Labor Output Marginal Variable Fixed Product Cost Cost 0 0 -- $0 $10 1 200 200 $20 $10 2 350 $40 $10 3 450 $60 $10 4 50 $80 $10 5 25 $100 $10 co 6 530 $120 $10 Referring to the above table: 1- What is the marginal product of the third worker? 2- What is the total output of four workers? 3- What is the shape of the firm's total-cost curve? 4- What is the marginal product of the sixth worker? 5- What is the average total cost of producing 525 units of output? 6- What is the shape of the average-total-cost curve?

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Labor Output Marginal
Variable
Fixed
Product
Cost
Cost
0
0
--
$0
$10
1
200
200
$20
$10
2
350
$40
$10
3
450
$60
$10
4
50
$80
$10
5
25
$100
$10
co
6
530
$120
$10
Referring to the above table:
1- What is the marginal product of the third worker?
2- What is the total output of four workers?
3- What is the shape of the firm's total-cost curve?
4- What is the marginal product of the sixth worker?
5- What is the average total cost of producing 525 units of output?
6- What is the shape of the average-total-cost curve?
Transcribed Image Text:Labor Output Marginal Variable Fixed Product Cost Cost 0 0 -- $0 $10 1 200 200 $20 $10 2 350 $40 $10 3 450 $60 $10 4 50 $80 $10 5 25 $100 $10 co 6 530 $120 $10 Referring to the above table: 1- What is the marginal product of the third worker? 2- What is the total output of four workers? 3- What is the shape of the firm's total-cost curve? 4- What is the marginal product of the sixth worker? 5- What is the average total cost of producing 525 units of output? 6- What is the shape of the average-total-cost curve?
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