Production Costs exercise Lovewell.doc

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Department
Economics
Course
ECON 1900
Professor
Nancy Carson
Semester
Winter

Description
Production and Cost Exercise. The short run production information for a parking lot is given in the table below. The information is on a per day basis. The fixed input is the parking lot which costs $60 per day. The variable input is labour. The wage is $180 per day. Total Product (Cars Total Total Average Average Average Labour parked Average Marginal Fixed Variable Total Marginal Fixed Variable Total (Workers) per day) Product Pr
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