Table 1 Labor Output (workers per (units per week) NI 3 1 20 2 50 3 70 4 85 5 95 6 100 Table 1 above shows a firm's tota

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Table 1 Labor Output Workers Per Units Per Week Ni 3 1 20 2 50 3 70 4 85 5 95 6 100 Table 1 Above Shows A Firm S Tota 1 (40.13 KiB) Viewed 28 times

Table 1 Labor Output (workers per (units per week) NI 3 1 20 2 50 3 70 4 85 5 95 6 100 Table 1 above shows a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is RM500 per week and total fixed costs are RM600 per week. Answer the following questions. a. Calculate the marginal product of the 5th worker. (2 Marks) (2 Marks) b. What is the total cost of producing 70 units? (2 Marks) c. If 95 units are produced, calculate the average total cost. (3 Marks) d. What is the marginal cost of producing the 90th unit? (BAFB 1023)