didn't quite understand how to analyze table
Workers Output AFC AVC ATC MC O 20 10 0.50 10.50 10 2 50 4 0.40 4.40 10 3 90 2.23 0.34 2.57 10 125 1.60 0.32 1.92 10 5 140 1.43 0,36 1,79 10 6 150 1.33 0.40 1.73 10 Explanation: L Q MP= Change in Q TVC=WL=10L TFC=250 TO=TVC+TFC 0 200 200 20 20 10 200 210 2 50 30 20 200 220 3 90 40 30 200 230 125 35 40 200 240 5 140 15 50 200 250 150 10 60 200 260 In the table you just filled out, find where diminishing marginal productivity begins. Specifically, which is the first worker to add less marginal output than the previous worker? O first worker O second worker O third worker O fourth worker O fifth worker O sixth worker According to the table (and general theory), what is true? O the highest MP is associated with the highest MC O the highest MP is associated with the lowest MC O the lowest MP is associated with the lowest MC O the lowest MC is associated with the lowest ATCFor the following 6 questions, refer to the table you filled out above. Plot the labor input (workers) against the output. Put the labor input on the horizontal axis and the output on the vertical axis. What is the general shape of this function? O an upward sloping line O an upward sloping function that gets steeper as a lot of workers are hired O an upward sloping function that gets shallower as a lot of workers are hired O a symmetrical parabola O a downward sloping line Plot the labor input (workers) against the MP (marginal product). Put the labor input on the horizontal axis and the MP on the vertical axis. What is the general shape of this function? It is a hill-shaped function (goes up, peaks, then falls) O It is a valley-shaped function (goes down, bottoms out, then rises) It is a horizontal line O It is an upward sloping function It is a downward sloping function Plot the output against the TVC (total variable cost). Put the output on the horizontal axis and the TVC on the vertical axis. What is the general shape of this function? O It is a hill-shaped function (goes up, peaks, then falls) It is a valley-shaped function (goes down, bottoms out, then rises) O It is a horizontal line It is an upward sloping function It is a downward sloping function Plot the output against the TC (total cost). Put the output on the horizontal axis and the TC on the vertical axis. What is the general shape of this function? O It is a hill-shaped function (goes up, peaks, then falls) O It is a valley-shaped function (goes down, bottoms out, then rises) O It is a horizontal line It is an upward sloping functionPlot the output against the TFC (total fixed cost). Put the output on the horizontal axis and the TFC on the vertical axis. What is the general shape of this function? O It is a hill-shaped function (goes up, peaks, then falls) It is a valley-shaped function (goes down, bottoms out, then rises) O It is a horizontal line O It is an upward sloping function It is a downward sloping function Plot the output against the AFC (average fixed cost). Put the output on the horizontal axis and the AFC on the vertical axis. What is the general shape of this function? O It is a hill-shaped function (goes up, peaks, then falls) It is a valley-shaped function (goes down, bottoms out, then rises) It is a horizontal line It is an upward sloping function It is a downward sloping function Think about the general relationship between the marginal product of labor (MPL) and the marginal cost of output (MC). As MPL increases, what happens to MC? O MC increases O MC decreases O MC remains the same O Any of the above answers could be correct, depending on the industryPlot the output against the TFC (total fixed cost). Put the output on the horizontal axis and the TFC on the vertical axis. What is the general shape of this function? O It is a hill-shaped function (goes up, peaks, then falls) It is a valley-shaped function (goes down, bottoms out, then rises) O It is a horizontal line O It is an upward sloping function It is a downward sloping function Plot the output against the AFC (average fixed cost). Put the output on the horizontal axis and the AFC on the vertical axis. What is the general shape of this function? O It is a hill-shaped function (goes up, peaks, then falls) It is a valley-shaped function (goes down, bottoms out, then rises) It is a horizontal line It is an upward sloping function It is a downward sloping function Think about the general relationship between the marginal product of labor (MPL) and the marginal cost of output (MC). As MPL increases, what happens to MC? O MC increases O MC decreases O MC remains the same O Any of the above answers could be correct, depending on the industry
