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Debora [2.8K]
2 years ago
14

Assume that labor and capital are the only inputs used by a firm. Capital is fixed at 5 units, which cost $100 each per day. Eac

h worker can be hired for $200 each per day. Complete the following table to show average variable cost (AVC), average total cost (ATC), and marginal cost (MC).
Social Studies
1 answer:
grin007 [14]2 years ago
5 0

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.

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