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?

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?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 34CTQ: What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why...

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