The table below sets out the total product plan of a firm operating in a perfectly...
The table below sets out the total product plan of a firm operating in a perfectly competitive market. If the firm hires workers at $3 a week. Complete the following table
| Labour | Output | Fixed Cost | Variable Cost | Total Cost | AVC | ATC | MC |
| 0 | 0 | 0 | 12 | ||||
| 1 | 6 | ||||||
| 2 | 15 | ||||||
| 3 | 21 | ||||||
| 4 | 24 |
Homework Answers
| Labor (L) | Output (Q) | FC ($) | VC($)= $3*L | TC($)=FC+VC | AVC($)=VC/Q | ATC($)=TC/Q | MC($)=∆TC/∆Q |
| 0 | 0 | 12 | 0 | 12 | 0 | - | - |
| 1 | 6 | 12 | 3 | 15 | 0.50 | 2.50 | 0.50 |
| 2 | 15 | 12 | 6 | 18 | 0.40 | 1.20 | 0.33 |
| 3 | 21 | 12 | 9 | 21 |
0.43 |
1.00 | 0.50 |
| 4 | 24 | 12 | 12 | 24 | 0.50 | 1.00 | 1.00 |
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