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Consider the three figures to the right. If the firm were to employ an 8th unit of labor at the wage of $1,000 per worker per week, its total product would rise to 385 units of output from 360 units of output. What would be the resulting values of the average variable cost and the marginal cost? Average variable cost would be $ per unit of output and marginal cost would be $ per unit of output. (Enter your responses rounded to one decimal place.)

Consider the three figures to the right. If the firm were to employ an 8th unit of labor at the wage of $1,000 per worker per week, its total product would rise to 385 units of output from 360 units of output. What would be the resulting values of the average variable cost and the marginal cost? Average variable cost would be $ per unit of output and marginal cost would be $ per unit of output. (Enter your responses rounded to one decimal place.)

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter7: Production And Cost In The Firm
Section: Chapter Questions
Problem 3.7P
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Consider the three figures to the right. If the firm were to employ an 8th unit of labor at the wage of $1,000 per worker per week, its total product would rise to 385 units of output from 360 units of output. What would be the resulting values of the average variable cost and the marginal cost? Average variable cost would be $ per unit of output and marginal cost would be $ per unit of output. (Enter your responses rounded to one decimal place.) Total Product (units) 400- 350- 300- 250- 200- 150- 100- 50- 0 Marginal and Average Physical Product (units per worker-we 8 8 8 8 8 9 80- 70- 60- 50- 10- Labor Input (worker-weeks) Labor Input (worker-weeks) TP APP MPP Q Q Q ✔
Transcribed Image Text:Consider the three figures to the right. If the firm were to employ an 8th unit of labor at the wage of $1,000 per worker per week, its total product would rise to 385 units of output from 360 units of output. What would be the resulting values of the average variable cost and the marginal cost? Average variable cost would be $ per unit of output and marginal cost would be $ per unit of output. (Enter your responses rounded to one decimal place.) Total Product (units) 400- 350- 300- 250- 200- 150- 100- 50- 0 Marginal and Average Physical Product (units per worker-we 8 8 8 8 8 9 80- 70- 60- 50- 10- Labor Input (worker-weeks) Labor Input (worker-weeks) TP APP MPP Q Q Q ✔
Average and Marginal Costs ($ per unit) 36- 34 32- 30- 26- 24- 20- 18- 14- 12- 10- 50 100 150 200 250 Output (units) 300 MCP AVC 350 400 Q
Transcribed Image Text:Average and Marginal Costs ($ per unit) 36- 34 32- 30- 26- 24- 20- 18- 14- 12- 10- 50 100 150 200 250 Output (units) 300 MCP AVC 350 400 Q
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