Task: Consider a firm that has just built a small plant, which cost $4,000.
Each unit requires $2.00 worth of materials. Each worker costs $7.00 per hour.
Based on this information and using Excel, fill in the missing information in the table below.
| Number of worker hours |
Output |
Fixed Cost |
Variable Cost |
Total Cost |
Marginal Cost |
Average Fixed Cost |
Average Variable Cost |
Average Total Cost |
|
|
|
|
|
|
|
|
|
| 50 |
400 |
|
|
|
|
|
|
|
| 100 |
900 |
|
|
|
|
|
|
|
| 150 |
1300 |
|
|
|
|
|
|
|
| 200 |
1600 |
|
|
|
|
|
|
|
| 250 |
1800 |
|
|
|
|
|
|
|
| 300 |
1900 |
|
|
|
|
|
|
|
| 350 |
1950 |
|
|
|
|
|
|
|