ECO 550 week 3 Problem Set
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Description
Managerial Economics and Globalization - ECO 550
Week 3 Problem Set
Jason Hanson
- The following table shows data for a simple production function:
Capital
Labor
TP
TFC
TVC
TC
AFC
AVC
ATC
MC
10
0
0
200
0
200
10
1
5
200
10
210
40
2
42
2
10
2
15
200
20
220
1
10
3
30
200
30
230
1
10
4
50
200
40
240
4
0.8
4.8
0.5
10
5
75
200
50
250
0.4
10
6
85
200
60
260
1
10
7
90
200
70
270
3
2
10
8
92
200
80
280
5
a. From the information in the table, calculate total fixed costs (TFC), total variable costs (TVC), total cost (TC), average fixed costs (AFC), average variable costs (AVC), average total cost (ATC), and marginal cost (MC).
b. For what...
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