MacBook Air ete the missing values in the table, then answer the questions., (Sh

Question

MacBook Air ete the missing values in the table, then answer the questions., (Show work below) Quantity | TFC | TVC TC AVC Mel 23 12 38. This firm has total fixed costs equal to . a. 0 12 C. 15 d. 20 39, when output is 1 unit, the firm has total variable cost of average variable cost of and marginal cost of a. 6; 6; 8 8; 6; 8 8; 88 d. 6; 6; 6 40, when output is 2 units, the firm has total fixed cost of total cost of and average variable cost of a, 15, 23; 5 b. 12; 24; 8 124 d, 27; d. 15; 27; 6 41. Suppose a business has the following production function: # workers Output Q MPP 0 6 24 42 56 64 62 58 The law of diminishing returns becomes apparent with the with the_worker. worker and MPP becomes negative 5th: 8th 4th 7th d. 2nd, 7th

Explanation / Answer

38). TFC remains a constant, hence it equals the value of TC at 0 quantity of goods = 15

39). TVC = TC - TFC = 23 - 15 = 8 ; AVC = TVC/n = 8; MC = change in AVC = 8. Hence the answer is c

40). TFC at 2 = 15 (fixed cost remains a constant); Total cost = TFC + TVC = 15 + 12 = 27; AVC = 12/2 = 6. Hence answer is d)

41). 4th worker as quantity goes down from 18 to 14, which is the first instance of reducing product.

MPP is negative at 7th worker. Hence the answer is b

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