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    total, average, and marginal product curves

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    Please help with the following problem.

    a. Given the following chart and information fill in the missing values. Please write on a separate sheet. Note that r = $50 and w = $100. Use a price of $5.50.
    (see attached file for chart)
    b. Which input is variable? Fixed? How do you know?
    c. How many of the variable input should the firm use to maximize profits? Please verify. Note that in order to do this you need to use costs.
    d. What are the max profits the firm can earn if it sells the Q for $5.50 at the market?
    e. Please graph both the total average and marginal product curves over the ranges of Q provided. Explain the shape of the curves and how the marginal curve is related to the total curve.

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    https://brainmass.com/economics/production/total-average-marginal-product-curves-230551

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    Solution Preview

    See the attached file. Thanks.

    a. Given the following chart and information fill in the missing values. Please write on a separate sheet. Note that r = $50 and w = $100. Use a price of $5.50.
    K Labor Total Product (Q) Marginal Product of Labor Average product of Labor Average product of ...

    Solution Summary

    This solution helps with problems involving inputs, profits and marginal product curves.

    $2.19