Homework Answers
Answer
TC(Q)=TFC+TVC
TC(0)=150+0=150
TC(1)=150+50=200 and so on
=============
MC(n)=TC(n)-TC(n-1)
MC(n)=marginal cost of n th unit
TC(n)=Total cost of n units of output
MC(1)=200-150=50 and so on
| TP | TFC | TVC | TC | MC |
| 0 | 150 | 0 | 150 | |
| 1 | 150 | 50 | 200 | 50 |
| 2 | 150 | 75 | 225 | 25 |
| 3 | 150 | 105 | 255 | 30 |
| 4 | 150 | 145 | 295 | 40 |
| 5 | 150 | 200 | 350 | 55 |
| 6 | 150 | 270 | 420 | 70 |
| 7 | 150 | 360 | 510 | 90 |
| 8 | 150 | 475 | 625 | 115 |
| 9 | 150 | 620 | 770 | 145 |
| 10 | 150 | 800 | 950 | 180 |
diminishing marginal productivity occurs when the marginal product decreases
MC=wage/MP
MP=wage/MC
so as the MC increases the MP decreases and the diminishing product encounters.
the diminishing marginal productivity starts as the firm produces 4 unit of output
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Refer to the table below. This firm encounters diminishing marginal productivity when it produces the product - 1 Total fixed cost $150 150 150 150 150 150 150 150 150 150 150 Total variable cost $0 50 75 105 145 200 2 70 360 475 620 800 9 T Multiple Choice 0 second unit of output. 0 third unit of output 0 fourth unit of output 0 seventh unit of output
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blank 1-diminishing or increasing
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