The following table represents the potential monthly output (Q), number of workers (L), marginal product of labor (MPL), variable costs (VC), fixed costs (FC), total costs (TC), average total costs (ATC), average variable costs (AVC), average fixed costs (AFC), and marginal cost (MC) for Black Cat Burrito. (Note that it resembles the large table used throughout our class notes for Lecture 8, which is also given as Exhibit 6.3 in the textbook.) Stu Quantity of Output Labor (L) (a) Marginal Product Variable Cost (VC) Fixed Cost (FC) of Labor (MPL) Average Total Cost Average Variabli (ATC) Total Cost (TC) Cost (AVC) N/A N/A N/A 15 an 41 91 3. dia 185 r Res 391 765 unical 968 sible urces 1071 Fll in the blanks in the table with the appropriate values. Each unit of labor costs $100, and the foxed cost when L0 is $2,600. (Round all numbers to the second decimal place when necessary. Any subsequent calculations using that number will used the rounded version)
The following table represents the potential monthly output (Q), number of workers (L), marginal product of labor (MPL), variable costs (VC), fixed costs (FC), total costs (TC), average total costs (ATC), average variable costs (AVC), average fixed costs (AFC), and marginal cost (MC) for Black Cat Burrito. (Note that it resembles the large table used throughout our class notes for Lecture 8, which is also given as Exhibit 6.3 in the textbook.) Stu Quantity of Output Labor (L) (a) Marginal Product Variable Cost (VC) Fixed Cost (FC) of Labor (MPL) Average Total Cost Average Variabli (ATC) Total Cost (TC) Cost (AVC) N/A N/A N/A 15 an 41 91 3. dia 185 r Res 391 765 unical 968 sible urces 1071 Fll in the blanks in the table with the appropriate values. Each unit of labor costs $100, and the foxed cost when L0 is $2,600. (Round all numbers to the second decimal place when necessary. Any subsequent calculations using that number will used the rounded version)
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
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Transcribed Image Text:The following table represents the potential monthly output (Q), number of workers (L), marginal product of labor (MPL), variable costs (VC), fixed costs (FC), total
costs (TC), average total costs (ATC), average variable costs (AVC), average fixed costs (AFC), and marginal cost (MC) for Black Cat Burrito. (Note that it resembles
the large table used throughout our class notes for Lecture 8, which is also given as Exhibit 6.3 in the textbook.)
Stu
Quantity of Output Labor (L)
(a)
Marginal Product Variable Cost (Vc) Fixed Cost (FC)
of Labor (MPL)
Average Total Cost Average Varlabli
(ATC)
Total Cost (TC)
Cost (AVC)
N/A
N/A
N/A
15
an
41
91
3
edia
185
4
r Res
391
765
unical
968
7.
1071
sible
urces
Fl in the blanks in the table with the appropriate values. Each unit of labor costs $100, and the foxed cost when L0 is $2,600.
(Round all numbers to the second decimal place when necessary. Any subsequent calculations using that number will used the rounded version)
OODDO
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