MGEB11H3 Lecture : ECMB11-Lec3
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14 Oct 2012
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Suppose a farmer rents 15 acres of alnd for $2000 per acre. Suppose he pays his labroers $18000 each for a full season of work. His production function is:
Labor (per season) | 6 | 11 | 15 | 21 | 31 | 45 | 63 |
Output (tons) | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Complete the table below. Divide FC, VC, and TC by 1000 to get a number that fits in the cell. Only use two significant digits if the answer is a decimal.
L | Q | APL | MPL | FC | VC | TC | MC | AFC | AVC | ATC |
6 | 1 | |||||||||
11 | 2 | |||||||||
15 | 3 | |||||||||
21 | 4 | |||||||||
31 | 5 | |||||||||
45 | 6 |