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