Homework Answers
8)
| L | Q | MPL | VC | TC | MC | ATC |
| 0 | 0 | 0 | 0 | 12 | ||
| 1 | 6 | 6 | 3 | 15 | 0.5 | 2.5 |
| 2 | 15 | 9 | 6 | 18 | 0.33 | 1.2 |
| 3 | 21 | 6 | 9 | 21 | 0.5 | 1 |
| 5 | 26 | 5 | 15 | 27 | 1.2 | 1.038 |
a) MPL begins to diminish at Q=21 so when the firm hires 3rd worker
b) AVC=VC/Q
VC of 24 units = 12 so AVC = 12/24 = 0.5
c) Firm's fixed cost is equal to the total cost when the firm produces 0 units = 12
d) Wage rate per day is equal to the variable cost at first level of output =3
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