A firm spends 1.000 pesos regardless of how much output is produced. Every worker hired by the firm receives a wage of 1,200 pesos. We also know that: L TP AP MP TFC TVC TC AFC AVC AC MC 0 0 1 50 2 104 3 162 4 224 5 282 6 336 7 386 8 432 9 474 10 512 11 546 12 576 13 602 14 624 15 640 Where L = quantity of labor; TP = total product of labor, AP = average product of labor; MP = marginal product of labor; TFC = total fixed cost; TVC = total variable cost; TC = total cost; AFC = average fixed cost; AVC = average variable cost; AC = average cost and MC = marginal cost. Fill in all the missing values in the table. You may use a spreadsheet program to compute the values BUT you must provide a step-by-step explanation of how you arrived at the answers
A firm spends 1.000 pesos regardless of how much output is produced. Every worker hired by the firm receives a wage of 1,200 pesos. We also know that: L TP AP MP TFC TVC TC AFC AVC AC MC 0 0 1 50 2 104 3 162 4 224 5 282 6 336 7 386 8 432 9 474 10 512 11 546 12 576 13 602 14 624 15 640 Where L = quantity of labor; TP = total product of labor, AP = average product of labor; MP = marginal product of labor; TFC = total fixed cost; TVC = total variable cost; TC = total cost; AFC = average fixed cost; AVC = average variable cost; AC = average cost and MC = marginal cost. Fill in all the missing values in the table. You may use a spreadsheet program to compute the values BUT you must provide a step-by-step explanation of how you arrived at the answers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- A firm spends 1.000 pesos regardless of how much output is produced. Every worker hired by the firm receives a wage of 1,200 pesos. We also know that:
L |
TP |
AP |
MP |
TFC |
TVC |
TC |
AFC |
AVC |
AC |
MC |
0 |
0 |
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|
|
|
|
|
|
|
|
1 |
50 |
|
|
|
|
|
|
|
|
|
2 |
104 |
|
|
|
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|
|
|
|
|
3 |
162 |
|
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|
|
|
|
4 |
224 |
|
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|
|
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|
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|
5 |
282 |
|
|
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|
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|
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6 |
336 |
|
|
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7 |
386 |
|
|
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|
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|
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8 |
432 |
|
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|
|
|
|
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9 |
474 |
|
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|
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10 |
512 |
|
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|
|
|
11 |
546 |
|
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12 |
576 |
|
|
|
|
|
|
|
|
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13 |
602 |
|
|
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14 |
624 |
|
|
|
|
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|
|
|
|
15 |
640 |
|
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|
|
|
|
|
|
|
Where L = quantity of labor; TP = total product of labor, AP = average product of labor; MP = marginal product of labor; TFC = total fixed cost; TVC = total variable cost; TC = total cost; AFC = average fixed cost; AVC =
- Fill in all the missing values in the table. You may use a spreadsheet program to compute the values BUT you must provide a step-by-step explanation of how you arrived at the answers.
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