Ann leases a farmer\'s field for $120 a day and grows pineapples. She pays stude

Question

Ann leases a farmer's field for $120 a day and grows pineapples. She pays students $90 a day to pick pineapples and she leases capital at $40 a day The table gives the daily output and total cost. What is the marginal cost of picking a pineapple when the quantity increases from 210 to 310 pineapples Total product (pineapples per day) Total cost (dollars per day) 160 250 340 430 520 610 700 790 Labor (students) a day? 60 130 210 310 395 470 535 The marginal cost of picking a pineapple when the quantity increases from 210 to 310 pineapples a day is 4 Answer to 2 decimal places.

Explanation / Answer

Answer
MC of n the unit=(TC of n units -TC of p units )/(n-p)...............n>p
TC =FC+VC
FC=$160
VC=labor*wage
TC at Q=310
TC=520
TC at Q=210
=430
MC=(520-430)/(310-210)
=0.90
The MC is $0.90

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