Posted: December 21st, 2015
Capital costs this company $20 per unit, and labor costs $10 per worker.
K L TP TFC
10 0 0
10 1 5
10 2 15
10 3 30
10 4 50
10 5 75
10 6 85
10 7 90
10 8 92
TFC=total fixed cost
TVC=total variable cost
TC=total cost
AFC=average fixed cost
AVC=average variable cost
ATC= average total cost
MC=marginal cost
The following table shows data for a simple function
Capital (K) Labor (L) Total Product (TP)
10 0 0
10 1 5
10 2 15
10 3 30
10 4 50
10 5 75
10 6 85
10 7 90
10 8 92
10 9 92
10 10 90
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