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Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product Total Cost 0 1 2 3 4 5 6 7 0 15 40 75 120 150 165 170 $ $ Marginal Cost Average Total Cost A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. (Hint: MC=) Fill in the column for average total cost in the previous table. (Hint: ATC=) "Which of the following statements are true about the patterns found in this table? Check all that apply. When marginal cost is less than average total cost, average total cost is rising. When marginal product is rising, marginal cost is falling. Average total cost is not U-shaped. Marginal cost declines at first, then rises,

Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product Total Cost 0 1 2 3 4 5 6 7 0 15 40 75 120 150 165 170 $ $ Marginal Cost Average Total Cost A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. (Hint: MC=) Fill in the column for average total cost in the previous table. (Hint: ATC=) "Which of the following statements are true about the patterns found in this table? Check all that apply. When marginal cost is less than average total cost, average total cost is rising. When marginal product is rising, marginal cost is falling. Average total cost is not U-shaped. Marginal cost declines at first, then rises,

Essentials of Economics (MindTap Course List)
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 4PA
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Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product Total Cost 0 1 2 3 4 5 6 7 0 15 40 75 120 150 165 170 AAAAAAA $ $ $ Marginal Cost A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. (Hint: MC) Average Total Cost Fill in the column for average total cost in the previous table. (Hint: ATC= Which of the following statements are true about the patterns found in this table? Check all that apply. When marginal cost is less than average total cost, average total cost is rising. When marginal product is rising, marginal cost is falling. Average total cost is not U-shaped. Marginal cost declines at first, then rises.
Transcribed Image Text:Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product Total Cost 0 1 2 3 4 5 6 7 0 15 40 75 120 150 165 170 AAAAAAA $ $ $ Marginal Cost A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table. Fill in the column for marginal cost in the previous table. (Hint: MC) Average Total Cost Fill in the column for average total cost in the previous table. (Hint: ATC= Which of the following statements are true about the patterns found in this table? Check all that apply. When marginal cost is less than average total cost, average total cost is rising. When marginal product is rising, marginal cost is falling. Average total cost is not U-shaped. Marginal cost declines at first, then rises.
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