Sue's Surfboards hires workers at $500 a week. Its total fixed cost is $1,000 a week. The table shows the firm's total product schedule and the graph shows the cost curves Labour (workers per week) Output (surfboards per week) 30 70 120 160 190 210 When the Sue's output is 30 surfboards a week, the firm's total fixed cost is 5 total variable cost is $ and total cost is $ Sue's output is 30 surfboards a week Draw a point to show the firm's 1) total fixed cost Label it TFC 2) total variable cost Label it TVC 3) total cost Label it TC Cost (dollars per week) 4500- 4000- 3500 1000 2500 2000- 1500- 1000 100 450 50 100 120 140 160 150 200 23 Outboards ***Draw only the objects specified in the question ode

Sue's Surfboards hires workers at $500 a week. Its total fixed cost is $1,000 a week. The table shows the firm's total product schedule and the graph shows the cost curves Labour (workers per week) Output (surfboards per week) 30 70 120 160 190 210 When the Sue's output is 30 surfboards a week, the firm's total fixed cost is 5 total variable cost is $ and total cost is $ Sue's output is 30 surfboards a week Draw a point to show the firm's 1) total fixed cost Label it TFC 2) total variable cost Label it TVC 3) total cost Label it TC Cost (dollars per week) 4500- 4000- 3500 1000 2500 2000- 1500- 1000 100 450 50 100 120 140 160 150 200 23 Outboards ***Draw only the objects specified in the question ode

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

See similar textbooks

Similar questions

Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72 haircuts. Draw the graph of line three curves between 60 and 72 haircuts.
How does fixed cost affect marginal cost? Why is this relationship important?
Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and 200,000 on materials. What was the firms accounting profit?
What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?
How do we calculate each of the following: marginal cost, average total cost, and average variable cost?
Would you consider an interest payment on a loan to a film an explicit or implicit cost?
Are fixed costs also sunk costs? Explain.