Short run and long run cost analysis

Assignment Help Managerial Economics

Reference no: EM1372057

Using the data in the following table:

a- Complete the last 2 columns by replacing the * with the correct values.
b- Draw the following curves in one chart
Short-run average product (AP) curve;
Short-run marginal product (MP) curve.
Table showing the Average and Marginal product of labor for a hypothetical firm
Amount of labor( units) Amount of capital(No. of machines) Output of parts(Q, hundreds of parts) Average product (Q/L) Marginal product(â??Q/â??L)
0 5 0 - -
1 5 49 49 49
2 5 132 66 83
3 5 243 81 *
4 5 376 94 133
5 5 525 * 149
6 5 684 114 159
6.666 5 792.59 119 *
7 5 847 * 163
8 5 1008 126 161
9 5 1161 * *
10 5 1300 130 139
11 5 1419 * 119
12 5 1512 126 93
13 5 1573 121 *
14 5 1596 * 23
15 5 1575 105 *

Reference no: EM1372057

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