The following table summarizes the short-run relationship between a firm’s total labor input and its total output.
Fill in the following table:
|Labor Input||Total Product||Marginal Product||Average Product|
a. Fill in the columns labeled “Marginal Product” and “Average Product.”
b. Over what range of labor input does the firm experience increasing marginal returns? Diminishing marginal returns? Negative marginal returns?
c. Comparing marginal product to average product, under what circumstances will average product rise? Under what circumstances will average product fall?
Suppose a firm is currently producing 10 units. Its fixed costs are $100 and its variable costs are $40. At an output level of 10 units, what is the firm’s current:
a. Total cost?
b. Average fixed cost?
c. Average variable cost?
d. Average total cost?
e. If the total cost of producing 11 units is $147, what is the marginal cost of the eleventh unit?
f. Is average total cost rising or falling? How do you know?
g. Is average variable cost rising or falling? How do you know?
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