Labor Marginal Product Quantity Produced Fixed Cost Variable Cost Total Cost Marginal Cost Average Total Cost...
|
Labor |
Marginal Product |
Quantity Produced |
Fixed Cost |
Variable Cost |
Total Cost |
Marginal Cost |
Average Total Cost |
Average Variable Cost |
|
(workers) |
(units) |
(units) |
(dollars) |
(dollars) |
(dollars) |
(dollars) |
(dollars) |
(dollars) |
|
1 |
0 |
$50 |
$0 |
|||||
|
2 |
10 |
$50 |
$20 |
|||||
|
3 |
25 |
$50 |
$40 |
|||||
|
4 |
45 |
$50 |
$60 |
|||||
|
5 |
60 |
$50 |
$80 |
|||||
|
6 |
70 |
$50 |
$100 |
Homework Answers
Ans.
| Labor | Marginal Product | Quantity Produced | Fixed cost | Variable cost | Total Cost | Marginal Cost | Average Total Cost | Average Variable cost |
| (workers) | (Units) | (Units) | (Dollars) | (Dollars) | (Dollars) | (Dollars) | (Dollars) | (Dollars) |
| 1 | -- | 0 | $50 | $0 | $50 | -- | -- | -- |
| 2 | 10 | 10 | 50 | 20 | 70 | $2.00 | $7.00 | $2.00 |
| 3 | 15 | 25 | 50 | 40 | 90 | 1.33 | 3.60 | 1.60 |
| 4 | 20 | 45 | 50 | 60 | 110 | 1.00 | 2.44 | 1.33 |
| 5 | 15 | 60 | 50 | 80 | 130 | 1.33 | 2.17 | 1.33 |
| 6 | 10 | 70 | 50 | 100 | 150 | 2.00 | 2.14 | 1.43 |
working Note:
1) Marginal Product (MP) = change in Q/ change in L
2) Total Cost (TC) = Fixed Cost (FC) + Variable Cost (VC)
3) Marginal Cost ( MC) = change in TC / change in Q
5) Average total cost (ATC) = TC/ Q
6) Average variable cost (AVC) = VC/ Q
Add Answer to:
Labor
Marginal Product
Quantity Produced
Fixed Cost
Variable Cost
Total Cost
Marginal Cost
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