Microeconomics, economics, Microeconomics

Assignment Help:
INFO:
Suppose that a firm is currently employing 20 workers,(the only variable input), at a wage rate of $60. The average product of labor is $30, the last worker added 12 units to total output, and total fixed cost is $3,600.

Quetions:
1. How much output is being produced?
2. What is the marginal cost?
3. What is the average variable cost?
4. What is the average total cost?
5. Is the average variable cost increasing, constant, or decreasing? Explain.
6. Is average total cost increasing, constant, or decreasing? Explain.

Related Discussions:- Microeconomics, economics

represent the effect of an proportional tax on labor income, 1. Consider a...

1. Consider an individual facing a wage rate w . There's a total of 100 hours available for work or leisure in a week. (a) Represent his budget constraint graphically (b)

Determine the productivity level of us, Determine the productivity level of...

Determine the productivity level of US Those who live in relatively poor regions of the world today have higher material living standards than their predecessors who lived in t

Summary of educational planning and economic growth, Summary of Educational...

Summary of Educational Planning and Economic Growth An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector

Elasticity, discuss how a knowledge of price elasticity and income elastici...

discuss how a knowledge of price elasticity and income elasticity be of practical use to a firm

International development association, INTERNATIONAL DEVELOPMENT ASSOCIATIO...

INTERNATIONAL DEVELOPMENT ASSOCIATION: International Development Association (IDA) is an affiliate of the IBRD. It was established in 1960 to provide "soft loans" to economica

Types of restraints and validation therapy, 1. Mrs Munyarryun, 67 years, ha...

1. Mrs Munyarryun, 67 years, has been retired from her work for two years. She rings for advice about urinary incontinence, a problem she has experienced over the last 6 months. Wh

Homework, Which of the following has not occurred over time in the past sev...

Which of the following has not occurred over time in the past several decades in the physician services market? A. The level of competition has increased. B. Economies of scale ha

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd