Question
Labour (hrs) (Input) TP (Output) AP (Avg. Product) MP TVC TFC TC (Total Cost) AVC ATC...
|
Labour (hrs) (Input) |
TP (Output) |
AP (Avg. Product) |
MP |
TVC |
TFC |
TC (Total Cost) |
AVC |
ATC |
MC |
|
0 |
0 |
||||||||
|
9 |
35 |
222 |
|||||||
|
15 |
50 |
||||||||
|
22 |
70 |
||||||||
|
30 |
85 |
||||||||
|
39 |
100 |
||||||||
|
48 |
110 |
Complete the table above, assuming that the labour costs are $8 / hr
What is the point of maximum productivity : ____ units of labour (input)
What is the AVC _____ and ATC _____ at this quantity?
What is the quantity of diminishing returns? ____
What is the AFC at 30 units of input : _____
Homework Answers
Answer #1
the point of maximum productivity is at the 
units of the labour.
At this point the firm produce 
The AVC at this quantity is 
and the ATC is
The quantity of dimnishing returns is at the 
th labour, as we can
see that further increase in the labour leads to a decline in the
marginal productivity of the firm.
The AFC at this point is equal to= 
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