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 $14 an hour. For all $ amounts, round your answers to the nearest whole number. Output Total of Chairs Hours 1 2 3 4 5 6 4 6 12 20 30 48 Average Hours per Chair b) What is the most productive output? Most productive output: Economic capacity: Marginal Hours per Chair chairs. c) What are AVC and ATC at this quantity? AVC: $1 ATC: $ d) What is the output at economic capacity? chairs. TVC($) AVC($) TFC($) 210 TC($) 4 ATC($) MC($)
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 $14 an hour. For all $ amounts, round your answers to the nearest whole number. Output Total of Chairs Hours 1 2 3 4 5 6 4 6 12 20 30 48 Average Hours per Chair b) What is the most productive output? Most productive output: Economic capacity: Marginal Hours per Chair chairs. c) What are AVC and ATC at this quantity? AVC: $1 ATC: $ d) What is the output at economic capacity? chairs. TVC($) AVC($) TFC($) 210 TC($) 4 ATC($) MC($)
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 18PAE
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