Question

Calculate the missing values on the chart: Replace all the “?” marks.

F A B C D E Calculate the missing values: replace all the ? Production and Cost Functions B C D Wage = 6 E AFC MC MPTPLAPVCI 0 0 - 16 ? 2.0 4 2.0 5 2. 3 .0 5.5 23 28 1.1 2.0 3.1 GWN- 16 7 0.6 LE22.1 - 20 4.0 40 2.0 2 6 3.8 36 0.4 1.6 Immo-ID888888 25 7 3 .6 ? 0.4 1.7 2.1 26 8 3. 3 48 10 1.8 2.2 Column A MP Marginal Product B TP Total Product CL Labor D AP Average Product E VC Variable Cost F FC Fixed Cost G TC Total Cost H AFC Average Fixed Cost 1 AVC Average Variable Cost Sheet1 Sheet2 Sheet3 +

Answer 1

MP= Change in TP	TP= Summation of MP	L	AP= TP/L	VC	FC	TC=VC+FC	AFC=FC/TP	AVC= VC/TP	ATC=TC/TP	MC=(Change in TC/Change in TP)
-	0	0	-	0	10	10	-	-	-	-
1	1	1	1	6	10	16	10	6	16	6
3	4	2	2	12	10	22	2.5	3	3.1	2
5	9	3	3	18	10	28	1.1	2	2.1	1.2
7	16	4	4	24	10	34	0.6	1.5	2.1	0.9
4	20	5	4	30	10	40	0.5	1.5	2	1.5
3	23	6	3.83	36	10	46	0.4	1.6	2	2.0
2	25	7	3.57	42	10	52	0.4	1.7	2.1	3.0
1	26	8	3.25	48	10	58	0.4	1.8	2.2	6

When AP is at its maximum , MP is equal to AP.

When AVC is at a minimum ,MC is equal to AVC.

When ATC is at a minimum , MC is equal to ATC.