An economic consultant is presented with the following total product table and askedto derive a table for average variable costs. The price of labor is $10 per hour. Labor TP 1 5 2 15 3 30 4 36 5 40 a) help him do so b) show that the graphs of the average productivity curve and average variable cost curve are mirror images of each other. c) show the marginal productivity curve for labor imputs between 1 and 5. d) show that the marginal productivity curve and marginal cost curve are mirror images of each other.
An economic consultant is presented with the following total product table and askedto derive a table for average variable costs. The price of labor is $10 per hour.
Labor TP
1 5
2 15
3 30
4 36
5 40
a) help him do so
b) show that the graphs of the average productivity curve and
c) show the marginal productivity curve for labor imputs between 1 and 5.
d) show that the marginal productivity curve and marginal cost curve are mirror images of each other.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
