Units of Variable Input Total Product Marginal Product Average Product Price of
ID: 1251098 • Letter: U
Question
Units of Variable Input
Total Product
Marginal Product
Average Product
Price of Input
Total Variable Cost
Average Variable Cost
Total Fixed Cost
Total Cost
Average Total Cost
Marginal Cost
0
0
$1
$2
1
6
6
6
$1
$6.00
$6.00
$2
$8.00
$8.00
$8.00
2
15
9
4.5
$1
$4.5
$2.25
$2
$6.50
$3.25
-$1.50
3
27
12
4
$1
$4.00
$1.33
$2
$6.00
$2.00
-$.50
4
37
10
2.5
$1
$2.5
$.625
$2
$4.500
$1.125
-$1.5
5
45
8
1.6
$1
$1.6
$.32
$2
$3.60
$.72
-$.90
6
50
5
.83
$1
$.83
$.1383
$2
$2.83
$.47
-$.77
7
52
2
.29
$1
$.29
$.0414
$2
$2.29
$.33
-$.54
8
50
-2
-.025
$1
-$.025
-$0.0031
$2
$1.975
$.25
-$.315
Does this chart look right??
Also I am I stuck on the following questions that go along with this chart.
Marginal costs equal average variable costs between what output levels?
What is happening to average total costs when they equal marginal costs?
Marginal costs equal average total costs between what output levels?
Units of Variable Input
Total Product
Marginal Product
Average Product
Price of Input
Total Variable Cost
Average Variable Cost
Total Fixed Cost
Total Cost
Average Total Cost
Marginal Cost
0
0
$1
$2
1
6
6
6
$1
$6.00
$6.00
$2
$8.00
$8.00
$8.00
2
15
9
4.5
$1
$4.5
$2.25
$2
$6.50
$3.25
-$1.50
3
27
12
4
$1
$4.00
$1.33
$2
$6.00
$2.00
-$.50
4
37
10
2.5
$1
$2.5
$.625
$2
$4.500
$1.125
-$1.5
5
45
8
1.6
$1
$1.6
$.32
$2
$3.60
$.72
-$.90
6
50
5
.83
$1
$.83
$.1383
$2
$2.83
$.47
-$.77
7
52
2
.29
$1
$.29
$.0414
$2
$2.29
$.33
-$.54
8
50
-2
-.025
$1
-$.025
-$0.0031
$2
$1.975
$.25
-$.315
Explanation / Answer
no, chart has mistake average product= total product/ no.of units of input i m confused in costs but your calculation of costs is definitely wrong 1 unit of input produces 6 units of good and it costs $1, how can the variable cost i.e. cost incurred to increase output by one unit be greater than $1
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