Suppose that you own an apple orchard and the following chart represents the quantity of apples...

Suppose that you own an apple orchard and the following chart represents the quantity of apples that can be picked from your orchard per hour with a given quantity of capital equipment, such as baskets and ladders. [15 points]

a. Complete the table above by calculating the average total cost, marginal cost, average variable cost, and the average fixed cost.

Quantity of Workers	Apples Picked by workers	Fixed Costs (FC)	Variable Costs (VC)	Total Costs (TC)	Cost per Apple (ATC)	Marginal Cost (MC)	Average Variable Cost (AVC)	Average Fixed Cost (AFC)
0	0	10	0
1	100	10	5
2	210	10	10
3	290	10	15
4	340	10	20
5	360	10	25

Expert Solution

Ans:

Quantity of Workers	Apples Picked by workers	Fixed Costs ( FC)	Variable Costs ( VC)	Total Costs ( TC)	Cost per Apple ( ATC)	Marginal Cost ( MC)	Average Variable Costs ( AVC)	Average Fixed Costs ( AFC)
0	0	10	0	10	-	-	-	-
1	100	10	5	15	0.15	0.05	0.05	0.10
2	210	10	10	20	0.10	0.05	0.05	0.05
3	290	10	15	25	0.09	0.06	0.05	0.03
4	340	10	20	30	0.09	0.10	0.06	0.03
5	360	10	25	35	0.10	0.25	0.07	0.03

Explanation:

TC = FC + VC

ATC = TC / Q

MC = Change in TC / Change in Q

AVC = VC / Q

AFC = FC / Q

( figures are rounded to two decimal places)

Rahul Sunny answered 2 years ago

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