Solution-What is the marginal product of the third unit of

What is the marginal product of the third unit of labor

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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What is the marginal product of the third unit of labor

Reference no: EM131376348

Reference no: EM131376348

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