L MPL VC AFC AVC ATC MC (workers) (units) (units) FC ($) (S) TC (S) ($) (S) ($) ($) 1 400 900 3 1,500 4 1,950 2,300 2,600 5 6 7 2,850 Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed? O 400 gadgets 500 gadgets 900 gadgets none of the above
L MPL VC AFC AVC ATC MC (workers) (units) (units) FC ($) (S) TC (S) ($) (S) ($) ($) 1 400 900 3 1,500 4 1,950 2,300 2,600 5 6 7 2,850 Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed? O 400 gadgets 500 gadgets 900 gadgets none of the above
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 9SQP
Related questions
Question
The following questions all go together.
![L
MPL
VC
AFC
AVC
ATC
MC
(workers)
(units)
(units) FC ($)
(S)
TC ($)
($)
($)
($)
(S)
1
400
2
900
3
1,500
1,950
2,300
4
2,600
2,850
7
Consider the following table illustrating the production function of gadgets.
Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is
$250/day. What is the marginal product of labor for the 2nd worker that is
employed?
400 gadgets
500 gadgets
900 gadgets
none of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd20ccb4f-d2ff-4047-a742-194d73bab825%2Fbd58b96c-d463-4a2e-84e0-854bf567c152%2Fchst75j_processed.png&w=3840&q=75)
Transcribed Image Text:L
MPL
VC
AFC
AVC
ATC
MC
(workers)
(units)
(units) FC ($)
(S)
TC ($)
($)
($)
($)
(S)
1
400
2
900
3
1,500
1,950
2,300
4
2,600
2,850
7
Consider the following table illustrating the production function of gadgets.
Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is
$250/day. What is the marginal product of labor for the 2nd worker that is
employed?
400 gadgets
500 gadgets
900 gadgets
none of the above
![L
ΑTC
Q
(units)
MPL
VC
AFC
AVC
MC
(workers)
(units) FC ($)
(S)
TC ($)
($)
($)
($)
($)
1
400
2
900
3
1,500
4
1,950
5
2,300
2,600
7
2,850
What is the firm's variable cost of producing 2,600 gadgets?
$1,000
$1,750
$2,000
none of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd20ccb4f-d2ff-4047-a742-194d73bab825%2Fbd58b96c-d463-4a2e-84e0-854bf567c152%2Fjtmpsu9_processed.png&w=3840&q=75)
Transcribed Image Text:L
ΑTC
Q
(units)
MPL
VC
AFC
AVC
MC
(workers)
(units) FC ($)
(S)
TC ($)
($)
($)
($)
($)
1
400
2
900
3
1,500
4
1,950
5
2,300
2,600
7
2,850
What is the firm's variable cost of producing 2,600 gadgets?
$1,000
$1,750
$2,000
none of the above
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