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

Name: The following questions all go together. LMPLVCAFCAVCATCMC(workers)(un
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Description: The following questions all go together. LMPLVCAFCAVCATCMC(workers)(units)(units) FC ($)(S)TC ($)($)($)($)(S)1400290031,5001,9502,30042,6002,8507Consider the following table illustrating the production function of gadgets.Furthermore, suppose the fir

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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

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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