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Ty leases a farmers field for $40 a day and grows cabbages
Ty leases a farmers field for $40 a day and grows cabbages. He pays students $100 a day to pickup cabbages and he leases capital of $80 a day
The table gives the daily output.
| Labor (students) | Output (cabbages per day) |
|---|---|
| 0 | 0 |
| 1 | 60 |
| 2 | 130 |
| 3 | 210 |
| 4 | 310 |
| 5 | 395 |
| 6 | 470 |
| 7 | 535 |
What is Ty's total cost and average total cost if he produces 210 cabbage a day?
When Ty produces 210 cabbages a day total is $ _____ a day
When Ty produces 210 cabbage a day, average total cost is $_____a cabbage.
Expert Solution
| Labor (students) | Output (cabbages per day) | Variable Cost of Labor | Fixed Cost of Lease and Capital | Total Cost | Average Cost |
|---|---|---|---|---|---|
| 0 | 0 | 0 | 120 | 120 | - |
| 1 | 60 | 100 | 120 | 220 | 3.66 |
| 2 | 130 | 200 | 120 | 320 | 2.46 |
| 3 | 210 | 300 | 120 | 420 | 2.00 |
| 4 | 310 | 400 | 120 | 520 | 1.67 |
| 5 | 395 | 500 | 120 | 620 | 1.56 |
| 6 | 470 | 600 | 120 | 720 | 1.53 |
| 7 | 535 | 700 | 120 | 820 | 1.53 |
What is Ty's total cost and average total cost if he produces 210 cabbage a day?
When Ty produces 210 cabbages a day total cost is $420 a day
When Ty produces 210 cabbage a day, the average total cost is $2 a cabbage.
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