Reference no: EM133125091
(a) "In economics, Price Elasticity and Market Structures contain the ideas of marketing and advertising". Refering to course material, explain this statement.
(b) Firm Y, a manufacturing firm, has daily fixed costs of $120. Each worker costs $60 per day and labor is the only variable cost.
L..............Q...............TFC...............TVC............TC.............MC.........................AFC.............AVC..................ATC
0 0
1 10
2 24
3 38
L = number of workers ; Q = output
Questions:
(a) Using this iinformation, calculate the costs TFC, TVC, TC, MC, AFC, AVC, ATC for L=2 and L=3
(b) How many workers should be hired to minimize ATC?
(c) If output (Q) = 0 units, what should be the value of TFC and TVC? Explain
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