(2) Suppose a firm employs labor as its only variable input. All workers are paid P100 per day. Output per day and variable cost are shown in Table A below. Complete the table, showing labor, average variable cost, and marginal cost for the first eight units of output. Draw a graph showing average and marginal cost. Table A a 1 2 3 4 5 6 7 8 VC 100 400 600 800 1200 1600 2400 3200 L AVC MC
(2) Suppose a firm employs labor as its only variable input. All workers are paid P100 per day. Output per day and variable cost are shown in Table A below. Complete the table, showing labor, average variable cost, and marginal cost for the first eight units of output. Draw a graph showing average and marginal cost. Table A a 1 2 3 4 5 6 7 8 VC 100 400 600 800 1200 1600 2400 3200 L AVC MC
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![(2) Suppose a firm employs labor as its only variable input. All workers are paid P100 per day. Output
per day and variable cost are shown in Table A below. Complete the table, showing labor, average
variable cost, and marginal cost for the first eight units of output. Draw a graph showing average
and marginal cost.
Table A
a
1
2
3
4
5
6
7
8
VC
100
400
600
800
1200
1600
2400
3200
L
AVC
MC](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcc33dff1-ccb3-46d2-ac16-64e1237c43d7%2Fa77d074c-f3cb-463d-86f8-4ec2a3377b63%2Fw6yf2au_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(2) Suppose a firm employs labor as its only variable input. All workers are paid P100 per day. Output
per day and variable cost are shown in Table A below. Complete the table, showing labor, average
variable cost, and marginal cost for the first eight units of output. Draw a graph showing average
and marginal cost.
Table A
a
1
2
3
4
5
6
7
8
VC
100
400
600
800
1200
1600
2400
3200
L
AVC
MC
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