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This homework is based on the topics production and perfect competition 1. Complete the following table:...
a. Complete the following table. b. Explain whether the production function satisfies the diminishing marginal returns...
a. Complete the following table.
b. Explain whether the production function satisfies the
diminishing marginal returns property.
c. Draw the firm’s short-run production function and verify
graphically that average product is falling when it is higher than
the marginal product and that total product is falling when
marginal product is negative.
Number of Workers | Average product of labor Total product Marginal product of labor 20
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing...
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
Complete the following table for the following production function 8) The production function and the diminishing...
Complete the following table for the following production
function
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): | | Average product of labor (kg/worker) # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 b) Given the above data graph the production function. Show how to represent the average...
Production with One Variable Input The following table provides data related to the production technology of...
Production with One Variable Input The following table provides data related to the production technology of a firm that use only two inputs – labor and capital – to produce output. In the short-run, the firm’s capital stock is fixed. Amount of labor input Amount of output Amount of capital input Average product of labor Marginal product of labor 0 0 10 1 15 10 2 40 10 3 70 10 4 95 10 5 110 10 6 120 10...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production function for laptop computers. Fll Chapter 8 Homework in the last column and then answer the question that follows Number of Workers Total Output of Laptop Computers Marginal Product of each 0 Worker 0 N/A 80 200 300 4 360 5 400 With what worker does diminishing marginal product set in? (3 points) A pizza business has the following cost structure. Use the given...
Teresa's daily production schedule is presented in the following table. Fill in the blanks to complete...
Teresa's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor (Number of workers) (Pizzas) (Pizzas) 0 0 1 70 2 120 3 160 4 190 5 200 On the following graph, plot Teresa's production function using the green points (triangle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect...
Name: Section: Homework Assignment: Production and Cost in the Firm (Chapter 7) On the back of...
Name: Section: Homework Assignment: Production and Cost in the Firm (Chapter 7) On the back of this page is a table, partially filled in, with employment i.e., units of labor) output and cost data for a firm. The first part of the assignment is to complete all the missing cells. You are encouraged to use Excel and the table on back is available as an Excel Workbook on Blackboard. For the three rightmost columns, display the cost data in dollars...
Which of the following conditions distinguishes monopolistic competition from perfect competition?
Which of the following conditions distinguishes monopolistic competition from perfect competition? a. the number of sellers in the market b. the freedom of entry and exit by firms in the market c. the size of firms in the market d. product differentiation A monopolistically competitive firm chooses its a. price and quantity just as a monopoly does. b. quantity but faces a horizontal demand curve just as a competitive firm does. c. price but can sell any quantity at the market price just as an oligopoly does. d. price...
8) The production function and the diminishing average product of labor a) Complete the following table...
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 Average product of labor (kg/worker) b) Given the above data graph the production function. Show how to represent the average product of labor on your graph. e) Explain what diminishing average...
Microeconomics - Production & Cost Homework Below is information concerning Clean n Shine Carwash its automated...
Microeconomics - Production & Cost Homework Below is information concerning Clean n Shine Carwash its automated car washing equipment costs $75 per day The company pays workers 550 per day. Complete the following table Output Per Day Capital Labor TEC TVC TC M C AFC AVC Calculate Marginal Product-over what range does Clean n Shine experience increasing marginal returns? Over what range does it experience diminishing marginal returns?
a. Complete the following table.
b. Explain whether the production function satisfies the
diminishing marginal returns property.
c. Draw the firm’s short-run production function and verify
graphically that average product is falling when it is higher than
the marginal product and that total product is falling when
marginal product is negative.
Number of Workers | Average product of labor Total product Marginal product of labor 20
Q1 [30 points] Show in a diagram using isoquants that a production function can have diminishing marginal return to a factor and constant returns to scale? With the help of a diagram explain the concepts of "isoquant", "diminishing marginal return to a factor", and "constant returns to scale". What are the similarities and differences between indifference curves and isoquants. Q2 [30 points Assume that a firm has a fixed-proportions production function, in which one unit of output is produced using...
Complete the following table for the following production
function
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): | | Average product of labor (kg/worker) # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 b) Given the above data graph the production function. Show how to represent the average...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production function for laptop computers. Fll Chapter 8 Homework in the last column and then answer the question that follows Number of Workers Total Output of Laptop Computers Marginal Product of each 0 Worker 0 N/A 80 200 300 4 360 5 400 With what worker does diminishing marginal product set in? (3 points) A pizza business has the following cost structure. Use the given...
Name: Section: Homework Assignment: Production and Cost in the Firm (Chapter 7) On the back of this page is a table, partially filled in, with employment i.e., units of labor) output and cost data for a firm. The first part of the assignment is to complete all the missing cells. You are encouraged to use Excel and the table on back is available as an Excel Workbook on Blackboard. For the three rightmost columns, display the cost data in dollars...
8) The production function and the diminishing average product of labor a) Complete the following table for the following production function (round off to nearest whole number): # of workers 10 20 30 40 50 60 70 80 Grain output (kg) 632 894 1,095 1,265 1,414 1,549 1,673 1,789 Average product of labor (kg/worker) b) Given the above data graph the production function. Show how to represent the average product of labor on your graph. e) Explain what diminishing average...
Microeconomics - Production & Cost Homework Below is information concerning Clean n Shine Carwash its automated car washing equipment costs $75 per day The company pays workers 550 per day. Complete the following table Output Per Day Capital Labor TEC TVC TC M C AFC AVC Calculate Marginal Product-over what range does Clean n Shine experience increasing marginal returns? Over what range does it experience diminishing marginal returns?
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