Suppose that you are interested in the costs of producing inpatient services at Massachusetts General Hospital:...

Suppose that you are interested in the costs of producing inpatient services at Massachusetts General Hospital:

Number of Doctors	Total Inpatient Services	Total Fixed Cost	Total Variable Cost	Total Cost	Average Total Cost	Average Fixed Cost	Average Var. Cost	Marginal Cost	Average Product	Marginal Product
0	0	800	0
1	200		650
2	450		1300
3	550		1950
4	600		2600
5	625		3250
6	640		3900

Complete the above table.
Draw marginal product and average product curves in one graph.
Draw marginal cost, average total cost, and average variable cost curves in one graph.
What is the relationship between marginal product and marginal cost curves?
What is the relationship between average product and average variable cost curves?

Expert Solution

Rahul Sunny answered 2 years ago

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