Finding Total Ecnomic Profit
Here is the Scenerio-
Labor is only variable input.
Output is 4000 unit
Marginal Product of labor is 10
Average Product of labor is 50
Price of labor is $150
Marginal product of capital is 40
Average product of capital is 60
Price of capital is $240
Total Fixed Cost is $16000
Output MC AVC AFC ATC Total Economic Profit
4000 __ __ __ __ _____
How I find those values....plz show me the Work too
I would really appreciate that. I got It partially
I guess
By OTA: Suraj Joshi, PhD (IP)
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