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The following is a short-run production table for a firm with labor as its only variable input.Wage = $ 300Capital = 100Capital Price= $20Product Price= $50
Labor Output0 01 502 1103 1604 2005 2306 2507 2608 2659 26010 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, the product price , and the wage?
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