PLEASE REPLY IN TABLE FORMAT FOR THE FIRST SECTION AND EXPLAIN A,B,C,& D.
Complete the following table, where L is units of labor, Q is units of output and MP is the marginal product of labor.
L Q MP TVC STC MC ATC
0 0 $0 $12
1 6 3 15
2 15 6
3 21 9
4 24 12
5 26 15
a. At what level of labor input do the marginal returns of labor begin to diminish?
b. What is the average variable cost when Q = 24?
c. What is the firm’s fixed costs?
d. What is the wage rate?
Economics Homework Solutions
#1990
Tables and problem solving
PLEASE REPLY IN TABLE FORMAT FOR THE FIRST SECTION AND EXPLAIN A,B,C,& D.
Complete the following table, where L is units of labor, Q is units of output and MP is the marginal product of labor.
L Q MP TVC STC MC ATC
0 0 $0 $12
1 6 3 15
2 15 6
3 21 9
4 24 12
5 26 15
a. At what level of labor input do the marginal returns of labor begin to diminish?
b. What is the average variable cost when Q = 24?
c. What is the firm's fixed costs?
d. What is the wage rate?
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