2. Solve the following Workers Output Marginal product Total costs АТС MC 1 20 2 50 90 4 120 140 150 7 155 Fill in the column of marginal products. What pattern do you see? How might you explain it? 1. 2. A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost. 3. Fill in the column for average total cost. (Recall that ATC = TC/ Q.) What pattern do you see? 4. Now fill in the column for marginal cost. (Recall that MC = ATC/AQ.) What pattern do you see? 5. Compare the column for marginal product and the column for marginal cost. Explain the relationship. 6. Compare the column for average total cost and the column for marginal cost. Explain the relationship. 3. 6.

2. Solve the following Workers Output Marginal product Total costs АТС MC 1 20 2 50 90 4 120 140 150 7 155 Fill in the column of marginal products. What pattern do you see? How might you explain it? 1. 2. A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost. 3. Fill in the column for average total cost. (Recall that ATC = TC/ Q.) What pattern do you see? 4. Now fill in the column for marginal cost. (Recall that MC = ATC/AQ.) What pattern do you see? 5. Compare the column for marginal product and the column for marginal cost. Explain the relationship. 6. Compare the column for average total cost and the column for marginal cost. Explain the relationship. 3. 6.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

Last 3 points to be solved only. Not 1st 3. Thanks.

2. Solve the following
Workers
Output
Marginal product
Total costs
АТС
MC
1
20
50
3
90
4
120
5
140
150
7
155
1. Fill in the column of marginal products. What pattern do you see? How might
you explain it?
2. A worker costs $100 a day, and the firm has fixed costs of $200. Use this
information to fill in the column for total cost.
3. Fill in the column for average total cost. (Recall that ATC = TC| Q.) What
pattern do you see?
4. Now fill in the column for marginal cost. (Recall that MC = ATC/AQ.) What
pattern do you see?
5. Compare the column for marginal product and the column for marginal cost.
Explain the relationship.
6. Compare the column for average total cost and the column for marginal
cost. Explain the relationship.
2.

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