question archive a) Calculate the marginal and the average product labor levels from 1 and 6 (show you full calculations for L=4)
a) Calculate the marginal and the average product labor levels from 1 and 6 (show you full calculations for L=4)
Subject:EconomicsPrice: Bought3
a) Calculate the marginal and the average product labor levels from 1 and 6 (show you full calculations for L=4). Graph the marginal and average products of labor. b) Assume the firm has fixed costs equal to 300 and that each unit of labor costs 150. For each of the 7 possible output levels calculate fixed cost (FC), variable cost (VC) and total cost (TC). Show you full calculations for the output level q=120. Graph the FC, VC, and TC curves c) At each of these output levels calculate average variable cost (AVC), average total cost (ATC), and marginal cost (MC). Graph these curves d) Suppose this firm operates in a perfectly competitive market. How many units will the firm produce when the market price is i) 3.75, ii) 5 ii) 7.5 and iv) 15 per unit of output.
