23 Jul COMPARE THE COLUMN FOR MARGINAL PRODUCT AND THE COLUMN FOR MARGINAL COSTS.
Nimbus Inc. Makes brooms and then sells them door to door. He Show more Chapter 13 question 4 page 276 Nimbus Inc. Makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus output in a given day. Average Marginal total Total marginal Workers output product cost cost cost 0 0 ____ ____ ____ ____ 1 20 ____ ____ ___ ____ ____ ____ 2 50 ____ ____ ____ ____ 3 90 ____ ____ ____ 4 120 ____ ____ ____ ____ ____ ____ ____ ____ 5 140 ____ ____ ____ 6 150 ____ ____ ____ ____ 7 155 ____ ____ a. Fill in the column of marginal products. What patent do you see? How might you explain it? b. A worker costs $100 that day and the firm has fixed cost of $200. Use this information to fill in the column the total cost. c. Fill in the column for average total cost. (Recall that ATC = TC/Q.) What patent do you see? D. Now fill in the column for marginal cost. (Recall that MC=? TC/ ? Q.) What patent do you see? e. Compare the column for marginal product and the column for marginal costs. Explain the Relationship. f. You are the chief financial officer for a firm that sells digital music players. Your firm has the following average total cost schedule: Quantity average total costs 600 players $300 601 301 Your current level of production is 600 devices all of which have been sold. Someone calls desperate to buy one of your music players. The caller offers you $550 for it. Should you accept the offer? Why or why not? Show less
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