Question: Suppose the firm's only variable input is labor. Using the table, what level of output corresponds to where the firm's production fuction begins to rise at a diminishing rate? Also, at what level of output would the firm's average product of labor (APL) be maximized? Explain. Use the information in the table below to answer the following questions2.Average TotalCostAverage FixedAverageQuantityMarginal CostCostVariable Cost$ 20.00$ 20.00$ 18.00$ 60.00$ 39.00$ 36.67S40.0020.00219.00$S32.0013.3323.33$ 30.00$40.00$ 50.00410.00$ 46.00$ 53.33$ 60.00$70.0058.0038.00$ 90.00$66.6746.67$ 54.29S$100.0075.71

The information related to cost structure is provided in the table.

Use the information in the table below to answer the following questions 2. Average Total Cost Average Fixed Average Quantity Marginal Cost Cost Variable Cost $ 20.00 $ 20.00 $ 18.00 $ 60.00 $ 39.00 $ 36.67 S 40.00 20.00 2 19.00 $ S 32.00 13.33 23.33 $ 30.00 $ 40.00 $ 50.00 4 10.00 $ 46.00 $ 53.33 $ 60.00 $ 70.00 5 8.00 38.00 $ 90.00 $ 6 6.67 46.67 $ 54.29 S $100.00 7 5.71

Use the information in the table below to answer the following questions 2. Average Total Cost Average Fixed Average Quantity Marginal Cost Cost Variable Cost $ 20.00 $ 20.00 $ 18.00 $ 60.00 $ 39.00 $ 36.67 S 40.00 20.00 2 19.00 $ S 32.00 13.33 23.33 $ 30.00 $ 40.00 $ 50.00 4 10.00 $ 46.00 $ 53.33 $ 60.00 $ 70.00 5 8.00 38.00 $ 90.00 $ 6 6.67 46.67 $ 54.29 S $100.00 7 5.71

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 17P

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