The Grinch Clinic pays its nurses $20 an hour. It also pays $100 a week rent and has other weekly ov Show more The Grinch Clinic pays its nurses $20 an hour. It also pays $100 a week rent and has other weekly overhead costs of $50.
Supply costs are $1 per patient. The short-run production function relating patient visits and hursing hours is shown here. Given this relationship and the other specified data calculate the total variable total fixed and total costs; average costs (variable fixed and total); and marginal costs at each output level. Patient Visits: 1 2 3 4 5 6 Nursing Hours: 2 4 -8 14 22 32 I understand the Total Fixed Costs is $150; I also have the nurse cost which is the nurses hours multipled by $20 per hour rate. What I dont understand is how to get the Total Variable Cost (TVC). Textbook shows the Total Variable Costs plus the Patient Visit. For example the first TVC is 41 (40 + 1 Patient Visit). Is this correct way to gete the TVC? If so please explain. I believe once I understand how to get the TVC that I will be able to get the Total Cost Average Total Cost and Marginal Cost. Please help. Thank you. Show less
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