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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 on theme: "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."— Presentation transcript:

1 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

2 90 80 70 60 50 40 30 20 10 012345678 Total Product Average Product Marginal Product

3

4 Study Question 7 Total Product Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 0600 1 45105604510545 260851453042.572.540 36012018020406035 4601502101537.552.530 56018524512374935 6602252851037.547.540 7602703308.638.647.145 8603253857.540.648.155 9603904506.743.35065 1060465525646.552.575

5 550 500 450 400 350 300 250 200 150 100 50 012345678910 Total Cost Total Variable Cost Total Fixed Cost

6 105 100 90 80 70 60 50 40 30 20 10 0123456789 Average Total Cost Average Variable Cost Average Fixed Cost Marginal Cost

7 Homework: Read page 403 – end of Chapter 22. 1. 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, & 11. 6. 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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