Econ 200 Costs and Production Problem: Capital rents for $100 per unit per day.
ID: 1193229 • Letter: E
Question
Econ 200 Costs and Production Problem:
Capital rents for $100 per unit per day.
Labor is hired at a wage of $200 per day
Complete the table below.
Draw a graph depicting TC, TFC and TVC
Draw a graph depicting ATC, AVC, and MC
units of
capital
# of
workers
marginal
product
MP
Total
Fixed
Cost
TFC
Total
variable
cost
TVC
Total
Cost
TC
Average
fixed
cost
AFC
Average
Variable
Cost
AVC
Average
Total
Cost
ATC
Marginal
Cost
MC
units of
capital
# of
workers
Outputmarginal
product
MP
Total
Fixed
Cost
TFC
Total
variable
cost
TVC
Total
Cost
TC
Average
fixed
cost
AFC
Average
Variable
Cost
AVC
Average
Total
Cost
ATC
Marginal
Cost
MC
20 0 0 20 1 100 20 2 250 20 3 500 20 4 700 20 5 850 20 6 950 20 7 1000 20 8 1025Explanation / Answer
Capital Workers Output MP TFC TVC TC AFC AVC ATC MC 20 0 0 2000 0 2000 20 1 100 100 2000 200 2200 20 2 22 2 20 2 250 150 2000 400 2400 8 1.6 9.6 0.8 20 3 500 250 2000 600 2600 4 1.2 5.2 0.4 20 4 700 200 2000 800 2800 2.86 1.14 4 0.29 20 5 850 150 2000 1000 3000 2.35 1.18 3.53 0.24 20 6 950 100 2000 1200 3200 2.11 1.26 3.37 0.21 20 7 1000 50 2000 1400 3400 2 1.4 3.4 0.2 20 8 1025 25 2000 1600 3600 1.95 1.56 3.51 0.20
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