Answer to Question #230172 in Microeconomics for kelly

Question

Nimbus, Inc., makes brooms and then sells them to customers. Here is the relationship between the number of workers and Nimbus's output in a given day:

Workers:

1. 0 worker
2. 1 worker
3. 2 workers
4. 3 workers
5. 4 workers
6. 5 workers
7. 6 workers
8. 7 workers

Output:

1. 0 broom
2. 20 brooms
3. 50 brooms
4. 90 brooms
5. 120 brooms
6. 140 brooms
7. 150 brooms
8. 155 brooms

a.) Construct the marginal-cost and average-total-cost curves for Nimbus. Explain diminishing marginal product and explain when does Nimbus experience diminishing marginal product using the cost curves below.

Answer 1

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