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I was able to complete the chart but am struggling with drawing the 2 graphs. HELP! Problem set 7 Costs and Production Problem Capital rents
I was able to complete the chart but am struggling with drawing the 2 graphs. HELP!
Problem set 7 Costs and Production Problem Capital rents for Sl 00 per unit per day. Labor is hired at a wage of S200 per day Complete the table below. Draw a graph depictmg TC: TFC and TVC Draw a graph depictmg ATC, AVC, and MC Units of capital 20 20 20 20 20 20 20 20 20 Number Output (Q) 100 250 500 700 850 1000 1025 Marginal Product 250 200 50 25 Total fixed Total variabk Total cost 2200 2400 2600 2800 3000 3200 3400 Average fixed ss n 86 Average variabk cost AVC Sl.67 Sl.14 Sl.18 S126 Sl.40 total cost ATC sg.67 s; 52 Marginal Cost Sl.33
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