ECO100Y1 Lecture : Q5 Total Cost (Medium)
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Ā
Units of labor |
Units of Output |
Average Product |
Marginal Product |
Fixed Cost |
Variable Cost |
Total Cost |
Average Variable Cost |
Average Total Cost |
Marginal Cost |
Profit |
Producer Surplus |
1 |
5 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
2 |
15 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
3 |
30 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
4 |
50 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
5 |
65 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
6 |
77 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
7 |
86 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
8 |
94 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
9 |
98 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
10 |
96 |
Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā | Ā |
The firm has fixed costs of $50, labor costs the firm $10 per unit, and the firm faces a market-determined price of $2.00 per unit of output. Complete the above table.