The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number. Outputof ChairsTotalHoursAverageHoursper Chair MarginalHoursper ChairTVC($)AVC($)TFC($)TC($)ATC($)MC($)16 180 28 39 416 525 636 b) What is the most productive output? Most productive output: chairs.c) What are AVC and ATC at this quantity? AVC: $ ATC: $ d) What is the output at economic capacity? Economic capacity: chairs.

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Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 33CTQ: Average cost curves (except for avenge fixed cost) tend to be U-shaped, decreasing and then...

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The table below shows the cost data of a furniture manufacturer named Cindy’s Custom Made.

a) Complete the table, assuming that labour and materials cost $8 an hour. For all $ amounts, round your answers to the nearest whole number.

Output of Chairs	Total Hours	Average Hours per Chair	Marginal Hours per Chair	TVC($)	AVC($)	TFC($)	TC($)	ATC($)	MC($)
1	6					180
2	8
3	9
4	16
5	25
6	36

b) What is the most productive output?
Most productive output: chairs.
c) What are AVC and ATC at this quantity?
AVC: $

ATC: $
d) What is the output at economic capacity?

Economic capacity: chairs.

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