Question

# 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

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

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