Answer to Question #304184 in Microeconomics for Axis

Question

For an enterprise, each worker gets $50 per day and the constant cost of this

enterprise is $300. Find the Average Product (AP), Marginal Product (MP),

Variable Cost (VC), Total Cost (TC), and Marginal Cost (MC). Show all of your

calculations. Explain the calculations of each.

Number of Labor

1

2

3

4

5

Total Product

3

6

8

10

11

Answer 1

The answer to your question is provided in the image: