Consider the the Capital – labor production grid :
Capital
Labor 0 1 2 3 4 5 6 7 8 9
0...
Business, 14.03.2022 08:20, notsobright10
Consider the the Capital – labor production grid :
Capital
Labor 0 1 2 3 4 5 6 7 8 9
0 0 0 0 0 0 0 0 0 0 0
1 0 1 3 7 12 18 21 23 24 24
2 0 3 12 30 60 85 105 120 130 135
3 0 7 30 85 105 120 150 180 210 230
4 0 12 60 105 130 210 280 340 380 410
5 0 18 85 120 210 410 500 570 620 660
6 0 21 105 150 280 500 700 850 950 1000
7 0 23 120 180 340 570 850 1100 1300 1400
8 0 24 130 210 380 620 950 1300 1500 1600
9 0 24 135 230 410 660 1000 1400 1600 1700
(a) Set up a diagram showing the firms short run production function assuming the firms has only 2 units of capital ( that is the range from 2 to 135)
(b) Set up a diagram showing the firms marginal product schedule assuming the firms has only 2 units of capital ( that is the range from 2 to 135)
(c) Set up a diagram showing the firms short run marginal cost (MC), Average Total cost (ATC), Average Variable cost (AVC) if the has 2 units of capital ( that is the range from 2 to 135)
Answers: 2
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