The following table gives the total product schedule of labour. Find the corresponding average product and marginal product schedules of labour.
| L | TPL |
| 0 | 0 |
| 1 | 15 |
| 2 | 35 |
| 3 | 50 |
| 4 | 40 |
| 5 | 48 |
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The following table gives the average product schedule of labour. Find the total product and marginal product schedules.
L APL TPL = AP x L MPL = TPn - TPn -1 1 2 2 x 1 = 2 2 2 3 3 x 2 = 6 6 - 2 = 4 3 4 4 x 3 = 12 12 - 6 = 6 4 4.25 4.25...
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The following table gives the marginal product schedule of labour.
L MPL TPn = TPn - 1 + MPn APL = TPL/L 1 3 3 3/1 = 3 2 5 3 + 5 = 8 8/2 = 4 3 7 8 + 7 = 15 15/3 = 5 4 5 15 + 5 = 20 20/4 = 5 5 3 20 +...
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The following table shows the total cost schedule of a firm. What is the total fixed cost schedule of this firm?
L TC TFC = TC - TVC TVC = TC - TFC AFC = TFC/Q AVC = TVC/Q SAC = AFC + AVC SMC = TCn - TCn -...
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The following table gives the total cost schedule of a firm. It is also given that the average fixed cost at 4 units of output is Rs 5.
L TC TFC = 20 TVC=TC - TFC AFC = TFC/Q AVC = TVC/Q SAC = AFC + AVC SMC = TCn - TCn -1 1 50 20 30 20 30 50 30 2 65 20 45 10 22.5 32.5 15 3 75 20 55 6.66 27.5 34.16 10 4 95 20 75 5 18.75 23.75 20 5 130 20 110 4 22 26 35 6 185 20 165 3.33 27.5 30.83 55
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Calculate the total revenue, marginal revenue and average revenue schedules in the following table.
Quantity Sold TR = P x Q MR = TRn - TRn - 1 AR = 10 0 - - - 1 10 x 1 = 10 10 - 0 = 10 10 2 10 x 2 = 20 20 - 10 = 10 10 3 10...
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The following table shows the total revenue and total cost schedules of a competitive firm.
Quantity Sold TR TC Profit AR = TR/Q 0 0 5 0 - 5 - 1 5 7 5 -7 = - 2 5/1 = 5 2 10 10 10 - 10 = 0 10/2 = 5 3 15 12 15 - 12 = 3 15/3 = 5 4 20 15 20 - 15 = 5 20/4 = 5 5 25 23 25...
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From the following total cost and total revenue schedule of a firm, find out the level of output, using marginal cost
'The equilibrium level of output wiil be 4 units. This is because at this point the two conditions of equilibrium (using MR-MC approach are met . This can be seen...
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How is Total Physical product derived from the Marginal Physical Product schedule?
Total physical product is sum total of marginal product corresponding to all levels of employment of the variable factor. TP = ∑MP
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What is the relation between Marginal Cost and Average Variable Cost when Marginal Cost is rising and Average Variable Cost is falling?
When Marginal Cost is rising and Average Variable Cost is falling, Marginal cost lies below the Average Variable Cost. MC is less than AVC.
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Explain the conditions of producers equilibrium in terms of Marginal Cost and Marginal Revenue. Use a schedule.
There are two conditions of producer's equilibrium: (i) MC = MR (ii) MC is greater than MR after equilibrium. The condition are fulfilled at 4 units of output. Output (Units) MC (in Rs.) MR (in Rs.) 1 2 3 12 10 9 10 10 10 4 10 10 5 13 10 Explanation: (i) So long...
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