ECO 284 - Microeconomics
Microeconomics
Production & Costs Worksheet I
The following information is applicable to a firm in the short run (over the course of an hour), where labor is the only variable input. The wage rate, constant across all units of labor hired, is $10 per hour. The firm faces a fixed cost of $25 per hour. Calculate the firm’s average product (AP) and marginal product (MP, aka MPP), and plot them into a graph like the one shown in class. Use that information, and the data above, to find the average fixed cost (AFC), total variable cost (TVC), total costs (TC), average variable cost (AVC), average total cost (ATC) and marginal cost (MC). On another graph, plot the ATC, AVC and MC (just like the one shown in class).
|Units of Labor |Total Product | | | | |
| | |AP |MP |AFC |TVC |
|1 |10 |10 |10 | | |
|2 |30 |20 |15 | | |
|3 |60 | | | | |
|4 | |40 | | | |
|5 | |30 | | | |
|6 | | |25 | | |
|7 | | | |1 | |
|8 |165 | | | | |
|9 |167 | | | | |
|10 |167 | | | | |
2. Fill in the following table, which shows a firm’s costs:
|Q |TFC |TVC |TC |MC |AFC |AVC |ATC |
|1 |36 | |116 |80 | | | |
|2 | |100 | | | | | |
|3 | |110 | |10 | | | |
|4 | | | |20 | | | |
|5 | | |196 | | | | |
|6 | |200 | | | | | |
|7 | |250 | | | | | |
|8 | | | | | |38.7 | |
|9 | | | | | | |46.2 |
|10 | |460 | | | | | |
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