What is the marginal product of the third unit of labor

Assignment Help Microeconomics
Reference no: EM131376348

Microeconomics

Total Cost and Marginal Cost

Complete the following table, assuming that each unit of labor costs $75 per day.

Quantity of Labor

Output

Fixed

Variable

Total

Marginal

per Day

per Day

Cost

Cost

Cost

Cost

0

$___

$300

$____

$____

$___

1

5

___

75

___

15

2

11

___

150

450

12.5

3

15

___

___

525

___

4

18

___

300

600

25

5

20

___

___

___

37.5

a. Correctly construct the table

b. Graph the fixed cost, variable cost, and total cost curves for these data.

c. What is the marginal product of the third unit of labor?

d. What is average total cost when output is 18 units per day?

Reference no: EM131376348

Questions Cloud

What is the amount of the government budget deficit-surplus : What is the amount of the government budget deficit/surplus? What is the amount of the structural budget deficit/surplus? What is the amount of the cyclical budget deficit/surplus?
How the law defines sexual harassment and employers : The application of Title VII and amendments in the workplace - Who is covered and not covered under Title VII and its amendments
Write an introduction to your company : you will have created a marketing plan for a hypothetical product-based company. Each assignment focuses on a different section of the overall marketing plan. For Assignment 1, you will compile information on the company's background information, ..
Graph her budget constraint : A person can work up to 100 hours per week at 10 dollars per hour. (a) Graph her budget constraint (consumption and leisure on the axis).
What is the marginal product of the third unit of labor : Graph the fixed cost, variable cost, and total cost curves for these data. What is the marginal product of the third unit of labor? What is average total cost when output is 18 units per day?
The welfare loss of bystanders at production level : The welfare loss of bystanders at production level Q2 on graph 1 is given by the sum of areas. The welfare loss of consumers, producers and bystanders at production level Q2 on graph 1 is given by the sum of areas. The welfare loss of consumers, prod..
What types of information can you gain by analyzing the list : What issues could occur if the analysis of the data was inaccurate? What types of information can you gain by analyzing the list?
Find the maximum shear stress at the outer surface : The pressure causes tangential and axial stresses in the outer surface of 30,000 and 20,000 psi, respectively. Determine the maximum shear stress at the outer surface.
Will there always be poverty : Write a two page essay for economics answering "Will there always be poverty?"

Reviews

Write a Review

Microeconomics Questions & Answers

  Compliance survey for healthcare facilities

Create a health informatics compliance survey for healthcare facilitie

  Compute the quantity that would be produced at the price

Algebraically, determine what price Katrina's Candies should charge if the company wants to maximize revenue in the short run. Determine the quantity that would be produced at this price and the maximum revenue possible.

  How do you perceive other people around you

How do you perceive other people around you? What do you do when your perception on people is different than others? How do you perceive yourself as? How do you think other people perceive you?

  Describe a real government policy in the context

Describe a real government policy in the context of macroeconomic principles. Spend one or two pages telling about its history, the economic problem it intended to tackle and the intended goals. Who were the agents pushing it forward? Who was against..

  Choose an industry of your choice it must be from either

choose an industry of your choice. it must be from either canada or the united states of america. international

  The revenue of non middle eastern producers

Which of the following statements below support how revenues of the relevant firms would change given the following events: Oil well in Eastern Pennsylvania close because of environmental violations reducing the annual revenue to drillers in eastern ..

  Identify an industry that the internet has transformed

• Identify an industry that the Internet has transformed or destroyed. • Then think of a new industry that the Internet has created. • What are the reasons behind the changes

  How have they done in past and what is their current state

How have they done in the past? What is their current state? What kinds of plans and possibilities do they have for the future? Is there room for improving what they do?

  Net effect of expansionary fiscal policy on trade deficit

In considering the net effect of expansionary fiscal policy on the trade deficit, the. Income effect offsets the price effect. Price effect offset the income effect

  Private practice needs a van to carry crew and equipment

A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $2,654 per year, paid at the beginning of each year, in which case maintenance is provide. Alternatively, she can buy a use..

  Describe in words what a production function is

Sometimes it is said that producer theory is similar to consumer theory. In what ways are they similar and Describe in words what a production function is. Which variables are typically inputs?

  What are the advantages of the hildreth-lu procedure

How does one know that the ρ value ultimately chosen to transform the data will, in fact, guarantee minimum Σuˆ t2 ?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd