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Suppose Lion Sandwich Shop rents a building for $50 per day, and they can hire workers for $110 per day. The short run labor and
Suppose Lion Sandwich Shop rents a building for $50 per day, and they can hire workers for $110 per day. The short run labor and output (quantity of sandwiches) information is listed below. Fill in the columns for total cost and marginal cost. (Note: You may need to make columns for fixed cost (FC) and variable cost (VC) on a piece of scrap paper, which will make it easier to find total cost (TC).) Do not enter any dollar signs, and if necessary, round to two decimal places.
Labor (L) | Output (Q) | Total Cost (TC) | Marginal Cost (MC) |
---|---|---|---|
0 | 0 | -- | |
1 | 10 | ||
2 | 30 | ||
3 | 60 | ||
4 | 100 | ||
5 | 145 | ||
6 | 183 | ||
7 | 210 |
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