Labour Output Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal
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Question:
| Labour | Output | Total Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost | Marginal Cost | Marginal Product of Labour |
| 0 | 0 | 0 | ||||||
| 1 | 10 | 15 | 50 | |||||
| 2 | 50 | 30 | ||||||
| 3 | 110 | 50 | ||||||
| 4 | 160 | 60 | ||||||
| 5 | 200 | 65 | ||||||
| 6 | 230 | 70 | ||||||
| 7 | 255 | 100 |
- FILL IN YOUR DATA IN THE TABLE ONLY.
- From your answers identify where diminishing MP sets in.
- Find where MC intersects ATC.
SHOW THE STEPS TO AVOID GRADE PENALTY.
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