 | $300 |
1 | 1 | 80 | 480 |
2 | 1 | 240 | 660 |
3 | 1 | 320 | 840 |
4 | 1 | 360 | 1020 |
5 | 1 | 380 | 1200 |
Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.) I am stuck here
Labor | Capital | Output | Total Cost | Average Total Cost |
0 | 1 | 0 | $300 | - |
1 | 1 | 80 | 480 | $ |
2 | 1 | 240 | 660 |
|
3 | 1 | 320 | 840 |
|
4 | 1 | 360 | 1,020 |
|
5 | 1 | 380 | 1,200 |
|
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