The table below represents the short run cost structure for a hypothetical law firm. Output is the n
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.
a. Fill in the table.
b. What is the value of fixed cost?
c. At what point does short run marginal cost begin to increase?
d. At what point does marginal cost equal average total cost?
e. 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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Type of Deliverable: Word Document
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