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1 a ) Complete the table below, calculating marginal product, average product, total variable cost, average variable cost, total cost, average total cost, and marginal
a Complete the table below, calculating marginal product, average product, total variable cost, average variable cost, total cost, average total cost, and marginal cost to two decimal places.
Think about how you can calculate the total variable cost for column You have the number of variable inputs that the firm is using and the price of the variable input.
tabletableUnits ofVariableInputtableTotalProducttableMarginalProducttableAverageProducttablePrice ofVariableInputtableTotalVariableCosttableAverageVariableCosttableTotalFixedCosttableTotalCosttableAverageTotalCosttableMarginalCostcdots,
b When marginal product is greater than average product, average product is increasingconstantdecreasing
as more input is used... When marginal product is less than average product, average product is increasingconstantdecreasing as more input is used...
c Marginal product increases until after the unit of input is added, at which point it decreases...The marginal cost decreases until after the unit of the input is added, at which point it increases.
d Marginal cost and average variable cost are nearly equal when is smallest...In the table, the corresponding total product is units. t
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