Economics 5-3: Marginal Worksheet Name:

Use the chart on p. 128 as a guide and the text

1 2 3 4 5 6 7 8 9 10 11 12

Number of Workers / Total Product / Marginal Product / Total Fixed Costs / Total Variable Costs / (∆ Variable Costs) / Total Costs * / Marginal Costs * / Total Revenue* / ∆ Total Revenue / Marginal Revenue* / Total Profits *
0 / 0
1 / 5
2 / 12
3 / 20
4 / 25
5 / 27
6 / 26

*Write equation for each situation in the box. (I.E. TC=TFC + TVC) Where is the closest you can be to maximize your production?

Total Fixed Costs = $30/day (Look at your notes from yesterday)

Each worker is paid = $30/day

Price of each product = $8/unit


Economics 5-3: Marginal Worksheet Name:

Use the chart on p. 128 as a guide and the text

1 2 3 4 5 6 7 8 9 10 11 12

Number of Workers / Total Product / Marginal Product / Total Fixed Costs / Total Variable Costs / (∆ Variable Costs) / Total Costs * / Marginal Costs * / Total Revenue* / ∆ Total Revenue / Marginal Revenue* / Total Profits *
0 / 0 / 0 / 30 / 0 / -- / 30 / -- / 0 / -- / -- / -30
1 / 5 / 5 / 30 / 30 / 30 / 60 / 6 / 40 / 40 / 8 / -20
2 / 12 / 7 / 30 / 60 / 30 / 90 / 4.2 / 96 / 56 / 8 / 6
3 / 20 / 8 / 30 / 90 / 30 / 120 / 3.75 / 160 / 64 / 8 / 40
4 / 25 / 5 / 30 / 120 / 30 / 150 / 6 / 200 / 40 / 8 / 50
5 / 27 / 2 / 30 / 150 / 30 / 180 / 15 / 216 / 16 / 8 / 36
6 / 26 / -1 / 30 / 180 / 30 / 210 / -- / 208 / -8 / 8 / -2

*Write equation for each situation in the box. (I.E. TC=TFC + TVC) Where is the closest you can be to maximize your production?

Total Fixed Costs = $30/day HIRE 4 WORKERS

Each worker is paid = $30/day

Price of each product = $8/unit