Managerial Economics

Consider a firm that has just built a plant, which cost $20,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below.

Number of

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Worker Hours

Output Marginal Product Fixed

Cost

Variable

Cost

Total

Cost

Marginal

Cost

Average

Variable

Cost

Average

Total

Cost

0 0     20,000
50 400       20,250      
100 900       20,500      
150 1300       20,750      
200 1600       21,000      
250 1800       21,250      
300 1900       21,500      
350 1950       21,750