kimberlyadele
Mar 1, 2016, 06:57 AM
Suppose a farmer rents 15 acres of land for $2,000 per acre. Suppose he pays his laborers $3,000/month each.
The farming season is 6 months. His production function is:
Complete the table below for this farmer. Divide FC, VC, and TC by 1,000 to get a number that fits in the cell.
Use whole numbers; do not include decimals.
Labor: Q(outputs), APsubL, MPsubL, FC, VC, TC, MC, AFC, AVC, ATC
6 1 1 -
11 2 5.5 1
15 3 5 1
21 4 5.25 1
31 5 6.2 1
45 6 7.5 1
63 7 9 1
How would I fill in the rest of this table?
The farming season is 6 months. His production function is:
Complete the table below for this farmer. Divide FC, VC, and TC by 1,000 to get a number that fits in the cell.
Use whole numbers; do not include decimals.
Labor: Q(outputs), APsubL, MPsubL, FC, VC, TC, MC, AFC, AVC, ATC
6 1 1 -
11 2 5.5 1
15 3 5 1
21 4 5.25 1
31 5 6.2 1
45 6 7.5 1
63 7 9 1
How would I fill in the rest of this table?