-The Table Above Has the Total Product Schedule for an Imaginary

question 40

Essay

-The table above has the total product schedule for an imaginary good called a widget.Each unit of labor costs $25 and the total cost of capital is $100.
a.Use this information to complete the table.In the table,TFC is the total fixed cost,TVC is the total variable cost,TC is the total cost,AFC is the average fixed cost,AVC is the average variable cost,ATC is the average total cost,and MC is the marginal cost.

b.Suppose that labor becomes twice as expensive (so that one unit of labor now costs $50)but nothing else changes.Complete the above table with the new cost schedules.If you plotted the cost curves,how would the increased wage rate affect the cost curves?

---

Definitions:

Workplace Discrimination

Unfair treatment of employees based on race, gender, age, religion, or other personal characteristics, rather than job performance or qualifications.

Project Leads

Individuals who are responsible for planning, executing, and closing projects, ensuring that projects meet their objectives and are completed on time and within budget.

Promotion

A marketing strategy involving the publicization of a product, organization, or service to increase sales or public awareness.

Ethical Development

The process of developing and enhancing an individual’s or organization's ethical standards and practices.