5 Steps to a 5 AP Microeconomics 2016 by Eric R. Dodge
Author:Eric R. Dodge
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2015-01-15T00:00:00+00:00
Marginal Product and Marginal Cost
MC = ÎTVC/ÎQ, and since the only variable input is labor being paid a fixed wage w,
MC = wÎL/ÎQ which can be modified as,
MC = w/(ÎQ/ÎL) = w/MPL. MC and MPL are inverses of each other!
⢠As MPL is falling (diminishing marginal returns), MC is rising.
⢠As MPL is rising (increasing marginal returns), MC is falling.
⢠When MPL is highest, MC is lowest.
Average Product and Average Variable Cost
AVC = TVC/Q and with the only variable input being labor paid a fixed wage w,
AVC = wL/Q which can be modified as,
AVC = w/(Q/L) = w/APL. AVC and APL are inverses of each other!
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