Price per unit (OMR) Shoe sales per week 60 100 50 200 40 300 30 400 20 500 10 600 Consider a firm uses only labor as a variable factor of production in the short run, with the help of a example in the tabular form to express the marginal costs, marginal revenue and output levels where the firm maximizes profit. Draw a diagram corresponding to the table.

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Q: Capital (K) Labor (L) Output (q) 8 0 0 8 1 6 8 2 13.5 8 3 23.5 8 4 31 8 5 37 8 6 42 8 7 46 8 8 49 8…

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A: Marginal cost refers to the additional cost of producing one more unit of output.

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A: Total cost is the cost incurred for the production of goods and services.  TC = wL + rK

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A: Marginal cost of Q is equals to TC (Q) - TC(Q-1) So, MC(Q=2) = TC(Q=2) - TC(Q=1)

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