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Finding MP, FC, MC, AVC and ATC

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Consider a firm that has just built a plant, which cost $20,000. Each worker costs $5.00 per hour. Based on this information and using Excel, fill in the missing information in the table below.

Number of Worker Hours Output Marginal Product Fixed Cost Variable Cost Total Cost Marginal Cost AVC ATC
0 0 -- 20,000 -- -- --
50 400 20,250
100 900 20,500
150 1300 20,750
200 1600 21,000
250 1800 21,250
300 1900 21,500
350 1950 21,750

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Solution Summary

Solution describes the steps and formulas for calculating Marginal Product, Variable Costs, Marginal Costs, Average Variable Costs and average total costs based upon information provided.

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Please refer attached file for better clarity of tables and formulas.

Solution

Hours Output Marginal Product Fixed Cost Variable Costs Total Cost Marginal Cost AVC ATC
0 0 -- 20000 0 20,000 ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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