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Short Run Total Cost Labor Output Fixed Cost 0 0 1 2 2 6 3 9 4 11 5 12 6 13 Fixed Equipment Materials (per unit) Each Worker upto 5 Variable Cost 10...


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1.      Download the Short Run Costs Excel worksheet provided by your professor.

2.        Your instructor will provide values for the following cost:

·         Fixed Equipment

·         Materials per Worker

·         Each Worker (up to 5)

·         Each Worker (after 5)

3.        Fill in the fixed cost, variable cost, and total costs for the seven labor/output scenarios.

4.        Calculate average fixed cost, average variable cost, average total costs, and marginal costs and determine the cost minimization output for the firm.

5.        Examine the chart that will appear on the Excel spreadsheet after you input the data.

6.        Review Business Brief Guidelines and Critical Thinking Process.

7.       Write a 1-page business brief describing the relationship among the costs. Include a copy of the graph showing cost minimization output.

8.        Submit your paper to Turnitin.com.  Your professor will provide the necessary access information so you can upload your paper to the class assignment site. 

9.       Read the Originality Report you receive from turnitin.com and make any modifications needed to your paper.
 


Short Run Total Cost

 

Labor

 

Output Fixed Cost

 

0

 

0

 

1

 

2

 

2

 

6

 

3

 

9

 

4

 

11

 

5

 

12

 

6

 

13

 

Fixed Equipment

 

Materials (per unit)

 

Each Worker upto 5 Variable Cost 10

 

4

 

7 Total Cost AFC Each worker after 5 AVC AC 9 AFC, AVC, AC, and MC

 

12.00

 

10.00

 

AFC

 

AVC

 

AC

 

MC 8.00

 

6.00

 

4.00

 

2.00

 

0.00 2 6 9 11 12 13 MC Fixed, Variable, and Total Cost

 

12

 

10

 

Fixed Cost

 

Variable Cost

 

Total Cost 8

 

6

 

4

 

2

 

0 0 2 4 6 8 10 12 14

 


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DATE ANSWERED

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