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Category > Economics Posted 27 Jun 2018 My Price 7.00

firm's fixed cost

(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 5 24?

 

c. What is this firm's fixed cost?

 

d. What is the wage rate per day?

Answers

Maurice Tutor
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Status NEW Posted 27 Jun 2018 10:06 PM My Price 7.00

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