And then when our total output is 58, our marginal cost is 231. So 45 is here and then 150 is right about there. And then, when our total output is 45, our marginal cost is $150. And we're just trying to get, be able to visualize what's going on. So, when our out put is 25,Ģ67 would be right about there. So let's see, when our total output is 25, our marginal cost is 267.
It's one thing to watch me do it, but when you actually graph something you digest the numbers that much better. So, first let's just hand graph it, and I encourage you to go And so what we have on our vertical axis, this is our cost, and then down here, in our horizontal axis this is our output. Get from the calculations are interrelated, so let me scroll over a little bit so we have some space and then let me set up a That we just calculated, so that we can better appreciate how these various calculations and the curves that we can What we're going to do in this video is take this information,Įspecially total output and all of these things And then from that, we calculated things, like the marginal product of labor, the marginal cost, theĪverage variable cost, the average fixed cost,Īnd the average total cost. We tried to understand the economics of theīusiness based on some data that we had already collected on our costs and how much output we could produce based on how many labor units we had. Video, we began our study of ABC Watch Factory and
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