3. Refer to the table below which contains incomplete short run production and cost data for...

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3. Refer to the table below which contains incomplete short run production and cost data for a firm. The cells you are asked to calculate are shaded and also contain an asterisk (*) Labor L 0 1 2 3 4 5 Output Marginal Average Total Total Product Product Fixed Variable of of Cost Cost Labor Labor Q 0 5 14 MP X AP X 7.00 TFC TVC 0.00 40.00 Total Average Average Average Marginal Cost Fixed Variable Total Cost Cost Cost Cost TC 30.00 A 110.00 130.00 AFC AVC X 2.88 . ATC X 10.00 4.29 4.48 . MC X (b) (2 points) For this firm, what is the marginal product of the 4th unit of labor? Show your calculation. 4.00 Note that you do not have to calculate every number in the table. Just calculate the six numbers asked for in the questions below and any other numbers necessary to perform your calculation. (a) (2 points) For this firm, what is the total cost in the row where the firm hires 1 unit of labor? Show your calculation. (c) (2 points) For this firm, what is the average product of labor when 5 units of labor are employed? Show your calculation. (d) (2 points) For this firm, what is the average fixed cost in the row where 3 units of labor are hired? Show your calculation. (e) (2 points) For this firm, what is the marginal cost of each unit of output between 5 and 14 units of output? Show your calculation. 3. Refer to the table below which contains incomplete short run production and cost data for a firm. The cells you are asked to calculate are shaded and also contain an asterisk (*) Labor L 0 1 2 3 4 5 Output Marginal Average Total Total Product Product Fixed Variable of of Cost Cost Labor Labor Q 0 5 14 MP X AP X 7.00 TFC TVC 0.00 40.00 Total Average Average Average Marginal Cost Fixed Variable Total Cost Cost Cost Cost TC 30.00 A 110.00 130.00 AFC AVC X 2.88 . ATC X 10.00 4.29 4.48 . MC X (b) (2 points) For this firm, what is the marginal product of the 4th unit of labor? Show your calculation. 4.00 Note that you do not have to calculate every number in the table. Just calculate the six numbers asked for in the questions below and any other numbers necessary to perform your calculation. (a) (2 points) For this firm, what is the total cost in the row where the firm hires 1 unit of labor? Show your calculation. (c) (2 points) For this firm, what is the average product of labor when 5 units of labor are employed? Show your calculation. (d) (2 points) For this firm, what is the average fixed cost in the row where 3 units of labor are hired? Show your calculation. (e) (2 points) For this firm, what is the marginal cost of each unit of output between 5 and 14 units of output? Show your calculation. 3. Refer to the table below which contains incomplete short run production and cost data for a firm. The cells you are asked to calculate are shaded and also contain an asterisk (*) Labor L 0 1 2 3 4 5 Output Marginal Average Total Total Product Product Fixed Variable of of Cost Cost Labor Labor Q 0 5 14 MP X AP X 7.00 TFC TVC 0.00 40.00 Total Average Average Average Marginal Cost Fixed Variable Total Cost Cost Cost Cost TC 30.00 A 110.00 130.00 AFC AVC X 2.88 . ATC X 10.00 4.29 4.48 . MC X (b) (2 points) For this firm, what is the marginal product of the 4th unit of labor? Show your calculation. 4.00 Note that you do not have to calculate every number in the table. Just calculate the six numbers asked for in the questions below and any other numbers necessary to perform your calculation. (a) (2 points) For this firm, what is the total cost in the row where the firm hires 1 unit of labor? Show your calculation. (c) (2 points) For this firm, what is the average product of labor when 5 units of labor are employed? Show your calculation. (d) (2 points) For this firm, what is the average fixed cost in the row where 3 units of labor are hired? Show your calculation. (e) (2 points) For this firm, what is the marginal cost of each unit of output between 5 and 14 units of output? Show your calculation.

Answer rating: 100% (QA)

Answer a When L 1 Q 5 units ATC 1000 Total Cost AT... View the full answer