(Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of labor. L Q MPL VC TC MC ATC 0 0 _____ $0 $12 _____ _____ 1 6 _____ $3 15 _____ _____ 2 15 _____ $6 _____ _____ _____ 3 21 _____ $9 _____ _____ _____ 5 26 _____ $15 _____ _____ _____ a. At what quantity of labor do the marginal returns to labor begin to diminish? b. What is the average variable cost when Q = 24? c. What is this firm’s fixed cost? d. What is the wage rate per day?
ECON MICRO
ECON MICRO
(Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of labor.
| L | Q | MPL | VC | TC | MC | ATC |
| 0 | 0 | _____ | $0 | $12 | _____ | _____ |
| 1 | 6 | _____ | $3 | 15 | _____ | _____ |
| 2 | 15 | _____ | $6 | _____ | _____ | _____ |
| 3 | 21 | _____ | $9 | _____ | _____ | _____ |
| 5 | 26 | _____ | $15 | _____ | _____ | _____ |
a. At what quantity of labor do the marginal returns to labor begin to diminish?
b. What is the average variable cost when Q = 24?
c. What is this firm’s fixed cost?
d. What is the wage rate per day?
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