Marcel leases a garage. He must pay $500 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. Instructions: Enter your answers as a whole number. a. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below. Marcel's Production Costs Output Total Fixed Cost (dollars) Total Variable Cost (dollars) Total Cost (dollars) 0 $500 $0 $500 10 500 500 20 1,000 30 1,500 40 2,500 50 3,000
Marcel leases a garage. He must pay $500 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. Instructions: Enter your answers as a whole number. a. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below. Marcel's Production Costs Output Total Fixed Cost (dollars) Total Variable Cost (dollars) Total Cost (dollars) 0 $500 $0 $500 10 500 500 20 1,000 30 1,500 40 2,500 50 3,000
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
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Marcel leases a garage. He must pay $500 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.
Instructions: Enter your answers as a whole number.
a. Fill in the missing values for total fixed cost, total variable cost, and total cost in the table below.
Marcel's Production Costs
| Output | Total Fixed Cost (dollars) | Total Variable Cost (dollars) | Total Cost (dollars) |
| 0 | $500 | $0 | $500 |
| 10 | 500 | 500 | |
| 20 | 1,000 | ||
| 30 | 1,500 | ||
| 40 | 2,500 | ||
| 50 | 3,000 |
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