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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