64 696
Assignments Done
99,4%
Successfully Done
In September 2018

Answer to Question #48537 in Microeconomics for Yoyo

Question #48537
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.
Expert's answer

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions