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

PRODUCTION FUNCTION, discuss the problems of measuring productivity in actu...

discuss the problems of measuring productivity in actual work situations. how might productivity be measured for each of the following industries: education, government and manufac

Egyptian Labor Market.., How to use Demand and Supply tools to analyze the ...

How to use Demand and Supply tools to analyze the case of the Egyptian labor market?

Choosing output in long run, Choosing Output in Long Run * In long run,...

Choosing Output in Long Run * In long run, a firm can change all its inputs, including size of the plant. * We are taking free entry and free exit. * Accounting

Demand Supply, Ask quAsk qIf the supply and demand curves for labor are rep...

Ask quAsk qIf the supply and demand curves for labor are represented by the following equations: Wd= -- (1/100)Ld + 30 Ws= (1/200)Ls Ws=Wd Ld=Ld a. Graph the results and show the

Explain the generalised least square procedure, (a) What is  meant by heter...

(a) What is  meant by heteroscedasticity and what are the consequences of applying OLS estimation in its presence? (b) Explain in details the Generalised least Square procedure

Show the environmental taxes, Q. Show the Environmental Taxes? Environm...

Q. Show the Environmental Taxes? Environmental Taxes: Taxes which are imposed on particular activities, or particular products, which are considered to be especially damaging t

Define economies of scale, Q. Define Economies of Scale? Economies of S...

Q. Define Economies of Scale? Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design and

Private benefit and social benefit, Private benefit and social benefit: ...

Private benefit and social benefit: Bridge the gab between private cost and social cost, and private benefit and social benefit.Under perfect market, there may be a divergence

Obtain an expression for the allowed rotational energies, chemistry assignm...

chemistry assignments ,  obtain an expression for the allowed rotational energies of  N 2  molecules. The equilibrium bond length of the  N 2  molecules is  109.8 pm .

possibility production curve, how does the concept of possibility producti...

how does the concept of possibility production curve aplicable in real life?

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