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.
Homework Answers
Answer
Option 1
MC
Marginal cost is a change in total cost or total variable cost as the firm produces one more unit of output so it is the cost of variable input and not the fixed input.
Marginal cost =wage/marginal product
the price of K is changing but marginal cost is not related to it as marginal cost is wage (the price of labor ) divided by the marginal product of labor.
FC=number of K * price of K
before change
FC=10*6=60
After change
FC=10*8=80
AFC=FC/Q
as the FC changes the AFC changes
ATC=AFC+AVC
as the AFC changes the ATC changes.
==============
Use the following formula for marginal cost in excel
MC=wage/MP
or
MC=change in total cost /MP
or
MC=change in variable cost/MP
the MC will not change with the value of change in the price of K.
Add Answer to:
I don't understand how there is a correct answer to this. I put
everything into an...
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
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...
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and...
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and L the variable input. Price of K = $6; Price of L =? TP TC FC K MP VC ATC AFC MC AVC 0 5.00 4 10 3 10 8 5 32 7 33 1. Refer to Table 1. Price of L = $ 29 O 4 LO N
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
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...
Calculate the missing values on the chart: Replace all the “?” marks. F A B C...
Calculate the missing values on the chart: Replace all the “?”
marks.
F A B C D E Calculate the missing values: replace all the ? Production and Cost Functions B C D Wage = 6 E AFC MC MPTPLAPVCI 0 0 - 16 ? 2.0 4 2.0 5 2. 3 .0 5.5 23 28 1.1 2.0 3.1 GWN- 16 7 0.6 LE22.1 - 20 4.0 40 2.0 2 6 3.8 36 0.4 1.6 Immo-ID888888 25 7 3 .6 ?...
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
for question 2 use the information in picture 2 and use as much deatil as possible....
for question 2 use the information in picture 2 and use as
much deatil as possible.
2) With "generic" graphs, illustrate the profit maximizing quantity, price, and ATC from the solution in #1. Make sure to draw an ATC, AVC, MC, and MR curve. ATC MC MR. The table below provides the values for different types of costs. Note that FC is fixed at 3 for all . This gives VC-TC - FC Next we find AVC - VC/O and...
PROBLEM ONE - Using the information in data set one, which I have included in the...
PROBLEM ONE - Using the information in data set one, which I have included in the table below, recalculate total cost, fixed cost, variable cost, marginal cost, average total cost, average variable cost and average fixed costs if the price of the fixed input (the small stores rent) is not $200 but $220. A new lease may have caused the rent to increase. I have created Table 1 for you to put your answers in. Assume the price of the...
1. The following production table shows the amount of output (a) that can be produced with...
1. The following production table shows the amount of output (a) that can be produced with various combinations of labor (L) and capital K 10 158 223 274 316 354 387 418 447 474 500 9 150 212 260 300 335 367 397 424 450 474 8 141 200 245 283 316 346 374 400 424 447 7 132 187 229 264 296 324 350 374 397 418 6 122 173 212 245 274 300 324 346 367 387 5...
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 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...
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and L the variable input. Price of K = $6; Price of L =? TP TC FC K MP VC ATC AFC MC AVC 0 5.00 4 10 3 10 8 5 32 7 33 1. Refer to Table 1. Price of L = $ 29 O 4 LO N
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
Calculate the missing values on the chart: Replace all the “?”
marks.
F A B C D E Calculate the missing values: replace all the ? Production and Cost Functions B C D Wage = 6 E AFC MC MPTPLAPVCI 0 0 - 16 ? 2.0 4 2.0 5 2. 3 .0 5.5 23 28 1.1 2.0 3.1 GWN- 16 7 0.6 LE22.1 - 20 4.0 40 2.0 2 6 3.8 36 0.4 1.6 Immo-ID888888 25 7 3 .6 ?...
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
for question 2 use the information in picture 2 and use as
much deatil as possible.
2) With "generic" graphs, illustrate the profit maximizing quantity, price, and ATC from the solution in #1. Make sure to draw an ATC, AVC, MC, and MR curve. ATC MC MR. The table below provides the values for different types of costs. Note that FC is fixed at 3 for all . This gives VC-TC - FC Next we find AVC - VC/O and...
1. The following production table shows the amount of output (a) that can be produced with various combinations of labor (L) and capital K 10 158 223 274 316 354 387 418 447 474 500 9 150 212 260 300 335 367 397 424 450 474 8 141 200 245 283 316 346 374 400 424 447 7 132 187 229 264 296 324 350 374 397 418 6 122 173 212 245 274 300 324 346 367 387 5...
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