Question
Consider the following short run product and total cost schedule. Labour Total Product (TP) Marginal Product (MP) Average Product (AP) Total Fixed Cost (TFC) Total
Consider the following short run product and total cost schedule.
Labour | Total Product (TP) | Marginal Product (MP) | Average Product (AP) | Total Fixed Cost (TFC) | Total Variable Cost (TVC) | Total Cost (TC) |
0 | 0 | 0 | 0.0 | |||
1 | 48 | 48 | 350 | 35 | 385 | |
2 | 140 | 70.0 | 350 | 70 | 420 | |
3 | 200 | 60 | 66.7 | 350 | 105 | 455 |
4 | 252 | 52 | 63.0 | 350 | 490 | |
5 | 280 | 28 | 56.0 | 350 | 175 | 525 |
Complete this table by filling in the six empty spaces. (3 marks)
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Macroeconomics
Authors: Andrew B. Abel, Ben S. Bernanke, Dean Croushore, Ronald D. Kneebone
6th Canadian Edition
321675606, 978-0321675606
