ll Ufone 3G 403 PM 19 Usra outputcostrtfeconomic of labor To

ll Ufone 3G 4:03 PM 19% Usra output-cost.rtf(economic) of labor Total product product AverageMarginal product (workers) 24 74 94 122 130 Labor (workers) Total product (shirts per day) 0 20 36 48 Randy hires workers aa wage rate of S50 a day and Ktotal fixed cost is $100 a) What is the marginal product of the 3rd worker b) What is Randy\'s average fixed cost if 48 shirts are produced? c) What is Randy\'s average variable cost if 56 shirts are produced? d) What is Randy\'s marginal cost of producing the S2nd sweater e What is Randy\'s average total cost if 48 sweaters are produced? 3) The fet sable above has the total prodact schedule foe an imaginary poed called a widget. Each wnit of hor costs $23 and the totalloost of capital is $100 Use this information tocompletc de remaning two ubla kae tables, TFC is the lotal fued cost, rris thtaal 0 AFC is the average fixed COst, APC is the verage variable average tul cot, and MC \"in the marginal cost.

Solution

Quantity of labour Total Product Average product Marginal product 0 0 - 0 1 24 24/1= 24 24-0=24 2 50 50/2= 25 50-24=26 3 74 74/3= 24.6 74-50= 24 4 94 94/4=23.5 94-74=20 5 110 110/5= 22 110-94=16 6 122 122/6= 20.3 122-110=12 7 130 130/7= 18.57 130-122=8 8 134 134/8=16.75 134-130=4 9 134 134/9=14.88 134-134=0