Based on the given cost of inputs such as capital and labor costs, the complete table would be:
Labor Total Output per day AVC ATC MC
Quantity
0 0 0 $500
1 100 $2 $7 $2.00
2 250 $1.60 $3.60 $1.33
3 350 $1.71 $3.14 $2.00
4 400 $2 $3.25 $4.00
5 425 $2.35 $3.53 $8.00
<h3>How do you find the average variable cost, the average total cost and the marginal cost?</h3>
The average variable cost is the cost of labor divided by the quantity of output. For instance, the average variable cost for 3 units of labor is:
= (3 x 200 per worker) / 350
= 600 / 350
= $1.71
Average total cost is:
= (Variable cost + Fixed cost) / Output
For 3 units of labor, the average total cost is:
= (3 x 200 per worker + 500 fixed cost) / 350
= 1,100 / 350
= $3.14
Marginal cost can be found as:
= Change in Total cost / Change in output
For 3 units of labor, the average total cost is:
= ( 1,100 - (2 x 200 + 500) ) / (350 - 250)
= $2.00
Find out more on marginal cost at brainly.com/question/26257413.
