Question

Fill in the following chart and on provide 3 separate graphs: (1) TP on vertical axis,...

  1. Fill in the following chart and on provide 3 separate graphs: (1) TP on vertical axis, Labor on horizontal axis, (2) MP on vertical axis, Labor on horizontal axis, and (3) MC on vertical axis, Labor on horizontal axis.

*Assume that each worker costs the firm $500.

Labor Input

Total Output

MP

Total Cost*

MC

1

0

$500

2

120

$1,000

3

250

4

140

5

130

6

120

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Homework Answers

Answer #1

Ans:

Labor Input Total Output MP Total Cost MC
1 0 0 $500 --
2 120 120 1000 4.17
3 250 130 1500 3.85
4 390 140 2000 3.57
5 520 130 2500 3.85
6 640 120 3000 4.17

Explanation:

MP = Change in TP / Change in Labor input

Total Cost = Each worker costs * Number of wrokers

MC = Change in Total Cost / Change in Total output

1. Ans:

2.Ans:

3.Ans:

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