Question

Use the table below to answer questions about a firm’s hiring decision.       Labor (workers) Output...

Use the table below to answer questions about a firm’s hiring decision.
     

Labor (workers) Output (units) Total Cost ($)
0 0 $50
1 15 $60
2 27 $70
3 37 $80
4 45 $90
5 50 $100


What is the total cost when the marginal product of labor is 10?

Choose one:A.   $60 B.   $70 C.   $20D.   $90 E.   $30F.   $40G.   $10H.   $50I.   $80 J.   $100  

What is the total variable cost when the marginal product of labor is equal to 5?

Choose one:A.   $70 B.   $60 C.   $50 D.   $80 E.   $10

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Homework Answers

Answer #1
LABOUR

OUTPUT

OR

TOTAL PRODUCT(TP)

 TOTAL FIXED COST (TFC)

TOTAL VARIABLE COST

(TVC) = TC - TFC

 TOTAL COST ( TC)

MARGINAL COST

( MC) = TVCn - TVCn-1

MARGINAL PRODUCT

(MP) = TPn - TPn-1
0 0 50 0 50 - -
1 15 50 10 60 10 15
2 27 50 20 70 10 12
3 37 50 30 80 10 10
4 45 50 40 90 10 8
5 50 50 50 100 10 5

Option (I) Marginal product of labor is 10 , Total cost is 80 Dollar.

Option (C) when Marginal product of labor is 5, total variable cost is 50 dollar.

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