Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of cars repaired per month according to how many workers Bill hires. Assume he pays each worker $5,000 per month and his fixed cost equals $5,000 per month. Using the information provided, complete the table given below. (Enter your responses rounded to two decimal places.) Quantity of Workers 0 Quantity of Cars per Month 0 1 2 3 4 5 SSSSN a Fixed Cost $5,000 Variable Cost Total Cost Average Total Cost 20 30 $ 40 $ 50 $ 55

Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of cars repaired per month according to how many workers Bill hires. Assume he pays each worker $5,000 per month and his fixed cost equals $5,000 per month. Using the information provided, complete the table given below. (Enter your responses rounded to two decimal places.) Quantity of Workers 0 Quantity of Cars per Month 0 1 2 3 4 5 SSSSN a Fixed Cost $5,000 Variable Cost Total Cost Average Total Cost 20 30 $ 40 $ 50 $ 55

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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Similar questions

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workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
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