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What is the marginal product of the third unit of labor

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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

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