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corie corie
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7 years ago
Cogswell Cogs short-run cost function is: C(q, K)  =   + 15K, where q is the number of cogs produced and K is the amount of robot hours used.  Currently, Cogs uses 16 robot hours to produce
300 cogs.  What happens to the average total cost of producing 300 cogs if Cogswell increases robot hours to 25?
Textbook 
Microeconomics

Microeconomics


Edition: 8th
Author:
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#1
7 years ago
Initially, Cogswell's average total cost is: ATC(300, 16) =   = 16,875.80.  If Cogswell increases the use of robot hours to 25, his average total cost is:
ATC(300, 25) =   = 8,641.25.  Cogswell's average total cost of producing
300 cogs falls by 49% if he increases his use of robot hours.
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