Stats Solutions

(All Steps) The table below represents the short run cost structure for a hypothetical law firm. Output is the number of clients within a given time period.

Question: The table below represents the short run cost structure for a hypothetical law firm. Output is the number of clients within a given time period.

  1. Fill in the table.
  2. What is the value of fixed cost?
  3. At what point does short run marginal cost begin to increase?
  4. At what point does marginal cost equal average total cost?
  5. Graph marginal cost and average total cost.
Output Total Variable Costs Total Cost Marginal Cost Average Cost
0 0 60,000 - -
1 30,000 90,000 30,000
2 54,500
3 65,000 16,000 41,667
4 80,000
5 160,000 20,000 32,000
6 124,000
7 210,000 30,000
8 30,000
9 275,000 30,556
10 255,000

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Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document


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