Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 3 1 4 3 2 90 3 3 160 3 4 200 3 5 230 3 6 250 3 7 260 3 8 265 A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents its fixed inputs (K) for $30 per unit. Complete the following table and answer the questions that follow:
Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 3 1 4 3 2 90 3 3 160 3 4 200 3 5 230 3 6 250 3 7 260 3 8 265 A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents its fixed inputs (K) for $30 per unit. Complete the following table and answer the questions that follow:
Chapter6: Proudction Costs
Section: Chapter Questions
Problem 2SQ
Related questions
Question
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Units of fixed input K |
Labor Hours (L) |
Output (Q) |
TFC |
TVC |
TC |
AFC |
|
ATC |
MC |
|
3 |
0 |
0 |
|
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|
3 |
1 |
4 |
|
||||||
|
3 |
2 |
90 |
|
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|
3 |
3 |
160 |
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|
3 |
4 |
200 |
|||||||
|
3 |
5 |
230 |
|||||||
|
3 |
6 |
250 |
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|
3 |
7 |
260 |
|||||||
|
3 |
8 |
265 |
A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents its fixed inputs (K) for $30 per unit.
Complete the following table and answer the questions that follow:
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