Answer
marginal product of n th worker =total output of n workers -
total output of n-1 workers
MP(n)=TP(n)-TP(n-1)
MPL(4)=40-30=10 and so on
MC=wage /MPL
MC(5)=10/5=$2
MC(15)=10/10=$1 and so on
L | TP | MPL | MC |
0 | 0 | ||
1 | 5 | 5 | 2 |
2 | 15 | 10 | 1 |
3 | 30 | 15 | 0.67 |
4 | 40 | 10 | 1 |
5 | 45 | 5 | 2 |
6 | 49 | 4 | 2.5 |
7 | 51 | 2 | 5 |
See the table below. Some of the MPL values are missing, and you'll have to fill...
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