Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marcel leases a garage.He must pay $800 every week for his lease regardless of how many cars he fixes.The number of cars he fixes each

Marcel leases a garage.He must pay $800 every week for his lease regardless of how many cars he fixes.The number of cars he fixes each week depends on how many mechanics he hires.The table below summarizes his cost information.

Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below.

Instructions: Enter your answers as a whole number.

Marcel's Production Costs

Output

Total Fixed Cost (dollars)

Total Variable Cost (dollars)

Total Cost (dollars)

0 $800 $0 $800
15 800 800
25 1,600
35 2,400
45 4,000
55 4,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Microeconomics

Authors: Austan Goolsbee, Steven Levitt, Chad Syverson

3rd Edition

1319105564, 978-1319105563

More Books

Students also viewed these Economics questions