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ECON 203 - COSTS OF PRODUCTION

Question # 00548992
Subject: Economics
Due on: 06/19/2017
Posted On: 06/19/2017 07:54 AM

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COSTS OF PRODUCTION

Complete the following table, where L is units of labor, Q is the rate of output, and MP is the marginal product of labor. Answer the questions a-d below with a brief explanation of how you derived each answer.

L Q MP VC TC MC ATC

0 0 _____ $0 $120 $ ___ $___

1 6 _____ 30 150 ___ ___

2 15 _____ 60 _____ ___ ___

3 21 _____ 90 _____ ___ ___

4 24 _____ 120 _____ ___ ___

5 26 _____ 150 _____ ___ ___



a. At what level of labor input do the marginal returns to labor begin to diminish?

b. What is the average variable cost when Q = 24?

c. What is this firm’s fixed cost?

d. What is the wage rate per day?

Tags production costs econ labor cost rate marginal answer returns begin input level average fixed wage firms variable 0120 diminish derived table units following complete production output product costs mpvc explanation brief

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ECON 203 - COSTS OF PRODUCTION

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