Chapter 1. Inputs and Costs

1.1

Econ Tutorial
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No, that's not it. Since hiring two workers yields 320 total units of output and three workers yields 400, the additional output from the third worker is 400 – 320 = 80.
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Good job!
At Q = 30, VC = 240, FC = 500 and TC = VC + FC = 740.

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Good job!
Incorrect. Between 20 and 30 units of output, total costs rise from $680 to $740, a $60 increase for those 10 units total. MC is therefore $60/10= $6.

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Good job!
Incorrect. At Q = 20, VC = 180. Since AVC = VC/Q = 180/2 = 90.

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Good job!
Incorrect. At Q = 40, TC = 500 + 280 = 780. Since ATC = TC/Q = 780/40 = 90 = 19.5.