The table below describes the cost functions for a food manufacturer.Fixed Variable TotalCostAvg.TotalCostAvg.FixedCostAvg.VariableCostTotalMarginalCostoutput CostCost10090170123.434010085a. Fill in the blanks in the table.b. Identify the level of output at which this firm reaches its efficient scale and explainhow you reach that conclusion.

Cost Formulas: 1. Total Cost = Fixed Cost + Variable Cost 2. Average Total Cost = Total Cost /…

table bélow describes the cost functions for a food manufacturer. Fixed Variable Total Cost Avg. Total Avg. Fixed Cost Avg. Variable Cost Total Marginal Cost output Cost Cost Cost 100 90 170 3. 4. 5. 340 100 85 a. Fill in the blanks in the table. b. Identify the level of output at which this firm reaches its efficient scale and explain how you reach that conclusion.

table bélow describes the cost functions for a food manufacturer. Fixed Variable Total Cost Avg. Total Avg. Fixed Cost Avg. Variable Cost Total Marginal Cost output Cost Cost Cost 100 90 170 3. 4. 5. 340 100 85 a. Fill in the blanks in the table. b. Identify the level of output at which this firm reaches its efficient scale and explain how you reach that conclusion.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 21P

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