Problem-solving question: Use the following data on a firm's total cost schedules to calculate its average variable cost, average fixed cost, average total cost, and marginal cost schedules.

Output Total Cost Total Variable Cost Total Fixed Cost

1 $2040.00 $40.00 $2000.00

2 2070.00 70.00 2000.00

3 2090.00 90.00 2000.00

4 2160.00 160.00 2000.00

5 2275.00 275.00 2000.00

1. Problem-solving question: Use the following data for a firm's output at various levels of employment (L) to calculate:
2. its marginal physical product of labor (MPPL) schedule;
3. its (MPPL/(divided by) MRCL) schedule, given a fixed wage (W = MRCL) of $20 per hour per worker.
4. Assuming that capital (K) is held constant at 4 machines and MPPK/(divided by) MRCK = 2, what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?

Number of Workers(L) Output(Q)

1. 50
2. 120
3. 200
4. 260
5. 300

6. 330