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28 Sep 2019
12. Suppose your firmâs short-run production function is given as
Labor Total Output
0 0
1 5
2 12
3 20
4 28
5 34
6 39
7 43
8 46
.Assume that labor can be hired for $50 per unit and that your fixed cost is $1,000.
a. What is the total variable cost of producing 5 units of output?
b. What is the average variable cost of producing 12 units of output?
c. What is the total cost of producing 20 units of output?
d. What is the average total cost of producing 28 units of output?
e. What is the marginal cost of producing 34 units of output?
12. Suppose your firmâs short-run production function is given as
Labor Total Output
0 0
1 5
2 12
3 20
4 28
5 34
6 39
7 43
8 46
.Assume that labor can be hired for $50 per unit and that your fixed cost is $1,000.
a. What is the total variable cost of producing 5 units of output?
b. What is the average variable cost of producing 12 units of output?
c. What is the total cost of producing 20 units of output?
d. What is the average total cost of producing 28 units of output?
e. What is the marginal cost of producing 34 units of output?
imranshkh84Lv8
31 Dec 2022
Retselisitsoe PokothoaneLv10
28 Sep 2019
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