Answer to Question #55100 in Other Economics for Renee

Question #55100
Production/Cost Exercises 1. The following is a short-run production table for a firm with labor as its only variable input. Wage = $ 320 Capital = 110 Capital Price= $20 Product Price= $60 Labor Output 0 0 1 50 2 110 3 160 4 200 5 230 6 250 7 260 8 265 9 260 10 250 a. Determine the following measures at all levels of output: MPL, APL, TFC, TVC, TC, TR, AVC, ATC, AFC, MC, PROFIT b. At what level of output is the profit maximized? c. What kind of observations can you make about MC, price, average total cost and profit ?
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