Question: Complete the following table, assuming that each unit of labor costs $75 per day. a. Graph the fixed cost, variable cost, and total cost curves

Complete the following table, assuming that each unit of labor costs $75 per day.

a. Graph the fixed cost, variable cost, and total cost curves for these data.
b. What is the marginal product of the third unit of labor?
c. What is average total cost when output is 18 units per day?

Quantity of Labor per Day Fixed Cost $300 Output er Da Variable Cost Total Cost Marginal Cost 75 9 450 525 12.50 18 37.50

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