Answer to Question #48537 in Microeconomics for Yoyo
Suppose the output (q) produced by different amounts of labour (L) hired by a firm is given below:
L 0 1 2 3 4 5 6
q 0 3 9 18 24 27 28
(a) Calculate and graph the marginal product curve for labour levels from 1 to 6. Does the firm experience increasing marginal product? decreasing marginal product?
(b) Assume the firm has fixed costs equal to $192 and that each unit of labour costs $36. For each of the 7 possible output levels calculate fixed cost (FC), variable cost (VC), and total cost (TC). Show your full calculations for the output level q =24. Graph the FC, VC, and TC curves.
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