Microeconomics Homework "Production Costs"

2)
    Labor
    Quantity of output
    Marginal physical product of Labor
    Total cost(dollars per day)
    Marginal cost(dollars per pizza)
    0
    0
    0
    50
    0
    1
    10
    10
    140
    9
    2
    25
    15
    230
    6
    3
    45
    20
    320
    4.5
    4
    75
    30
    410
    3
    5
    100
    25
    500
    3.6
    6
    115
    15
    590
    6
3) Given:
Cost of goods sold=$30 per unit, Total no of goods produced=950, Cost of goods producing =$15per unit and the Implicit cost = $3300
Solution:
Economic profit = Total revenue-(Explicit cost + Implicit cost)
Total revenue = Total no of goods produced* Cost of goods sold
Total revenue = 950*30
=$28500
Explicit cost = 950*15    
     =$14250
Economic profit=28500-(14250+3300)
Economic profit=$10950
Now the Explicit cost = $24000, Implicit cost=0, Economic profit=$14000
Solution:
Accounting profit= Revenue - Explicit cost
Total revenue = $14000+ ($24000+0)
=$38000
Accounting profit = $38000-$24000
Accounting profit =$14000
5)
If accounting profit is $106000 greater than economic profit, it implies implicit cost.
7) If the average total cost (ATC) is continually rising implies the MC curve is above ATC curve
9) Given:
Total variable cost=$145
Average variable cost=$5
Solution:
AVC=TVC/q
5=145/q
Output q = 145/5
    Q =29units
Given:
    Quantity of output(Q)
(units)
    Total cost
...