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(Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal
(Total Cost and Marginal Cost)Complete the following table, whereLis units of labor,Qis units of output, andMPLis the marginal product of labor.
LQMPLVCTCMCATC00$0$1216$315215$6321$9526$15
- At what quantity of labor do the marginal returns to labor begin to diminish?
- What is the average variable cost whenQ
- =
- 24
- ?
- What is this firm's fixed cost?
- What is the wage rate per day?
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