Answered: Quantity of Labor Output per Day per…

Quantity of Labor Output per Day per Day Variable Total Marginal Cost Fixed Cost Cost Cost $300 $_ 1 5 75 15 2 11 150 450 12.5 15 525 18 300 600 25 20 37.5 N 3 4 5

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section8.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

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Question

Complete the following table, assuming
that each unit of labor costs $75 per day. a. Graph the fixed cost, variable cost, and total cost curves for these data.
b. What is the marginal product of the third unit of labor?
c. What is average total cost when output is 18 units per day?

Quantity
of Labor
Output
per Day per Day
Variable Total Marginal
Cost
Fixed
Cost
Cost
Cost
$300
$_
1
5
75
15
2
11
150
450
12.5
15
525
18
300
600
25
20
37.5
N 3 4 5

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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