A firm has the following output and labor combinations, Ask an Expert

Finance

A firm has the following output and labor combinations, given 20 units of capital:

L 10 11 12 13 14

Q 48 55 61 65 67

a) Calculate the average product of labor and the marginal product of labor when L=11, 12, 13, and 14.

b) Suppose that capital costs $30 per unit (r = $30). What is the average fixed cost for each level of output?

c) Suppose that labor costs $40 per unit (w = $40). What is the average variable cost for each level of output?

d) Calculate the marginal cost for Q at levels of 55, 61, 65, and 67.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92272895

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