Fill in the blanks in the accompanying table shown at the bottom of page and answer the following questions:(Round to two digits after decimal point in computation) What happens to total product when marginal product is negative? What happens to average product when marginal product is greater than average product? What happens to average product when marginal product is less than average product? At what level of variable input does marginal product begin to decrease? At what level of output does marginal cost begin to increase? Summarize the relationship between marginal product and marginal cost. What happens to marginal costs when total product begins to fall? What is happening to average variable costs when they equal marginal costs? Marginal costs will be equal to average variable costs between what output levels? (Note: the 6 units of output is not the correct answer ) What is happening to average total costs when they equal marginal costs? Marginal costs will be equal to average total costs between what output levels? Units of Variable Input Total Product (Output) Marginal Product Average Product Price of Input Variable Cost Average Variable Cost Fixed Cost Total Cost Average Total Cost Marginal Cost 0 0 --- --- $100 --- $200 --- --- 1 6 $100 $200 2 15 $100 $200 3 27 $100 $200 4 37 $100 $200 5 45 $100 $200 6 50 $100 $200 7 52 $100 $200 8 50 $100 $200
Fill in the blanks in the accompanying table shown at the bottom of page and answer the following questions:(Round to two digits after decimal point in computation)
What happens to total product when marginal product is negative?
What happens to average product when marginal product is greater than average product?
What happens to average product when marginal product is less than average product?
At what level of variable input does marginal product begin to decrease?
At what level of output does marginal cost begin to increase?
Summarize the relationship between marginal product and marginal cost.
What happens to marginal costs when total product begins to fall?
What is happening to average variable costs when they equal marginal costs?
Marginal costs will be equal to average variable costs between what output levels?
(Note: the 6 units of output is not the correct answer )
What is happening to
Marginal costs will be equal to average total costs between what output levels?
|
Units of Variable Input |
Total Product (Output) |
Marginal Product |
Average Product |
Price of Input |
Variable Cost |
|
Fixed Cost |
Total Cost |
Average Total Cost |
Marginal Cost |
|
0 |
0 |
--- |
--- |
$100 |
|
--- |
$200 |
|
--- |
--- |
|
1 |
6 |
|
|
$100 |
|
$200 |
|
|
||
|
2 |
15 |
|
|
$100 |
|
|
$200 |
|
|
|
|
3 |
27 |
|
|
$100 |
|
|
$200 |
|
|
|
|
4 |
37 |
|
|
$100 |
|
|
$200 |
|
|
|
|
5 |
45 |
|
|
$100 |
|
|
$200 |
|
|
|
|
6 |
50 |
|
|
$100 |
|
|
$200 |
|
|
|
|
7 |
52 |
|
|
$100 |
|
|
$200 |
|
|
|
|
8 |
50 |
|
|
$100 |
|
|
$200 |
|
|
|
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