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dabbamanche
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Posted on 09-27-11 8:09
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Hi, can someone please help me with the following questions?
Each unit of input, X, costs $10. Fixed costs are $50, regardless of the level of output.
a. Complete the table below.
Labor, X
|
Total
Output (TPP)
|
Marginal
Physical
Product (MPP)
|
TFC
|
TVC
|
TC
|
AFC
|
AVC
|
ATC
|
MC/unit
|
0
|
0
|
|
|
|
|
|
|
|
|
1
|
15
|
|
|
|
|
|
|
|
|
2
|
45
|
|
|
|
|
|
|
|
|
3
|
70
|
|
|
|
|
|
|
|
|
4
|
90
|
|
|
|
|
|
|
|
|
5
|
105
|
|
|
|
|
|
|
|
|
6
|
110
|
|
|
|
|
|
|
|
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7
|
112
|
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b. If the product can be sold for $0.75 per unit, what is the optimal level of output?
c. Find the level of profit at the optimal level of output. Explain what would happen if the firm produced one more unit of output in terms of marginal cost and marginal revenue.
Please provide explanations for b and c. Appreciate all the help I can get. It's a school assignment. Thanks.
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dabbamanche
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Posted on 09-27-11 8:20
AM
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Sorry, this is the full table:
Labor, X
|
TPP
|
MPP
|
TFC
|
TVC
|
TC
|
AFC
|
AVC
|
ATC
|
MC/unit
|
0
|
0
|
|
|
|
|
|
|
|
|
1
|
15
|
|
|
|
|
|
|
|
|
2
|
45
|
|
|
|
|
|
|
|
|
3
|
70
|
|
|
|
|
|
|
|
|
4
|
90
|
|
|
|
|
|
|
|
|
5
|
105
|
|
|
|
|
|
|
|
|
6
|
110
|
|
|
|
|
|
|
|
|
7
|
112
|
|
|
|
|
|
|
|
|
|
|
|
dabbamanche
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Posted on 09-27-11 8:22
AM [Snapshot: 21]
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and the two related questions:
b. If the product can be sold for $0.75 per unit, what is the optimal level of output?
c. Find the level of profit at the optimal level of output. Explain what would happen if the firm produced one more unit of output in terms of marginal cost and marginal revenue.
Appreciate all the help I can get, along with the explanations for b and c. Thanks!
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