In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output, the firm employs increasing amounts of labour at a wage rate of $500 per worker. The table below shows the relationship between the amount of labour employed and the amount of output produced in the factory. Labour Output (TPPP) APP MMP VC FC TC ATC MC 0 0 ____ ___ 0 _ _ 1 15 2 50 3 80 4 100 5 110 6 115 1. Plot the APP and MPP curves on the same graph 2. Plot the ATC and MC curves on the same graph

In the short run, a firm operates a factory which it leases for $2000 per annum. To increase output, the firm employs increasing amounts of labour at a wage rate of $500 per worker. The table below shows the relationship between the amount of labour employed and the amount of output produced in the factory. Labour Output (TPPP) APP MMP VC FC TC ATC MC 0 0 __ _ 0 _ _ 1 15 2 50 3 80 4 100 5 110 6 115 1. Plot the APP and MPP curves on the same graph 2. Plot the ATC and MC curves on the same graph

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

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