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Homework answers / question archive / Lisa has a lawn-mowing business
Lisa has a lawn-mowing business. Lisa hires students at $40 a day to mow lawns. Lisa leases 5 lawn mowers for $200 a day. The table gives the daily output:
| Labor | Total product |
| 0 | 0 |
| 1 | 20 |
| 2 | 44 |
| 3 | 70 |
| 4 | 94 |
| 5 | 114 |
| 6 | 120 |
a. Construct the total variable cost and total cost schedules,
b. Construct the average fixed cost, average variable cost, and average total cost schedules,
c. Construct the marginal cost schedule.
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