Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The daily short-run costs of Pete's hamburger joint are shown in the table below. a. Fill in the table, writing out dollars and cents e.g.

image text in transcribed
The daily short-run costs of Pete's hamburger joint are shown in the table below. a. Fill in the table, writing out dollars and cents e.g. $1.00 or $0.10. Note: Round 0.005 up to 0.01. (1) (2) (3) (9) Labour Total Product Marginal (4) (5) (6) (7) (8) Average (10) workers per (burgers per Product Fixed Costs Variable Total Cost Marginal Cost Average Fixed Costs Variable Cost Average Cost day) day (burgers per ($) ($) ($) Cost ($) ($) ($) day ) ($) 400 1 120 180 2 385 360 3 550 540 640 720 688 900 b. Draw a graph showing the marginal cost, average fixed cost, average variable cost, and average cost curves. Using the tools provided plot 5 points for the marginal cost curve, 5 points for the average fixed cost curve, 5 points for the average variable curve and 5 points for the average cost curves for a total of 20 points. To manually plot values first click on the line segment between two points plotted in the graphing area then click on the icon of a widget to bring up the manual data entry box. Remember that marginal values such as marginal cost are plotted halfway between the two relevant quantity levels on the horizontal axis. Short Run Costs Pete's Burger Joint 10 Tools Marginal Cost Average Varia inger MacBook Air F2 20 F3 888 FA F5 -2- F6 F7 DI FB DD F9 F10 4) F17 @ # $ Po & K +

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

Essays In Our Changing Order

Authors: Thorstein Veblen

1st Edition

1351311425, 9781351311427

More Books

Students also viewed these Economics questions

Question

Have I allowed for this item in my budget?

Answered: 1 week ago