3. The table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of capital is $1,000 per day. Units of Labour (per day) 10 20 30 40 50 60 70 Total Output (per day) 100 300 900 1320 1500 1620 1680 TFC TVC TC MC AFC AVC ATC a. Using the information provided, compute all of the short-run costs for this firm and complete the table. b. At what level of labour employed per day does the firm encounter diminishing marginal productivity of labour?

3. The table below shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $100 per unit per day and the fixed cost of capital is $1,000 per day. Units of Labour (per day) 10 20 30 40 50 60 70 Total Output (per day) 100 300 900 1320 1500 1620 1680 TFC TVC TC MC AFC AVC ATC a. Using the information provided, compute all of the short-run costs for this firm and complete the table. b. At what level of labour employed per day does the firm encounter diminishing marginal productivity of labour?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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