Homework Answers
| Q | TP | MP | AP |
| 0 | 0 | ||
| 1 | 50 | 50 | 50 |
| 2 | 80 | 30 | 40 |
| 3 | 90 | 10 | 30 |
| 4 | 96 | 6 | 24 |
| 5 | 100 | 4 | 20 |
| 6 | 96 | -4 | 16 |
The marginal product of labor first increases and then starts decreasing and after a point, it becomes negative which shows that the efficiency of the labor input keeps decreasing after a point as the firm hires additional labor so the marginal product of labor first increases and then decreases.
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10.a) Complete the following table: Quantity Of Variable Total Input Output Marginal Product of Variable Input...
9. Are the following statements true or false? Explain your answers a) 'Isoquants are always L-shaped....
9. Are the following statements true or false? Explain your answers a) 'Isoquants are always L-shaped. b) 'A bandwagon effect is an example of negative network externality in which a consumer wishes to possess a good in part because others do. c) The demand for washing machines is more elastic in the short run than the long run. 10.a) Complete the following table: Quantity Of Marginal Product of Average Product of Variable Total Variable Variable Input Output Input Input 0...
9. Are the following statements true or false? Explain your answers. a) 'Isoquants are always L-shaped."...
9. Are the following statements true or false? Explain your answers. a) 'Isoquants are always L-shaped." b) 'A bandwagon effect is an example of negative network externality in which a consumer wishes to possess a good in part because others do." c) "The demand for washing machines is more elastic in the short run than the long run." 10.a) Complete the following table: Quantity Of Variable Total Input Output Marginal Product of Variable Input Average Product of Variable Input 50...
9. Are the following statements true or false? Explain your answers. a) "Isoquants are always L-shaped."...
9. Are the following statements true or false? Explain your answers. a) "Isoquants are always L-shaped." b) "A bandwagon effect is an example of negative network externality in which a consumer wishes to possess a go in part because others do." c) "The demand for washing machines is more elastic in the short run than the long run." 10.a) Complete the following table: Quantity of Variable Total Input Output Marginal Product of Variable Input Average Product of Variable Input 30...
1. Complete the following table: Quantity Total Cost Marginal Cost Average Variable Cost Average Total Cost...
1. Complete the following table: Quantity Total Cost Marginal Cost Average Variable Cost Average Total Cost 30 -- 10 10 27.5 17.5 130
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost...
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost Average Variable Cost NA NA 15 8 a) Is this a short run or long run information on cost? Why? b) If the price of the good produced is currently 17, what level of output meets the profit maximizing condition? c) Draw a ligure illustrating the average cost the average variable cost, and the marginal cost curves based on the information in this table.
3. Complete the following table (six points) Labor Marginal Product Total Cost Quantity Produced Fixed Cost...
3. Complete the following table (six points) Labor Marginal Product Total Cost Quantity Produced Fixed Cost Variable Cost Marginal Cost Average Total Cost (dollars) Average Variable Cost (dollars) (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) $50 $50 $20 $50 $40 $60 $50 $80 $50 $100
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2...
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Complete the table. The price of output is $10.(1 point) Units of Total Product Marginal Product...
Complete the table. The price of output is $10.(1 point) Units of Total Product Marginal Product Marginal Revenue Labor from labor from Labor Product from Labor 0 10 20 2 80 150 120 90 80 | 40 10 20 11 5 How many workers should this firm hire if the price of labor cost is $400? Write the rule you used to determine the number of workers. (2 points) b. Why does marginal product eventually fall? (1 point) c. Illustrate...
Fill in the blanks in the tables below. (a) Determine the missing values of output, marginal...
Fill in the blanks in the tables below. (a) Determine the missing values of output, marginal product, and average product uantity Output Marginal Average Input (Product) Product Product 250 225 150 800 25 133 (b) Determine the returns to scale at each level of input. (c) Complete the following table Total Variable Fixed Marginal Average Output Cost Cost Cost Cost Cost 60 10 2 3 90 100 80 180 6 50 (d) Determine the relevant economies or diseconomies of scale...
9. Are the following statements true or false? Explain your answers a) 'Isoquants are always L-shaped. b) 'A bandwagon effect is an example of negative network externality in which a consumer wishes to possess a good in part because others do. c) The demand for washing machines is more elastic in the short run than the long run. 10.a) Complete the following table: Quantity Of Marginal Product of Average Product of Variable Total Variable Variable Input Output Input Input 0...
9. Are the following statements true or false? Explain your answers. a) 'Isoquants are always L-shaped." b) 'A bandwagon effect is an example of negative network externality in which a consumer wishes to possess a good in part because others do." c) "The demand for washing machines is more elastic in the short run than the long run." 10.a) Complete the following table: Quantity Of Variable Total Input Output Marginal Product of Variable Input Average Product of Variable Input 50...
9. Are the following statements true or false? Explain your answers. a) "Isoquants are always L-shaped." b) "A bandwagon effect is an example of negative network externality in which a consumer wishes to possess a go in part because others do." c) "The demand for washing machines is more elastic in the short run than the long run." 10.a) Complete the following table: Quantity of Variable Total Input Output Marginal Product of Variable Input Average Product of Variable Input 30...
1. Complete the following table: Quantity Total Cost Marginal Cost Average Variable Cost Average Total Cost 30 -- 10 10 27.5 17.5 130
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
1) Complete the following table. Output Fixed Cost Total Cost Variable Cost 10 Average Cost Cost Average Variable Cost NA NA 15 8 a) Is this a short run or long run information on cost? Why? b) If the price of the good produced is currently 17, what level of output meets the profit maximizing condition? c) Draw a ligure illustrating the average cost the average variable cost, and the marginal cost curves based on the information in this table.
3. Complete the following table (six points) Labor Marginal Product Total Cost Quantity Produced Fixed Cost Variable Cost Marginal Cost Average Total Cost (dollars) Average Variable Cost (dollars) (workers) (units) (units) (dollars) (dollars) (dollars) (dollars) $50 $50 $20 $50 $40 $60 $50 $80 $50 $100
Table 13-1 Number of Workers Total Output Marginal Product 140 6. Refer to Table 13-1. What is total output when 2 workers are hired? a. 15 b. 45 c. 75 d. 120 et de 7. Refer to Figure 13-2. If the figure represented production at a cookie factory, the factory would be experiencing a. diminishing marginal product of workers b. diminishing marginal cost of cookie production c. decreasing cost of cookie production d. decreasing output of cookies. Wose Jan started...
Complete the table. The price of output is $10.(1 point) Units of Total Product Marginal Product Marginal Revenue Labor from labor from Labor Product from Labor 0 10 20 2 80 150 120 90 80 | 40 10 20 11 5 How many workers should this firm hire if the price of labor cost is $400? Write the rule you used to determine the number of workers. (2 points) b. Why does marginal product eventually fall? (1 point) c. Illustrate...
Fill in the blanks in the tables below. (a) Determine the missing values of output, marginal product, and average product uantity Output Marginal Average Input (Product) Product Product 250 225 150 800 25 133 (b) Determine the returns to scale at each level of input. (c) Complete the following table Total Variable Fixed Marginal Average Output Cost Cost Cost Cost Cost 60 10 2 3 90 100 80 180 6 50 (d) Determine the relevant economies or diseconomies of scale...
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