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Economics, Microeconomics
Year 1

Tables and problem solving


PLEASE REPLY IN TABLE FORMAT FOR THE FIRST SECTION AND EXPLAIN A,B,C,& D.

Complete the following table, where L is units of labor, Q is units of output and MP is the marginal product of labor.

L        Q        MP        TVC        STC        MC        ATC

0 0 $0     $12
1 6   3              15
2 15        6
3 21        9
4       24 12
5 26 15


a.  At what level of labor input do the marginal returns of labor begin to diminish?

b.  What is the average variable cost when Q = 24?

c.  What is the firm's fixed costs?

d.  What is the wage rate?

See attatched file for a copy of this question.

Attachments
Problem set 3 #2.txt  View File

By OTA:  Monwar Rahman, MSS, MBA

OTA Rating:  4.9/5

Your Price:  $2.19  (original value ~$11.97)

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    • BrainMass-OTA Service1(1990).doc
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