Question
3. Use the following table to complete the question. Workers Output Marginal Product Total Cost Average...
3. Use the following table to complete the question.
|
Workers |
Output |
Marginal Product |
Total Cost |
Average Total Cost |
Marginal Cost |
|
0 |
0 |
||||
|
1 |
20 |
||||
|
2 |
50 |
||||
|
3 |
90 |
||||
|
4 |
120 |
||||
|
5 |
140 |
||||
|
6 |
150 |
||||
|
7 |
155 |
a) A worker costs $100 a day, and the firm has fixed costs of $200. Use this information, fill in the table.
b) What is the relationship between average total cost and marginal cost?
c) What is the relationship between marginal product and marginal cost?
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