Homework Answers
Q5
Answer
MC=wage /marginal product
MC=200/200=$1
Option 4
=============
Q6
Average variable cost =wage/average product
=200/250
=0.8
Option 2
=========
Q7
Answer
Average fixed cost =total fixed cost/total output
Total output =AP*L=250*20=5000
AFC=1000/5000=0.2
Average total cost =AFC+AVC
=0.2+0.8
=$1
ATC=MC at the output so the ATC is at its minimum
Option 3
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