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Total cost and marginal cost

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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?

Reference no: EM132032944

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