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I need help on these 2 microeconomics questions: Question 24 (2.5 points) Saved The cost information for a firm is given by the following table.
I need help on these 2 microeconomics questions:
Question 24 (2.5 points) Saved The cost information for a firm is given by the following table. Assume that labor is paid a constant wage and capital is paid a constant price, i.e., this firm is a price-taker both in the labor and capital markets. Note: L is labor; K is capital; Q is output; VC is variable cost; FC is fixed cost; TC is total cost; AVC is average variable cost; AFC is average fixed cost; ATC is average total cost; MC is marginal cost; and MPL is the marginal product of labor. K L Q FC VC TC AFC AVC ATC MC MPL 2 0 10 2 18 0.25 units of output/unit of labor 2 U 2 2 6 w N A 4 2 5 32 2 6 38 2 20 7 Given the above information and holding everything else constant, how much does one unit of capital cost to the firm?\fQuestion 25 (2.5 points) Saved The cost information for a firm is given by the following table. Assume that labor is paid a constant wage and capital is paid a constant price, i.e., this firm is a price-taker both in the labor and capital markets. Note: L is labor; K is capital; Q is output; VC is variable cost; FC is fixed cost; TC is total cost; AVC is average variable cost; AFC is average fixed cost; ATC is average total cost; MC is marginal cost; and MPL is the marginal product of labor. K L FC VC TC AFC AVC ATC MC MPL 2 0 10 2 1 18 0.25 units of output/unit of labor 2 U 2 2 6 A W 2 4 2 5 32 2 6 38 N 20 7What is the minimum price for an output at which the rm is willing to stay in the market in the short runStep by Step Solution
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