x C The City Tools Help 4. Problems and Applications Q4 Nimbus, Inc., makes broo

Question

x C The City Tools Help 4. Problems and Applications Q4 Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. 15 15 40 4 120 150 165 170 A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table. Fil in the column for marginal cost in the previous table (Hint: MC .)

Explanation / Answer

Only the statement that ATC is U shaped is true.

Workers output Marginal Product Fixed cost Variable cost Total cost Marginal cost ATC 0 0 _ 120 0 120 _ - 1 15 15 120 60 180 60 12 2 40 25 120 120 240 60 6 3 75 35 120 180 300 60 4 4 120 45 120 240 360 60 3 5 150 30 120 300 420 60 2.8 6 165 15 120 360 480 60 2.9 7 170 5 120 420 540 60 3.17

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