Order the answer to: Mark and Jeff operate a small company that produces souvenir

Best Writers business economics Order the answer to: Mark and Jeff operate a small company that produces souvenir

business economics

Order the answer to: Mark and Jeff operate a small company that produces souvenir

Question Mark and Jeff operate a small company that produces souvenir footballs. Their fixed cost is $2,000 per month. They can hire workers for $1,000 per worker per month. Their monthly production function for footballs is as given in the accompanying table.
Quantity of labor
(workers) Quantity of footballs
0…………………………….. 0
1…………………………….. 300
2…………………………….. 800
3…………………………….. 1,200
4…………………………….. 1,400
5…………………………….. 1,500
a. For each quantity of labor, calculate average variable cost (AVC), average fixed cost (AFC), average total cost (ATC), and marginal cost (MC).
b. On one diagram, draw the AVC, ATC, and MC curves.
c. At what level of output is Mark and Jeff’s average total cost minimized?
Subject business economics
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