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The following is the production schedule of a certain firm. A unit of labor cost 50 pesos per hour and the rental price of capital is 100 pesos per hour. a. Fill in the column for average product and marginal product.  b. Compute for the fixed cost, variable cost, total cost, average total cost, average fixed cost, average variable cost and marginal cost. Create columns for each of these cost functions.

The following is the production schedule of a certain firm. A unit of labor cost 50 pesos per hour and the rental price of capital is 100 pesos per hour. a. Fill in the column for average product and marginal product.  b. Compute for the fixed cost, variable cost, total cost, average total cost, average fixed cost, average variable cost and marginal cost. Create columns for each of these cost functions.

Microeconomics
Microeconomics
13th Edition
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter13: Factor Markets: With Emphasis On The Labor Market
Section13.1: Factor Market
Problem 2ST
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The following is the production schedule of a certain firm. A unit of labor cost 50 pesos per hour and the rental price of capital is 100 pesos per hour.

a. Fill in the column for average product and marginal product. 
b. Compute for the fixed cost, variable cost, total cost, average total cost, average fixed cost, average variable cost and marginal cost. Create columns for each of these cost functions. 

Capital Labor 5 0 5 1 2 3 4 5 5 5 5 5 Total Average Marginal product product product 0 6 16 24 30 34
Transcribed Image Text:Capital Labor 5 0 5 1 2 3 4 5 5 5 5 5 Total Average Marginal product product product 0 6 16 24 30 34
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