Purchase Solution

Costing in Microeconomics

Not what you're looking for?

Ask Custom Question

Complete the following table, assuming that each unit of labor below costs $75 per day.

L Q TFC TVC STC MC
0 0 $300 $ $ $
1 5 75 15
2 11 150 450 12.5
3 15 525
4 18 300 600 25
5 20 37.5

a. Graph the fixed cost, variable cost total cost curves for these data.

b. What is the marginal product of going from two to three units of labor?

c. What is the average total cost when output is 18 units per day?

See attatched file. Please fill in table and complete questions with equations

Attachments
Purchase this Solution
Solution Summary

The solution completes the table provided in the question related to TFC, TVC, STC and MC. The solution does a superb job of explaining and calculating the different missing components. The solution first graphs the fixed cost, variable cost and total cost curves in a word document. Excellent graphs have been used which are also easy to understand. The solution then calculates the marginal product and the average total cost. The solution is easy to understand as well.

Purchase this Solution
Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

View More Free Quizzes
Related BrainMass Solutions

  • Marketable Emission Credits and Economic Efficiency

    This helps in reducing pollution below the set standards so that companies can sell their policy rights to other firms (Microeconomics of Government, n.d).

  • Profit maximizing pricing

    The calculation of the target costing begins with market research and determining which features in the product have a market demand. Next, the target costing team is provided with the required gross profit margin.

  • Main differences between microeconomics and macroeconomics

    Make general slides in PowerPoint that stick to the point. Slide #1: Bullet point the list of basic differences.

  • Question about Microeconomics and Macroeconomics

    /2153/GDP.html Solution discusses microeconomics and macroeconomics in 483 words.

  • Differences between microeconomics and macroeconomics

    All these issues are macroeconomic in the sense they look at the economy as a whole and not a particular industry or category. Differences between microeconomics and macroeconomics are discussed in the solution.

  • Global Microeconomics

    From a microeconomics viewpoint, what does that mean for: a) The law of demand b) U.S. consumers c) Our nation in total Global Microeconomics 1. Does microeconomics apply to every country in the world_ why? or why not?

  • Explanation of micro vs macroeconomics

    In the end, what was the result of your decision? Write out the text of your speech. You are asked to address a professional meeting and explain microeconomics, macroeconomics and their differences.

  • explain microeconomics, macroeconomics and their differences

    In the end, what was the result of your decision? Write out the text of your speech. Reference Perloff, J. M. (2007). Microeconomics (4th ed.). New York: Pearson Addison Wesley.

  • Utility in decision making

    130252 Macro & Micro Economics in Decision Making Articulate how macro- and microeconomics come into play in the context of company decision-making in a global business.

  • This will result in a kinked utility curve. Thank you for asking BrainMass. The expert examines intermediate microeconomics diagrams and equations.

View More Related Solutions