Quantity (barrels of pickles) Total variable cost(dollars) 0 0 1 30 2 45 3 66 4 97 5 130 6 170 The above table gives some cost data for Peter’s Pickles. Peter’s fixed cost is $30. The average total cost (ATC) when 3 barrels of pickles are produced is $[value]. Enter a value. Do not use the “$” sign. Round to two decimal places. For example, 0.51 or 4.40.
Read DetailsOutput(tons of rice per year) Total cost(dollars per ton) 0 $1,000 1 $1,200 2 $1,600 3 $2,200 4 $3,000 5 $4,000 Based on the table above which shows Chip’s costs, if rice sells for $600 a ton, Chip’s profit-maximizing output is [value] ton(s) of rice per year. Enter a value.
Read DetailsMr. Sweet opened a candy store. He rented a building for $20,000 a year. During the first year of operation, Sweet paid $35,000 to his employees, $10,000 for utilities, and $25,000 for goods he bought from other firms. To buy equipment for the business, he withdrew $30,000 from his savings account, which earned an annual interest rate of 5 percent. His total revenue was $115,000. Sweet’s best alternative to running this candy store is to work for Wal-Mart as a sales associate for $25,000 a year. During the first year of operation, Sweet’s economic profit is Enter a value. Do not include the “$”sign. For values greater than 999, use a comma “,”. For example, 12,345. For values less than zero, use a minus sign “-“.
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