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The following table (TOP TABLE, starts with Capital K) shows data for a simple production

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Question;1. The following table (TOP;TABLE, starts with Capital K) shows data for a simple production function.;a. From the information in the table, calculate marginal and average products.;b. Graph the three functions (put total product on one graph and marginal and;average products on another). c. For what range of output does this function;have diminishing marginal returns? d. At what output is average product maximized?;2. The following table (Table;starts with K)shows data for the simple production function used in;Question 1. Capital costs this firm $20 per unit, and labor costs $10 per;worker. a. From the information in the table, calculate total fixed cost (TFC);Total variable cost (TVC), total cost (TC), average fixed cost (AFC), average;variable cost (AVC), average total cost (ATC), and marginal cost (MC). b. Graph;your results, putting TFC, TVC, and TC on one graph and AFC, AVC, ATC, and MC;on another. c. At what point is average total cost minimized? At what point is;average variable cost minimized?PLEASE SEE TABLE ATTACHED BELOW

 

Paper#52735 | Written in 18-Jul-2015

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