Ch 11 (Q).doc - Chapter 11 Problem Set(EXPLAIN YOUR ANSWERS...

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Chapter 11 Problem Set (EXPLAIN YOUR ANSWERS) Two point questions: 1. Complete the following table by calculating marginal product and average product from the datagiven. Explain why marginal product first rises, then declines, and ultimately becomes negative. 2. A decrease in business property taxes 3. An increase in the wages of production workers 4. A firm has fixed costs of $400 and variable costs as indicated in the table below. Complete the table using the Excel spreadsheet attached with the homework. Total product Total fixed cost Total variable cost Total cost Average fixed cost Average variable cost Average total cost Marginal cost 0 1 2 3 4 5 6 7 8 9 10 $____ _____ _____ _____ _____ _____ _____ _____ _____ _____ _____
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  • Fall '16
  • yanen chen
  • Economics, Chief financial officer, marginal-cost curve

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