Production Costs exercise Lovewell answers.doc

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Department
Economics
Course
ECON 1900
Professor
Nancy Carson
Semester
Winter

Description
Production and Cost Exercise: Answer Key. The short run production information for a parking lot is given in the table below. The information is on a per day basis. The fixed input is the parking lot which costs $60 per day. The variable input is labour. The wage is $180 per day. Total Product (Cars Total Total Average Average Average Labour parked Average Marginal Fixed Variable TotalMarginal Fixed Variable Total (Workers) per day) Product Product Cost Cost Cost Cost Cost Cost Cost 0 0 ------ 60 0 60 ------ ------ ------ 120 180/1201.50 1 120 120 60 180 240 0.50 1.50 2.00 160 180/1601.13 2 280 140 60 360 420 0.21 1.29 1.50 130
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