In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input The cost and output structure that the firm faces is depicted in the table below. Assume th product price is $6. Calculate the marginal revenue product and the marginal resource cost, and then complet- the table. Instructions: Enter your answers as whole numbers. Quantity of Labor Marginal Product Marginal Revenue Product ($) Hourly Wage Rate ($) Marginal Resource (Labor) Cost ($) Total Product Total Labor Cost ($) 10 400 9. 90 11 416 16 12 132 12 430 14 15 180 13 442 12 18 234 14 452 10 21 294 15 460 8. 24 360 The equilibrum wage rate ($) = The equilibrium level of labor use = workers

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Solve the following Workers Output Marginal product Total costs ATC MC 0 0         1 20         2 50         3 90         4 120         5 140         6 150         7 155         Fill in the column of marginal products. What pattern do you see? How might you explain it? A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost. Fill in the column for average total cost. (Recall that ATC = TC/Q.) What pattern do you see? Now fill in the column for marginal cost. (Recall that MC = ∆TC/∆Q.) What pattern do you see? Compare the column for marginal product and the column for marginal cost. Explain the relationship. Compare the column for average total cost and the column for marginal cost. Explain the relationship.

Calculate the value of total cost when average cost is $35 and the no of inputs employed is 5

The following table shows a firm’s input, output, and costs in the short run. The price of each unit of output is Tk.200. (All costs and prices are in Tk.) Labor                         Quantity of                Variable         Total               input                           Output                        cost                  cost 0                                  0                                  0                      500 1                                  4                                  20                    520 2                                  8                                  40                    540 3                                  13                                60                    560 4                                  19                                80                    580 5                                  26                                100                  600 ------------------------------------------------------------------------------------…

Consider the following figure for short run production: Total Product Stage I Stage II Stage III В E Labor

Answer b part

Which type of cost does depend on a firm's output? 1.marginal cost 2.total cost 3.variable cost 4.all of the above

The table below shows ABC firm short-run production function.  The company hires workers at a wage rate of $400 a day and his total fixed cost is $1000. Labor (workers) Total product (output) 0 0 1 12 2 25 3 30 4 44 5 50   Calculate the average total cost of producing 25  Calculate total cost of producing 47 units.  Calculate average variable cost if 30 units are produced.  Calculate the marginal product of producing 44 units.  Calculate average product of the 4th worker