Question 1) In table 1, Calculate the marginal product of laborand average product of labor.
Table 1: Surfboard Production
Labor (workers per week) | Total Product
(surfboards per week) | Marginal Product | Average product
|
0 | 0 | - | - |
1 | 30 | | |
2 | 70 | | |
3 | 120 | | |
4 | 160 | | |
5 | 190 | | |
6 | 210 | | |
7 | 220 | | |
Question 2) Surfboard Production Costs
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Labor (workers per week) | Total Product
(surfboards per week) | TFC
(SAR per surfboard) | TVC
| TOTAL COST
| AFC | AVC | ATC | MC
|
0 | 0 | 3000 | 0 | | - | - | - | - |
1 | 30 | 3000 | 3000 | | | | | |
2 | 70 | 3000 | 3500 | | | | | |
3 | 120 | 3000 | 4000 | | | | | |
4 | 160 | 3000 | 4500 | | | | | |
5 | 190 | Â Â 3000 | 5000 | | | | | |
6 | 210 | 3000 | 5500 | | | | | |
7 | 220 | 3000 | 6000 | | | | | |
- Fill in the missing numbers from Table above for Total FixedCosts (TFC), Total Costs (TC), Marginal Costs (MC), AverageVariable Costs (AVC), Average Fixes Costs (AFC) and Average TotalCosts (ATC).
