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    Finding Total Ecnomic Profit

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    Here is the Scenerio-
    Labor is only variable input.
    Output is 4000 unit
    Marginal Product of labor is 10
    Average Product of labor is 50
    Price of labor is $150
    Marginal product of capital is 40
    Average product of capital is 60
    Price of capital is $240
    Total Fixed Cost is $16000

    Output MC AVC AFC ATC Total Economic Profit
    4000 __ __ __ __ _____

    How I find those values....plz show me the Work too

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    Solution Preview

    MPL = 10 = Change in number of units/ Change in Labor
    <br>APL = 50 = Total Units/ Total Labor
    <br>P(labor) = $150
    <br>MPC = 40 = Change in number of units/ Change in ...

    Solution Summary

    The total economic profit is found. The output for MC, AVC, AFC, ATC and total economic profit is found.