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Complete the following table, assuming that each unit of labor costs $75 per day.
Quantity of Labor per day
Output per day
Fixed Cost
Variable Cost
Total Cost
Marginal Cost
0
____
$300
$____
1
5
75
15
2
11
150
450
12.5
3
525
4
18
300
600
25
20
37.5
1. Graph the fixed cost, variable cost and total cost curves for these data.
2. What is the marginal product of the third unit of labor?
3. What is average total cost when output is 18 units per day
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