What is average total cost and marginal cost, Microeconomics

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What is average total cost and marginal cost

Suppose that the firm's only variable input is labor. When 50 workers are used, the average product of labor is 50 and the marginal product of 50th worker is 75. The wage rate is $80 and the total cost of the fixed input is $500.

What is average total cost?

What is the marginal cost?

What can you say about ATC (increasing, decreasing)? What can you say about Marginal Cost (increasing, decreasing)?

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Microeconomics: What is average total cost and marginal cost

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Microeconomics: What is average total cost and marginal cost

Reference No:- TGS063956

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : Value-added processes for the local franchise

Q : Select a non-monopolized product or service

Q : Determining the cost of company retained earnings

Q : How much is total overhead costs

Q : What is average total cost and marginal cost

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Ask an Expert for Answer!!

Microeconomics: What is average total cost and marginal cost

Reference No:- TGS063956

Recent Questions Asked Microeconomics

Q : Value-added processes for the local franchise

Q : Select a non-monopolized product or service

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Q : How much is total overhead costs

Q : What is average total cost and marginal cost

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