The table below presents the short-run production and costs at Fast Breakfast. Use the data in the table to answer the

Question

The table below presents the short-run production and costs at Fast Breakfast. Use the data in the table to answer the question below. Number of workers Quantity of Bagel per Week Cost of oven Cost of workers 0 0 $200 $0 1 100 $200 $250 2 250 $200 $500 3 400 $200 $800 4 530 $200 $1,050 5 580 $200 $1,400 6 620 $200 $1,700 7 640 $200 $2,000 Calculate total costs, average variable costs, average fixed costs, marginal costs, and average total costs.

Help In Homework · Accepted Answer

Total Cost = Variable Cost + Fixed Cost Average Variable Cost = Variable Cost / Quantity Average Fixed Cost (AFC) = Fixed Cost / Quantity Marginal Cost (MC) = Change in Total Cost / Change in output Average Total Cost (ATC) = Total Cost / Quantity Number of workers Quantity of Bagel per Week Cost of oven Cost of workers Total Cost Marginal Cost AVC AFC ATC 0 0 200 0 200 - - - - 1 100 200 250 450 2.5 2.5 2 4.5 2 250 200 500 700 1.67 2 0.8 2.8 3 400 200 800 1000 2 2 0.5 2.5 4 530 200 1,050 1250 1.92 1.9811320755 0.3773584906 2.358490566 5 580 200 1,400 1600 7 2.4137931034 0.3448275862 2.7586206897 6 620 200 1,700 1900 7.5 2.7419354839 0.3225806452 3.064516129 7 640 200 2,000 2200 15 3.125 0.3125 3.4375 Total cost is calculated by the sum of the cost of the oven and the cost of workers Marginal cost is the difference in total cost from one output level to the next over the change in quantity Average Variable Cost (AVC) is the cost of workers over the quantity of bagels per weak Average Fixed Cost (AFC) is the cost of the oven over the quantity of bagels per weak Average Total Cost (ATC) is the total cost over the quantity of bagels per weak

Why Choose Us?

0% AI Guarantee

24/7 Support

Plagiarism Free

Expert Tutors

100% Confidential

On-Time Delivery

The table below presents the short-run production and costs at Fast Breakfast

Expert Solution

Archived Solution

Number of workers	Quantity of Bagel per Week	Cost of oven	Cost of workers
0	0	$200	$0
1	100	$200	$250
2	250	$200	$500
3	400	$200	$800
4	530	$200	$1,050
5	580	$200	$1,400
6	620	$200	$1,700
7	640	$200	$2,000

Number of workers	Quantity of Bagel per Week	Cost of oven	Cost of workers	Total Cost	Marginal Cost	AVC	AFC	ATC
0	0	200	0	200	-	-	-	-
1	100	200	250	450	2.5	2.5	2	4.5
2	250	200	500	700	1.67	2	0.8	2.8
3	400	200	800	1000	2	2	0.5	2.5
4	530	200	1,050	1250	1.92	1.9811320755	0.3773584906	2.358490566
5	580	200	1,400	1600	7	2.4137931034	0.3448275862	2.7586206897
6	620	200	1,700	1900	7.5	2.7419354839	0.3225806452	3.064516129
7	640	200	2,000	2200	15	3.125	0.3125	3.4375