workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter12: The Cost Of Production
Section: Chapter Questions
Problem 3CQQ
Related questions
Question
workers |
ouput | marginal product | total cost | average total cost | marginal cost |
0 | 0 | 0 | 200 | 0 | $0 |
1 | 20 | 20 | 300 | $15 | $5 |
2 | 50 | 30 | 400 | $8 | $3.33 |
3 | 90 | 40 | 500 | $5.56 | $2.50 |
4 | 120 | 30 | 600 | $5 | $3.33 |
5 | 140 | 20 | 700 | $5 | $5 |
6 | 150 | 10 | 800 | $5.33 | $10 |
7 | 155 | 5 | 900 | $5.8 | $20 |
a.) can you explain dimisnishing marginal product based on those numbers?
b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
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