# (Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of…

. (Total Cost and Marginal Cost) Complete the following table, where L is units of labor, Q is units of output, and MPL is the marginal product of labor.

L Q MPL VC TC MC ATC

0 0 $ 0 $12

1 6 $ 3 15

2 15 $ 6

3 21 $ 9

5 26 $15

a. At what quantity of labor do the marginal returns to labor

begin to diminish?

b. What is the average variable cost when Q 5 24?

c. What is this firm’s fixed cost?

d. What is the wage rate per day?

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