-The Table Above Shows Randy's Shirts' Short-Run Production Function

question 245

Essay

-The table above shows Randy's Shirts' short-run production function. Randy hires workers at a wage rate of $50 a day and his total fixed cost is $100.
a) What is the marginal product of the 3rd worker?
b) What is Randy's average fixed cost if 48 shirts are produced?
c) What is Randy's average variable cost if 56 shirts are produced?
d) What is Randy's marginal cost of producing the 52nd sweater?
e) What is Randy's average total cost if 48 sweaters are produced?

---

Definitions:

Supernatural Explanations

Explanations for events, phenomena, or conditions that invoke entities or forces beyond the natural world, often involving deities, spirits, or magic.

Middle Ages

The Middle Ages, also known as the medieval period, is a historical period in Europe spanning from the 5th to the late 15th century, characterized by feudalism, the rise of Christianity, and the first occurrences of bubonic plague.

Galen

An ancient Greek physician whose theories dominated Western medical science for well over a millennium.

The Canon Of Medicine

An encyclopedia of medicine in five books compiled by Persian philosopher Avicenna (Ibn Sina) and a cornerstone in the history of medicine.