Note: You need to show all your calculations within the table.
Q1. Pizzas sell for $13 each. Pat’s cost of producing pizzas is given below. Complete the table:
Output
(pizzas per hour)
Total Cost
(dollars per hour)
Fixed Cost
(1)
Variable Cost
(2)
Average Cost
(3)
Average Fixed Cost
(4)
Average Variable Cost
(5)
Marginal Cost
(6)
Total Revenue
(7)
Marginal Revenue
(8)
0
10
1
21
2
30
3
41
4
54
5
69
Write down the formulas for all the calculations in the table above, from columns 1 – 8:
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