Assume that the above data are for Ali's Surfboards firm which hires workers at $500 a week and its total fixed cost is $1,000 a week. Calculate APL,MPL, AVC, AFC, AC, and MC of each output in the table, ( Values are given for L=1, you are asked to do the rest up to L=7).Labor Output APL MPL AVC AFC AC MC

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

Assume that the above data are for Ali's Surfboards firm which hires workers at $500 a week and its total fixed cost is $1,000 a week.
Calculate APL,MPL, AVC, AFC, AC, and MC of each output in the table, ( Values are given for L=1, you are asked to do the rest up to L=7).Labor Output APL MPL AVC AFC AC MC

Labor
(workers
per week)
Output
(surfboards
per week)
30
1
2
70
3
120
4
160
190
6.
210
7
220
Transcribed Image Text:Labor (workers per week) Output (surfboards per week) 30 1 2 70 3 120 4 160 190 6. 210 7 220
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marginal Revenue Product
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education