Lizzie hires students at $50/day to paint houses. She is making payments of $500

Question

Lizzie hires students at $50/day to paint houses. She is making payments of $500/week on equipment. Lizzie works a normal five day week, Monday-Friday. The information in the following table is given. Complete the table by constructing the following cost schedules: Marginal Product (MP) Total Fixed Costs (TFC) Total Variable Cost (TVC) Total Cost (TC) Average Total Cost (ATC) Average Variable Cost (AVC) Marginal Cost (MC) Construct graphs of Lizzy's average cost curves and marginal cost curves. Write a brief summary of your findings (where are her workers most productive, where are her costs at a minimum, the shut down and break even points, etc.). Be neat, be precise, and be creative in your formatting.

Explanation / Answer

Ans 2:

Labour Production/per week MP TFC TVC TC ATC AVC MC 0.0 0.0 - 500.0 500.0 - 1.0 2.0 2.0 500.0 250.0 750.0 375.0 125.0 125.0 2.0 5.0 3.0 500.0 500.0 1000.0 200.0 100.0 83.3 3.0 9.0 4.0 500.0 750.0 1250.0 138.9 83.3 62.5 4.0 12.0 3.0 500.0 1000.0 1500.0 125.0 83.3 83.3 5.0 14.0 2.0 500.0 1250.0 1750.0 125.0 89.3 125.0 6.0 15.0 1.0 500.0 1500.0 2000.0 133.3 100.0 250.0

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