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(Costs of Production) Fill in Table 3: Table 3 Production of Backpacks Price $40.00 Workers Output...

(Costs of Production)

Fill in Table 3:

Table 3

Production of Backpacks

Price

$40.00

Workers

Output

MP

FC

VC

TC

MC

AVC

ATC

TR

Profit

0

0

$75

0

$75

-

-

-

0

($75)

1

5

$100.00

2

11

$175.00

3

17

$225.00

4

22

$290.00

5

24

$360.00

6

25

$440.00

  1. What rate of output would give you the lowest ATC? Which rate of output gives you the lowest MC?
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