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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Consider the following cost information for a pizzeria:

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a. What is the pizzeria’s fixed cost?

b. Construct a table in which you calculate the marginal cost per dozen pizzas using the information on total cost. Also, calculate the marginal cost per dozen pizzas using the information on variable cost. What is the relationship between these sets of numbers? Explain.

Subpart (a):

To determine
A fixed cost, marginal cost, and total cost.

Explanation

Table - 1 shows the cost information for a pizzeria:

Table - 1

Quantity Total cost Variable cost
0 300 0
1 350 50
2 390...

Subpart (b):

To determine
A fixed cost, marginal cost, and total cost.

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