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Use the following information on a hypothetical short-run production function

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Use the following information on a hypothetical short-run production function to answer questions a-c.;Units of Labor/Day 5 6 7 8 9;Units of Output/Day 120 140 155 165 168;The price of labor is $20 per day. Ten units of capital are used each day, regardless of output level. The price of capital is $50 per unit.;a. Calculate the marginal and average variable product of each unit of labor input.;b. Calculate total, average total, average variable, and marginal costs.;c. Can you tell where diminishing marginal returns sets in?

 

Paper#29323 | Written in 18-Jul-2015

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