Use the table to answer six questions. To produce 15 pairs of jeans Resource Inp

Question

Use the table to answer six questions. To produce 15 pairs of jeans Resource Input Unit Price of Input 1 factory 1 sewing machine 1 operator 1.5 bolts of denim $200 per day 30 per day 70 per day 20 per bolt Total Cost $200 30 70 30 Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s). click the option twice to empty the box. a. Which two inputs are most likely to be fixed in the short run? 7 Factory Bolts of denim Sewing mochine b. Which two inputs are most likely to be variable in the short run? Factory Sewing mochine Operator Bolts of denim

Explanation / Answer

(a) Factory and sewing machine are most likely to be fixed in the short run.

(b) Operator and bolts of denims are most likely to be variable in the short run.

(c) Fixed cost = Factory cost + sewing machine cost

= $(200+30)= $230

(d) Variable cost =Operator cost + Bolts of denim cost

= $(70+30)

= $100

(e) Total cost = Fixed cost + variable cost

= $(230+100)= $ 330

(f) Average total cost = $(330/15)= $22

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