Homework Answers
Formulas:-
AFC = TFC/Q
AVC = AFC/Q
Total Cost = TFC + AFC
Marginal cost = Change in total cost/ Change in output
ATC = TC/Q
Ans1)
| Q | TFC | AFC | TVC | AVC | TC | MC | ATC |
| 0 | 180 | - | 0 | - | 180 | - | - |
| 1 | 180 | 180 | 40 | 40 | 220 | 40 | 220 |
| 2 | 180 | 90 | 70 | 35 | 250 | 30 | 125 |
| 3 | 180 | 60 | 90 | 30 | 270 | 20 | 90 |
| 4 | 180 | 45 | 100 | 25 | 280 | 10 | 70 |
| 5 | 180 | 36 | 105 | 21 | 285 | 5 | 57 |
| 6 | 180 | 30 | 120 | 20 | 300 | 15 | 50 |
| 7 | 180 | 25.71 | 150 | 21.42 | 330 | 30 | 47.14 |
| 8 | 180 | 22.5 | 190 | 23.75 | 370 | 40 | 46.25 |
| 9 | 180 | 20 | 245 | 27.22 | 425 | 55 | 47.22 |
| 10 | 180 | 18 | 310 | 31 | 490 | 65 | 49 |
Ans 2) Marginal physical product of labor = change in output/change in labor
| Labor | Quantity of Output | Marginal physical product of Labor | TC | MC |
| 0 | 0 | - | 300 | - |
| 1 | 36 | 36 | 750 | 12.5 |
| 2 | 81 | 40.5 | 1200 | 10 |
| 3 | 141 | 47 | 1650 | 7.5 |
| 4 | 231 | 57.75 | 2100 | 5 |
| 5 | 306 | 61.2 | 2550 | 6 |
| 6 | 351 | 58.5 | 3000 | 10 |
As marginal physical product rises, marginal cost falls
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