2. (15 points) The table below gives the amount of output (Q) that can be produced...
2. (15 points) The table below gives the amount of output (Q) that can be produced with various combinations of capital (K) and labor (L
K L Q TFC TVC TC ATC MC
10 0 0
10 1 14
10 2 35
10 3 62
10 4 91
10 5 121
The price of labor is w=$100/unit and the price of capital is v=$50/unit. Complete the above cost schedule by determining total fixed cost (TFC), total variable cost (TVC), total cost (TC), average total cost (ATC) and marginal cost (MC).
Homework Answers
| K | L | Q | TFC | TVC | TC | ATC | MC |
| 10 | 0 | 0 | 500 | 0 | 500 | ||
| 10 | 1 | 14 | 500 | 100 | 600 | 42.86 | 7.14 |
| 10 | 2 | 35 | 500 | 200 | 700 | 20.00 | 4.76 |
| 10 | 3 | 62 | 500 | 300 | 800 | 12.90 | 3.70 |
| 10 | 4 | 91 | 500 | 400 | 900 | 9.89 | 3.45 |
| 10 | 5 | 121 | 500 | 500 | 1000 | 8.26 | 3.33 |
TFC=K*v(price of capital)
TVC=L*w(wage)
TC=TVC+TFC
ATC=TC/Q
MC=chnage in TC/chnage in Q
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