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(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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ECON MICRO

5th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781337000536
BuyFind

ECON MICRO

5th Edition
William A. McEachern
Publisher: Cengage Learning
ISBN: 9781337000536

Solutions

Chapter
Section
Chapter 7, Problem 3.8P
Textbook Problem

(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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