Question 1) In table 1, Calculate the marginal product of labor and average product of labor. Table...

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Economics

Question 1) In table 1, Calculate the marginal product of laborand average product of labor.
Table 1: Surfboard Production
Labor
(workers per week)
Total Product
(surfboards per week)
Marginal Product
Average product
0
0
-
-
1
30
2
70
3
120
4
160
5
190
6
210
7
220
Question 2) Surfboard Production Costs
Â Â
Labor
(workers per week)
Total Product
(surfboards per week)
TFC
(SAR per surfboard)
TVC
TOTAL COST
AFC
AVC
ATC
MC
0
0
3000
0
-
-
-
-
1
30
3000
3000
2
70
3000
3500
3
120
3000
4000
4
160
3000
4500
5
190
Â Â 3000
5000
6
210
3000
5500
7
220
3000
6000
Fill in the missing numbers from Table above for Total FixedCosts (TFC), Total Costs (TC), Marginal Costs (MC), AverageVariable Costs (AVC), Average Fixes Costs (AFC) and Average TotalCosts (ATC).

Answer & Explanation Solved by verified expert

4.3 Ratings (693 Votes)

1Ans Labor workers per week Total Product surfboads per week Marginal Product Avearge Product 0 0 1 30 30 30 2 70 40 35 3 120 50 40 4 160 40 40 5 190 30 38 6 See Answer

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Labor (workers per week)	Total Product (surfboards per week)	Marginal Product	Average product
0	0	-	-
1	30
2	70
3	120
4	160
5	190
6	210
7	220

Labor (workers per week)	Total Product (surfboards per week)	TFC (SAR per surfboard)	TVC	TOTAL COST	AFC	AVC	ATC	MC
0	0	3000	0		-	-	-	-
1	30	3000	3000
2	70	3000	3500
3	120	3000	4000
4	160	3000	4500
5	190	Â Â 3000	5000
6	210	3000	5500
7	220	3000	6000