he lable is för à firm in which labour is the only variable cost and each unit of labour costs the sa regardless of how many units are bought. Units of TVC MC AVC Labour TP MP AP $ $ 1 100 2 20 3 45 25 4 30 18.8 20 6 120 20 10 18.6 135 15 10 130

Principles of Economics 2e
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ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 41P: Compute the average total cost, average variable cost, and marginal cost of producing 50 and 72...
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The data in the table is for a firm in which labour is the only variable cost and each unit of labour costs the same
regardless of how many units are bought.
Units of
TVC
MC
AVC
Labour
TP
MP
AP
$
$
10
1
8
100
2
20
45
25
4
30
18.8
5
20
120
20
17
10
18.6
18
135
19
15
10
130
Transcribed Image Text:The data in the table is for a firm in which labour is the only variable cost and each unit of labour costs the same regardless of how many units are bought. Units of TVC MC AVC Labour TP MP AP $ $ 10 1 8 100 2 20 45 25 4 30 18.8 5 20 120 20 17 10 18.6 18 135 19 15 10 130
Refer to the information above to answer this question. As one reads down the TVC column, what is the pattern in the
numbers?
Select one:
A. They fall until the fifth unit of labour used and then rise
B. They continuously rise
C. They continuously fall.
D. They rise until the fifth unit of labour used and then fall
E. There is no clear pattern
Transcribed Image Text:Refer to the information above to answer this question. As one reads down the TVC column, what is the pattern in the numbers? Select one: A. They fall until the fifth unit of labour used and then rise B. They continuously rise C. They continuously fall. D. They rise until the fifth unit of labour used and then fall E. There is no clear pattern
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