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Lauren owns a factory that produces softball gloves. The table below represents her factories productivity and costs when various numbers of workers are hired. Graphically
Lauren owns a factory that produces softball gloves. The table below represents her factories productivity and costs when various numbers of workers are hired.
Graphically illustrate her total, marginal and average product curves as well as her marginal and average variable cost curves. Show where the inflection point lies, where production is maximized and what number of workers corresponds to the highest average and marginal product as well as the lowest average variable and marginal cost.
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Variable Input # of Workers TPL MPL APL FC VC TC AFC AVC ATC MC 0 0 0 500 0 500 0 0 0 0 7 7 500 300 800 71.43 42.86 114.29 42.86 2 18 11 9 500 600 1100 27.78 33.33 61.11 27.27 33 15 11 500 900 1400 15.15 27.27 42.42 20.00 4 46 13 11.5 500 1200 1700 10.87 26.09 39.96 23.08 5 55 9 11 500 1500 2000 9.09 27.27 36.36 33.33 60 5 10 500 1800 2300 8.33 30 38.33 60 63 3 9 500 2100 2600 7.94 33.33 41.27 100 CO 65 2 8.13 500 2400 2900 7.69 36.92 44.61 150 9 66 1 7.33 500 2700 3200 7.57 40.19 48.48 300 10 66 6.6 500 3000 3500 11 64 -2 5.82 500 3300 3800 12 60 -4 5 500 3600 4100Step by Step Solution
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