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The following table gives capital and labor requirements for 10 different levels of production.
Q
K
L
0
1
2
5
4
9
3
6
12
8
15
10
19
24
7
14
30
16
37
18
45
20
54
a. Assuming that the price of labor (PL) is $5 per unit and the price of capital (PK) is $10 per unit, compute and graph total cost, marginal cost, and average variable cost for the firm.
b. Do the graphs have the shapes that you might expect? Explain.
c. Using the numbers here, explain the relationship between marginal cost and average variable cost.
d. Using the numbers here, explain the meaning of "marginal cost" in terms of additional inputs needed to produce a marginal unit of output.
e. If the output price was $57,how many units of output would the firm produce? Explain.
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