Output (units) | Total Cost (TC)(Rs.) | Total Variable Cost (TVC)(Rs.) | Marginal Cost(MC)(Rs.) | |
0 | 12 | ............. | ............. | |
1 | 18 | ............. | ............. | |
2 | 21 | ............. | ............. |
Labour | 1 | 2 | 3 | 4 | 5 | 6 |
Average Product | 10 | 12 | 14 | 12 | 10 | 8 |
Answer:
Formulae used Total Variable Cost (TVC) =Total Cost (TC) \[-\]Total Fixed Cost (TFC) Marginal Cost (MC) \[=TV{{C}_{n}}-TV{{C}_{n-1}}\] (ii)
Output (units)
Total Cost (TC) (Rs.)
Total Variable Cost (TVC) (Rs.)
Total Fixed Cost (TFC) (Rs.)
Marginal Cost (Mc) (Rs.)
0
12
0
12
?
1
18
\[18-12=6\]
12
\[6-0=6\]
2
21
\[21-12=9\]
12
\[9-6=3\]
Formulae Used Total product (TP) = Average Product (AP) \[\times \]Units of Labour (L) Marginal Product (MP)\[=T{{P}_{n}}-T{{P}_{n-1}}\]
Units of Labour (L)
Average Product (AP)
Total Product (TP)
Marginal Product (MP)
1
10
10
10
2
12
24
14
3
14
42
18
4
12
48
6
5
10
50
2
6
8
48
\[-2\]
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