ECO 550 Week 3 Problem Set answers
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Description
Managerial Economics and Globalization - ECO 550
Week 3 Problem Set
- 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
10
2
15
200
20
220
10
3
30
200
30
230
10
4
50
200
40
240
10
5
75
200
50
250
10
6
85
200
60
260
10
7
90
200
70
270
10
8
92
200
80
280
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). Assume capital costs to this firm is 20 per unit, and...
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