3006

Assume the following: Labour can be hired at $6.00 per hour Material costs are $0.10 per perogie Fixed costs are $10.00 Complete the table below. Graph the AVC, ATC, and the MC on the top portion of the graph provided on the next page. Graph the marginal product and average product on the bottom portion of the graph provided. Units of Labour Total Output per Hour Marginal Product Average Product Total Fixed Costs Total Variable Costs Total Cost AVC ATC MC 0 0 —– —- —- —- —- —- 1 30 2 80 3 240 4 280 5 300