3. The relationship between marginal product and marginal costBrian's Big Burger is a small restaurant that sells hamburgers. For Brian, grills are a fixed input and workers are variable inputs. Assume that labor isBrian's only variable cost. Brian has a fixed cost of $100 per day and pays each of his workers $80 per day.Brian's total output schedule and total cost at each level of labor are presented in the following table.Fill in the blanks to complete the Marginal Product column for each worker and the Marginal Cost column at each level of labor. (Hint: Marginal cost isthe change in total cost divided by the change in the quantity of output. You can calculate it here by dividing the increase in total cost from hiring onemore worker by the marginal product from hiring one more worker.)Labor InputTotal OutputMarginal ProductTotal CostMarginal Cost(Number of Workers)(Burgers per day)(Burgers per day)(Dollars per day)(Dollars per burger)$100$140$180$2120$2603160$3404180$420190$500increasingWhen hiring the first and second workers, Brian's Big Burger facesmarginal redecreasingOver the range of workers for which the marginal product is decreasing, Brian's Big Burger facesmarginal cost. 3. The relationship between marginal product and marginal costBrian's Big Burger is a small restaurant that sells hamburgers. For Brian, grills are a fixed input and workers are variable inputs. Assume that labor isBrian's only variable cost. Brian has a fixed cost of $100 per day and pays each of his workers $80 per day.Brian's total output schedule and total cost at each level of labor are presented in the following table.Fill in the blanks to complete the Marginal Product column for each worker and the Marginal Cost column at each level of labor. (Hint: Marginal cost isthe change in total cost divided by the change in the quantity of output. You can calculate it here by dividing the increase in total cost from hiring onemore worker by the marginal product from hiring one more worker.)Labor InputTotal OutputMarginal ProductTotal CostMarginal Cost(Number of Workers)(Burgers per day)(Burgers per day)(Dollars per day)(Dollars per burger)$1002$140$1802120$260160$3404180$420$190$500When hiring the first and second workers, Brian's Big Burger facesmarginal returns to labor.Over the range of workers for which the marginal product is decreasing, Brian's Big Burger facesmarginal cost.4|| 4

Marginal product or Marginal Physical product of work is the adjustment of the yield coming about…

3. The relationship between marginal product and marginal cost Brian's Big Burger is a small restaurant that sells hamburgers. For Brian, grills are a fixed input and workers are variable inputs. Assume that labor is Brian's only variable cost. Brian has a fixed cost of $100 per day and pays each of his workers $80 per day. Brian's total output schedule and total cost at each level of labor are presented in the following table. Fill in the blanks to complete the Marginal Product column for each worker and the Marginal Cost column at each level of labor. (Hint: Marginal cost is the change in total cost divided by the change in the quantity of output. You can calculate it here by dividing the increase in total cost from hiring one more worker by the marginal product from hiring one more worker.) Labor Input Total Output Marginal Product (Burgers per day) Total Cost Marginal Cost (Number of Workers) (Burgers per day) (Dollars per day) (Dollars per burger) $100 1. 40 $180 24 2 120 $260 $ 3 160 $340 4 180 $420 190 $500 increasing When hiring the first and second workers, Brian's Big Burger faces marginal re decreasing Ria Rurgor facom marginal coct AAAAA