(2) Suppose a firm employs labor as its only variable input. All workers are paid P100 per day. Output per day and variable cost are shown in Table A below. Complete the table, showing labor, average variable cost, and marginal cost for the first eight units of output. Draw a graph showing average and marginal cost. Table A a 1 2 3 4 5 6 7 8 VC 100 400 600 800 1200 1600 2400 3200 L AVC MC

(2) Suppose a firm employs labor as its only variable input. All workers are paid P100 per day. Output per day and variable cost are shown in Table A below. Complete the table, showing labor, average variable cost, and marginal cost for the first eight units of output. Draw a graph showing average and marginal cost. Table A a 1 2 3 4 5 6 7 8 VC 100 400 600 800 1200 1600 2400 3200 L AVC MC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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