14. Suppose for a w eek of production a firm produces 10 wooden tables. For the

Question

14. Suppose for a w eek of production a firm produces 10 wooden tables. For the week the firm had the following costs Build lease cost, $100 per week Labor costs (without worker contracts), $1400 during the week Materials used in production, $500 during the week . . For the week the Average Fixed Cost (AFC) for each table would be: $ For the week the Average Variable Cost (AVC) for each table would be: $ For the week the Average Total Cost (ATC) for each table would be: $ 15. Because of monopoly, consumers typically have: a. fewer choices

Explanation / Answer

Q = 10

FC = Lease cost = $100

VC = Labor cost+Materials used = 1400+500 = $1900

TC = VC+FC

TC = 1900+100 = $2000

AFC = FC/Q = 100/10 = $10

AVC = VC/Q = 1900/10 = $190

ATC = TC/Q = 2000/10 = $200

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