Using the table below, what is the Marginal Product of Labor for the 4th worker?Quantity produced Fixed Cost Variable Cost6,0006,0006,0006,0006,0006,0006,000Number of workers5001,0001,5002,0002,5003,00011,0001,9002,7003,4004,000346.4,500800700600O 500

Answer: Given that: Number of workers Quantity produced Fixed Cost Variable Cost 0 0…

Answered: Quantity produced Fixed Cost 6,000…

Quantity produced Fixed Cost 6,000 6,000 Number of workers Variable Cost 1,000 1,900 2,700 3,400 1 500 2 6,000 1,000 3 1,500 2,000 2,500 3,000 6,000 4 6,000 4,000 6,000 6 4,500 6,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 23RQ: Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost,...

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Question

Using the table below, what is the Marginal Product of Labor for the 4th worker?
Quantity produced Fixed Cost Variable Cost
6,000
6,000
6,000
6,000
6,000
6,000
6,000
Number of workers
500
1,000
1,500
2,000
2,500
3,000
1
1,000
1,900
2,700
3,400
4,000
3
4
6.
4,500
800
700
600
O 500

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H.W 7/ For the following data: Fixed cost = 100,000 ID Variable cost per unit = 300 ID Selling price per unit=500 ID n = 500 Calculate BEP by using chart method
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