Compare the column for average total cost

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Reference no: EM1361371

a) Fill in the column of marginal products. What pattern do you see? How might you explain it?
--> I have filled in the Marginal cost. I think I did it right??

b) A Worker costs $100 per day, and the firm has a fixed cost of $200. Use the information to fill in the column for average for average total cost.

c) Fill in the column for Total Cost. (Recall that ATC = TC/Q) What pattern do you see?

d) Now fill in the column for marginal cost (Recall that MC = ^TC/^Q) What pattern do you see?

e) Compare the column for marginal product and the column for marginal cost. Explain the relationship.

f) Compare the column for average total cost and the column for marginal cost. Explain the relationship.

The chart:

Workers | Output | Marginal Cost | Total Cost ?
0 0 20
1 20 30
2 50 40
3 90 50
4 120 60
5 140 70
6 150 80
7 155 90

Reference no: EM1361371

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