My answers are probably wrong so please correct :) In the following table, compl

Question

My answers are probably wrong so please correct :)

In the following table, complete the marginal product column Workers Output Marginal Product Total Cost Marginal Cost Average Total Cost 15 25 25 45 30 15 $120 $180 $240 $300 $360 $420 $480 $540 60.00 60.00 60.00 60.00 60.00 60.00 60.00 15 75 120 150 165 170 4 A worker costs $60 a day, and the firm has fixed costs of $120. Use this information to fill in the column for total cost in the previous table Fill in the column for marginal cost in the previous table. (Hint: MC = .) Fill in the column for average total cost in the previous table. (Hint: ATC- 6)

Explanation / Answer

MPL (nth unit) = TP (n units) - TP ((n-1) units)

MC (nth unit) = TC (Qn) - TC(Qn-1)/ (Qn - Qn-1)

ATC = TC/Output

Correct options:

- Marginal Product rises at first, then declines.

- When marginal cost is less than average total cost, average total cost is falling.

Workers Output MP TC ($) MC ($) ATC ($) 0 0 120 1 15 15 180 4.00 12.00 2 40 25 240 2.40 6.00 3 75 35 300 1.71 4.00 4 120 45 360 1.33 3.00 5 150 30 420 2.00 2.80 6 165 15 480 4.00 2.91 7 170 5 540 12.00 3.18

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