Homework Answers
Answer
Price of L=wage
Marginal cost =wage/marginal product
Wage=marginal cost * marginal product
=========
Total product =sum of marginal product
Total product of 1st labour =2 units
TP=2
========
Variable cost of 2 units =AVC*TP=5*2=10
Variable cost of 0 units=0
Marginal cost =change in variable cost /marginal product
= (10-0)/2
=$5
=========
Wage =5*2=10
The wage is $10
Add Answer to:
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and...
Question 3 1 pts Refer to Table 1. When L 3, ATC= O 13.33 O 35.00 O 5.625 O 4.17 Question 4 1 pts Refer to T...
Question 3 1 pts Refer to Table 1. When L 3, ATC= O 13.33 O 35.00 O 5.625 O 4.17 Question 4 1 pts Refer to Tablo 1 1f th Table 1. Production and Cost Functions of a Firm Suppose Kis the fixed input and L the variable input. Price of K=$6; Price of L =? K LITP MP FC VC TC AFC AVC ATC MC 5.00 1 2 2 4 3 10 4 8 5 29 6 32 7...
Suppose Kis the fixed input and L the variable input. Price of K = $6; Price...
Suppose Kis the fixed input and L the variable input. Price of K = $6; Price of L=? KLTP MP|FC|VC TC AFC AVC ATC MC O 90 al 1. Refer to Table 1. Price of L = $_ 10 20
I don't understand how there is a correct answer to this. I put everything into an...
I don't understand how there is a correct answer to this. I put
everything into an excel file and each one of these would be
changed.
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and the variable input. Price of K = $6; Price of L= ? TP MP Fc vc tc Arc Ave Arc MC 0 5.00 10 14 129 6 32 33 1. Refer to Table 1. Price of L =...
Table 1. Production and Counctions of Suppose is the feed input and the valable input. Price...
Table 1. Production and Counctions of Suppose is the feed input and the valable input. Price of K-56 Price of L 1. Refer to Table 1. Price of Question 2 Refer to Table 1. When TP-32.MC Question 3 Refer to Table 1. When L-3, ATC- 13.33 O 35.00 5.625 4.17 Question 4 Refer to Table 1. If the price of Kincreases to $8, which column's values are not affected? MC AFC ATC FC
L K Q VC FC TC AVC AFC ATC MC 0 5 0 0 5 5...
L K Q VC FC TC AVC AFC ATC MC 0 5 0 0 5 5 1 5 2 2 5 7 1.00 2.50 3.50 1.00 2 5 6 4 5 9 0.67 0.83 1.50 0.50 3 5 12 6 5 11 0.50 0.42 0.92 0.33 4 5 19 8 5 13 0.42 0.26 0.68 0.29 5 5 25 10 5 15 0.40 0.20 0.60 0.33 6 5 28 12 5 17 0.43 0.18 0.61 0.67 7 5 29 14...
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180...
Given the below table: Q FC VC TC AFC AVC ATC MC 0 120 1 180 2 220 3 270 4 360 5 470 6 600 Complete the table. Draw the diagram with the curves of TC, VC and FC. Draw the diagram of the curves of ATC, AVC and AFC.
Question 13 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC,...
Question 13 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of Z? OUTPUT (Q) FC VC TC AVC ATC MC 10 500 800 X 11 1490 Y 12 250 N $45 $450 $145 $3000 Question 12 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of Y? OUTPUT(Q) FC VC TC AVC ATC MC 10...
Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input...
Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input the firm has is Labor, which it pays the current minimum wage of $7.25/hr. Each unit of Labor works a total of 40 hr/week. So, one unit of Labor cost the firm $290 (1 unit of Labor * $7.25/hr * 40 hr/week). The current Price in this market is $15/unit. Use the information above to fill out the chart below (45 points): MPL TC...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital a...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
3) Suppose the cost curve for a firm producing sneakers is TC 1010 q - 4q-...
3) Suppose the cost curve for a firm producing sneakers is TC 1010 q - 4q- + 3.1 (10 points) What are the firm's fixed costs, variable costs, average costs, average fixed cost, average variable costs, and marginal costs? 3.2 (10 points) Graph all 7 cost functions (TC, VC, FC, AC, AVC, AFC, MC) for quantities q 0 to q 10. You can use the Excel program to generate these graphs, plot C, VC, and FC in one graph and...
Question 3 1 pts Refer to Table 1. When L 3, ATC= O 13.33 O 35.00 O 5.625 O 4.17 Question 4 1 pts Refer to Tablo 1 1f th Table 1. Production and Cost Functions of a Firm Suppose Kis the fixed input and L the variable input. Price of K=$6; Price of L =? K LITP MP FC VC TC AFC AVC ATC MC 5.00 1 2 2 4 3 10 4 8 5 29 6 32 7...
Suppose Kis the fixed input and L the variable input. Price of K = $6; Price of L=? KLTP MP|FC|VC TC AFC AVC ATC MC O 90 al 1. Refer to Table 1. Price of L = $_ 10 20
I don't understand how there is a correct answer to this. I put
everything into an excel file and each one of these would be
changed.
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and the variable input. Price of K = $6; Price of L= ? TP MP Fc vc tc Arc Ave Arc MC 0 5.00 10 14 129 6 32 33 1. Refer to Table 1. Price of L =...
Table 1. Production and Counctions of Suppose is the feed input and the valable input. Price of K-56 Price of L 1. Refer to Table 1. Price of Question 2 Refer to Table 1. When TP-32.MC Question 3 Refer to Table 1. When L-3, ATC- 13.33 O 35.00 5.625 4.17 Question 4 Refer to Table 1. If the price of Kincreases to $8, which column's values are not affected? MC AFC ATC FC
Question 13 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of Z? OUTPUT (Q) FC VC TC AVC ATC MC 10 500 800 X 11 1490 Y 12 250 N $45 $450 $145 $3000 Question 12 1 pts Refer to the table below that shows Output, FC, VC, TC, AVC, ATC, and MC. What is the value of Y? OUTPUT(Q) FC VC TC AVC ATC MC 10...
Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input the firm has is Labor, which it pays the current minimum wage of $7.25/hr. Each unit of Labor works a total of 40 hr/week. So, one unit of Labor cost the firm $290 (1 unit of Labor * $7.25/hr * 40 hr/week). The current Price in this market is $15/unit. Use the information above to fill out the chart below (45 points): MPL TC...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
3) Suppose the cost curve for a firm producing sneakers is TC 1010 q - 4q- + 3.1 (10 points) What are the firm's fixed costs, variable costs, average costs, average fixed cost, average variable costs, and marginal costs? 3.2 (10 points) Graph all 7 cost functions (TC, VC, FC, AC, AVC, AFC, MC) for quantities q 0 to q 10. You can use the Excel program to generate these graphs, plot C, VC, and FC in one graph and...
Most questions answered within 3 hours.
-
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 7 seconds ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 1 hour ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 47 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 25 minutes ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 1 hour ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 2 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 2 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 2 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 2 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 3 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 3 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 3 hours ago