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PRODUCTION AND COST ANALYSIS

The following table gives the total weekly output of bicycles at Al’s Bicycle Town. Labor Total Product (TP)   Average Product of labor (AP)   Marginal Product of labor (MP)The cost of 1 worker is $2000 per month. Total fixed cost is $4000 per month.Labor      Total Product (TP)   Total variable cost (TVC)   Total cost (TC) Total Product (TP) Average variable cost (AVC) Average total cost (ATC)   Marginal cost (MC)Suppose that Al discovers new technology that boosts the productivity of his workers, so that more bicycles can be produced than before.Labor      Total Product (TP)   Average Product of labor (AP)   Marginal Product of labor (MP) Al’s fixed cost remains at $4000, and he can continue to hire workers at the monthly rate of $2000. Labor      Total Product (TP)   Total variable cost (TVC)   Total cost (TC)  Total Product (TP) Average variable cost (AVC) Average total cost (ATC)   Marginal cost (MC)Return to the old technology data. Suppose that the cost of Al’s fixed inputs remains the same at $4000, but the cost of labor rises. Specifically, suppose that a worker now receives $3000 per month.Labor      Total Product (TP)   Total variable cost (TVC)   Total cost (TC)TP            ATC         MC                                                   ATC         MC

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