Reference no: EM1371701
Answers the question:
It cost a company $50,000 to set up a chip manufacturing plant. The company pays $25 per hour for labor which is the variable input. A portion of the company's production schedule is:
Hours of Labor 1000
Number of Chips 200,000
a. Employ the information in the above table to compute th average product (AP) and marginal product (MP)
b. If 200,000 chips are produced, what is this company's total fixed cost (TFC), total variable cost (TVC), total cost (TC), average fixed cost (AFC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC)?
c. At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
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