Total Cost and Marginal Cost Complete the following table, assuming that each un
ID: 1239498 • Letter: T
Question
Total Cost and Marginal Cost Complete the following table, assuming that each unit of labor costs $75 per day.Quantity of labor/day Output/day Fixed Cost Variable Cost Total Cost Marginal Cost
0 ____ $300 $__ $__ $___
1 5 ___ 75 __ 15
2 11 ___ 150 450 12.5
3 15 ___ ___ 525 ___
4 18 ___ 300 600 25
5 20 ___ ___ ___ 37.5
#21 Long Run Costs Suppose the firm has only three possible scales of production as shown below:
a. Which scale of production is most efficient when Q =65?
b. Which scale of production is most efficient when Q = 75?
c. Trace out the long-run average cost curve on the diagram
Explanation / Answer
Please post the 2nd question in a different post. multiple posts are not allowed in a single post. I have answered the 1st one. please rate!
Quantity output Fixed Cost VariableCost Total Cost MarginalCost
0 - $300 - - -
1 5 300 75 375 -
2 11 300 150 450 12.5
3 15 300 225 525 18.75
4 18 300 300 600 25
5 20 300 375 675 37.5