Question

Complete the following table assuming that each unit of labour costs $65

L	Q	AP	MP	TFC$	TVC$	TC$	AC$	MC$
0	-			400
1	6				65
2	9
3	16
4	19
5	20

Answer 1

L	Q	AP	MP	TFC$	TVC$	TC$	AC$	MC$
0	0			400	0	400
1	6	6	6	400	65	465	77.50	10.83
2	9	4.5	3	400	130	530	58.89	21.67
3	16	5.33	7	400	195	595	37.19	9.29
4	19	4.75	3	400	260	660	34.74	21.67
5	20	4	1	400	325	725	36.25	65

TC=TVC+TFC
FC=TC-VC

MC of n the unit=(TC of n units -TC of p units )/(n-p)...............n>p

the marginal product of n labor=(total product of n labor - the total product of p labor)/(n-p)............(n>p)

AP=TP/Q

VC=wage*labor