(Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of labor. L Q MPL VC TC MC ATC 0 0 $0 $12 1 6 $3 15 2 15 $6 3 21 $9 5 26 $15 At what quantity of labor do the marginal returns to labor begin to diminish?
(Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of labor. L Q MPL VC TC MC ATC 0 0 $0 $12 1 6 $3 15 2 15 $6 3 21 $9 5 26 $15 At what quantity of labor do the marginal returns to labor begin to diminish?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- (Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of labor.
L Q MPL VC TC MC
0 0 $0 $12
1 6 $3 15
2 15 $6
3 21 $9
5 26 $15
- At what quantity of labor do the marginal returns to labor begin to diminish?
- What is the
average variable cost when Q=24? - What is this firm’s fixed cost?
- What is the wage rate per day?
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