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15 Sep
2020

Transcribed Image Text from this QuestionLet’s play around with the concepts of total cost…

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Transcribed Image Text from this QuestionLet’s play around with the concepts of total cost versus marginal cost. Suppose a grocery store figures out that it costs $500 per week to hire a full time worker who can fill pickup orders. Create a table with room for 5 columns and 6 rows in your notes. Use the top row for titles. The first (left) column should be titled Number of Workers and should have 0, 1, 2, 3, 4 as values. We’re going to analyze whether the store should hire 0, 1, 2, 3 or 4 workers. Title the next column Total Cost (TC) and the third column Marginal Cost (MC). Put an X in the MC square corresponding to workers. That would be the cost of going from negative 1 workers to workers, let’s leave it blank. You’ll see that marginal columns tend to start across from the first unit. Let’s use the remaining columns to think about the benefit of hiring these workers. I also introduce some new terms now. The benefit to a company of hiring more workers is that they can bring in more revenue. Total Revenue (TR) is the total amount of money coming in Marginal Revenue (MR) is how much the additional worker increases Total Revenue. Title the 4th column Total Revenue (TR) and the last column Marginal Revenue (MR). Suppose that the grocery store estimates that the first worker will be kept busy filling order all week and the store can collect an additional $1,200 a week if they hire the first worker. The second worker could also be kept busy and will also increase Total Revenue by $1,200. The third worker won’t always be busy, so would only increase Total Revenue by $800 per week. Hiring a 4th worker wouldn’t contribute much to revenue, since they would only be filling orders during peak times. The 4th worker would increase revenue by $300 per week. Fill out the table. How many workers should the store hire in order to maximize profits? Profit – Total Revenue (TR) – Total Cost (TC) Use marginal analysis to find the best answer, instead of bothering to calculate profit 5 times. This is the same process used to find the allocatively efficient quantity of chiles to produce. O workers 1 worker 2 workers 3 workers 4 workers
Let’s Play Around With The Concepts Of Total Cost Versus Marginal Cost. Suppose A
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