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(Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of labor.
L Q MPL VC TC MC ATC
0 0 $ 0 $12
1 6 $ 3 15
2 15 $ 6
3 21 $ 9
5 26 $15
a. At what quantity of labor do the marginal returns to labor begin to diminish?
b. What is the average variable cost when Q 5 24?
c. What is this firm's fixed cost?
d. What is the wage rate per day?
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