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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

  

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

   3000

5000

6

210

3000

5500

7

220

3000

6000

  1. 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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