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Joe runs a farm. He rents the land for $100 a day, and he can hire workers for $20 per day for each worker. His short run production function is given in the first two columns of the following table.workers output mp tvc tfc tc afc avc atc mc0 0 ---- 0 ---------------------1 102 253 454 605 706 74
a) ) Complete the table above.
b) Carefully graph AVC, ATC, and MC. Your graph should have cost (measured in dollars) on the vertical axis, and output on the horizontal axis.
c) With which worker does diminishing marginal returns set in?
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What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
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