Inputs of Labor Total Product Marginal Product Average Product 00XX 115 2341917 35117 4651416.25 574914.8 680613.33 783311.86 88210.25 Study Question 4.

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Presentation transcript:

Inputs of Labor Total Product Marginal Product Average Product 00XX Study Question 4

Total Product Average Product Marginal Product

Study Question 7 Total Product Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost

Total Cost Total Variable Cost Total Fixed Cost

Average Total Cost Average Variable Cost Average Fixed Cost Marginal Cost

Homework: Read page 403 – end of Chapter Take quick quiz on 405 and check yourself. 2. Explain economies of scale and diseconomies of scale. 3. Explain why the long-run average total cost curve tends to be u-shaped. 4. How do economies of scale affect the long- run average total cost curve? 5. Do Study Questions 9, 10, & Write Down any questions you have about this chapter so far! We will have a quiz on this chapter on Wednesday.

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