Question
Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00 week. The table below sets out the company's short
Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00 week. The table below sets out the company's short -run activities.
| Labor (Workers per week | Output(Q) Units | Fixed Costs (FC) | Variable Costs(VC) | Total Costs (TC) | Marginal Cost (MC) | Total Revenue(TR) | Marginal Revenue(MR) |
| 0 | 0 | 1000.00 | |||||
| 1 | 30 | ||||||
| 2 | 70 | ||||||
| 3 | 120 | ||||||
| 4 | 160 | ||||||
| 5 | 190 | ||||||
| 6 | 210 | ||||||
| 7 | 220 |
Calculate the FC,VC,TC,MC and MR,fill your results in the table appropriately.
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
Economics
Authors: Michael Parkin
14th Global Edition
1292433639, 978-1292433639
