Question

Benvenuto is a pizzeria operating in a competitive market. Its short-run production function is shown below. Benvenuto's weekly cost of laboris $450 per worker, its plant costs $700 per week, and the ingredients used to make pizza cost $6 per pie. Labor Total product (weekly workers) (pizzas per week) 52 172 1 3 341 536 738 924 1,075 1,168 1,184 8 Question 1 Homework. Unanswered In the scenario above, if Benvenuto produces 1,168 pizzas, what is its total fixed cost ($)?

Answer 1

FC=700

VC=450*L+6*Q

TC=FC+VC

AFC=FC/Q

AVC=VC/Q

ATC=TC/Q

MC=change in T/change in Q

L	Q	FC	VC	TC	AFC	AVC	ATC	MC
1	52	700	762	1462	13.46	14.65	28.12	14.65
2	172	700	1932	2632	4.07	11.23	15.30	9.75
3	341	700	3396	4096	2.05	9.96	12.01	8.66
4	536	700	5016	5716	1.31	9.36	10.66	8.31
5	738	700	6678	7378	0.95	9.05	10.00	8.23
6	924	700	8244	8944	0.76	8.92	9.68	8.42
7	1075	700	9600	10300	0.65	8.93	9.58	8.98
8	1168	700	10608	11308	0.60	9.08	9.68	10.84
9	1184	700	11154	11854	0.59	9.42	10.01	34.13

1) TFC=700

2) TVC = 6678

3) TC = 5716

4) TC= 700

5) 8.23

As per HOMEWORKLIB RULES, more than 4 parts are answered