Time left 1:30:35Suppose you are given the following output and (incomplete) cost table(assume labor is the only variable input and that all workers are paid anequal wage rate):Labor Output0 0234100 units270 units570units650unitsFixedCostVariableCostC.a. an amount less than $15b. an amount between $15 and $25an amount between $25 and $35d. an amount between $35 and $45e. an amount greater than $45TotalCost$50,000Average VariableCostundefinedWhat is marginal cost when the third worker is employed?$61.53

Marginal cost (MC) is a fundamental concept in economics that represents the additional cost…

Answered: Suppose you are given the following…

Suppose you are given the following output and (incomplete, cost tapre (assume labor is the only variable input and that all workers are paid an equal wage rate):

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

Time left 1:30:35
Suppose you are given the following output and (incomplete) cost table
(assume labor is the only variable input and that all workers are paid an
equal wage rate):
Labor Output
0 0
2
3
4
100 units
270 units
570
units
650
units
Fixed
Cost
Variable
Cost
C.
a. an amount less than $15
b. an amount between $15 and $25
an amount between $25 and $35
d. an amount between $35 and $45
e. an amount greater than $45
Total
Cost
$50,000
Average Variable
Cost
undefined
What is marginal cost when the third worker is employed?
$61.53

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Hi, please help with the question
Assume there is a linear isoquant where the input combination K = 10, L = 0 produces Q = 100. Assume that this isoquant has a MRTS (marginal rate of technical substitution) such that an increase in L by 1 unit requires the firm to give up – ½ unit of K. Assume PL = $1 and PK = $1. What is the smallest total cost necessary to produce Q = 100? $20 $10 $50 $100
None
A firm’s short-run production function is in the form of q = aLK +(bL^2)K −(cL^3)K , wherea, b, c > 0 are parameters. K is a constant. (a) Derive the marginal product of labor.(b) Find the level of L, expressed in terms of the parameters, at which the law ofdiminishing marginal product kicks in.
Assume there is a linear isoquant where the input combination K = 10, L = 0 produces Q = 100. Assume that this isoquant has a MRTS (marginal rate of technical substitution) such that an increase in L by 1 unit requires the firm to give up – ½ unit of K. Assume PL= $1 and PK = $1.What is the smallest total cost necessary to produce Q = 100?
Please help solve for (b) what is long run cost in a?