Fill in the column of marginal product (MP
L
). What pattern
do you see? How
might you explain it?
1
.
2
A worker costs 100 baht a day, and the firm has fixed costs of 200 baht. Use this
information to fill in the column for total cost.
1
.
3
Fill in the column for average cost (AC = TC/Q). What pattern do you see?
1
.
4
Now fill in the column for marginal cost (MC =
TC/
Q). What pattern do you
see?
1
.
5
Compare the column for marginal product (MP
L
) and the column for marginal
cost (MC). Explain the relationship.
1
.
6
Compare the column for average cost (AVC) and the column for
marginal cost
(MC). Explain the relationship