Suppose a farmer rents 15 acres of land for $2,000 per acre. Suppose he pays his laborers $3,000/month each. The farming...

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Suppose a farmer rents 15 acres of land for $2,000 per acre. Suppose he pays his laborers $3,000/month each.
The farming season is 6 months. His production function is:

Complete the table below for this farmer. Divide FC, VC, and TC by 1,000 to get a number that fits in the cell.
Use whole numbers; do not include decimals.

Labor: Q(outputs), APsubL, MPsubL, FC, VC, TC, MC, AFC, AVC, ATC
6        1                 1               -
11      2                 5.5           1
15      3                 5              1
21      4                 5.25         1
31      5                 6.2           1
45      6                 7.5           1
63      7                 9              1
 
How would I fill in the rest of this table?

Under Q: 1, 2, 3, 4, 5, 6, 7
Under APsubL: 1, 5.5, 5,v5.25, 6.2, 7.5, 9
Under MPsubL: -, 1, 1,1, 1, 1, 1, 1

    • 11 years ago
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