Q1. Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table: Output (pizzas per hour) Total Cost (dollars per hour) Fixed Cost (1) Variable Cost (2) Average Cost (3) Average Fixed Cost (4) Average Variable Cost (5) Marginal Cost (6) Total Revenue (7) Marginal Revenue (8) 0 10 1 21 2 30 3 41 4 54 5 69 Write down the formulas for all the calculations in the table above, from columns 1 – 8:
Q1. Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table: Output (pizzas per hour) Total Cost (dollars per hour) Fixed Cost (1) Variable Cost (2) Average Cost (3) Average Fixed Cost (4) Average Variable Cost (5) Marginal Cost (6) Total Revenue (7) Marginal Revenue (8) 0 10 1 21 2 30 3 41 4 54 5 69 Write down the formulas for all the calculations in the table above, from columns 1 – 8:
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section12.3: The Various Measures Of Cost
Problem 3QQ
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Q1. Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table:
Output (pizzas per hour) |
Total Cost (dollars per hour) |
Fixed Cost (1) |
Variable Cost (2) |
Average Cost (3) |
Average Fixed Cost (4) |
(5) |
Marginal Cost (6) |
Total Revenue (7) |
Marginal Revenue (8)
|
0 |
10 |
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1 |
21 |
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2 |
30 |
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3 |
41 |
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4 |
54 |
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5 |
69 |
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Write down the formulas for all the calculations in the table above, from columns 1 – 8:
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