Fill in the following chart and on provide 3 separate graphs: (1) TP on vertical axis,...
- Fill in the following chart and on provide 3 separate graphs: (1) TP on vertical axis, Labor on horizontal axis, (2) MP on vertical axis, Labor on horizontal axis, and (3) MC on vertical axis, Labor on horizontal axis.
*Assume that each worker costs the firm $100.
|
Labor Input |
Total Output |
MP |
Total Cost* |
MC |
|
1 |
0 |
$100 |
||
|
2 |
15 |
$200 |
||
|
3 |
25 |
|||
|
4 |
8 |
|||
|
5 |
5 |
|||
|
6 |
2 |
Homework Answers
Ans:
| Labor Input | Total Output | MP | Total Cost | MC |
| 1 | 0 | -- | $100 | -- |
| 2 | 15 | 15 | 200 | 6.7 |
| 3 | 25 | 10 | 300 | 10 |
| 4 | 33 | 8 | 400 | 12.5 |
| 5 | 38 | 5 | 500 | 20 |
| 6 | 40 | 2 | 600 | 50 |
Explanation:
MP = Change in Total output / Change in labor input
MC = Change in total cost / Change in output
1. Ans:
2.Ans:
3.Ans:
Add Answer to:
Fill in the following chart and on provide 3 separate graphs:
(1) TP on vertical axis,...
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis,...
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by: O a. -PL/PK O b.-PK/PL OC. -MPLIMPK d. -MP IMPL O e. -PKPL QUESTION 2 You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w = $40,r = $100, MP L = 20, and MP K = 40...
5 pts each ANSWER THE NEXT 4 QUESTIONS BASED ON THE FOLLOWING TABLE OL TP AP MP FILL IN THE MISSING COLUMNS DIMINI...
5 pts each ANSWER THE NEXT 4 QUESTIONS BASED ON THE FOLLOWING TABLE OL TP AP MP FILL IN THE MISSING COLUMNS DIMINISHING RETURNS SETS IN AFTER THE THE MARGINAL PRODUCT OF THE LAST WORKER IS WORKER 4 THE AVERAGE PRODUCT OF THE 3RD WORKER IS THE AVERAGE PRODUCT OF THE 5TH WORKER IS S 25 pts WHAT REPRESENTS A FIRM'S SUPPLY CURVE? cach ANSWER THE FOLLOWING 2 QUESTIONS BASED ON THE GRAPH FOR A PERFECTLY COMPETITIVE FIRM mc ATC...
24 Complete the table below to provide the information requested below: Labor TP MP 27 0...
24 Complete the table below to provide the information requested below: Labor TP MP 27 0 -- 30 40 33 2 64 3 82 36 4 32 3 39 5 26 6 78 (5 points each): Marginal product of the 3rd worker Total product of the 4th worker- 5 26 6 78 (5 points each): Marginal product of the 3rd worker= Total product of the 4th worker=
1 through 3 Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume...
1 through 3
Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.. Number of 0 1 2 3 4 5 6 7 workers Total 019293743 46 48 48 Output Or shoes Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and Graphs Q1 FW in the missing cells in the following table. Quantity of Output (Q) (Units) Average Fixed Cost (AFC) (Dollars) Total Variable Cost (TVC) (Dollars) Total Fixed Cost (TFC) (Dollars) 180 180 Average Variable Cost (AVC) (Dollars) Marginal Cost (MC) (Dollars) Total Cost (Dollars) Average Total Cost (ATC) (Dollars) 180 180 180 MINIM 180 180 MINI Grade It Now Save & Continue Continue...
Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair
1. Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.Number of workers01234567Total Output Of shoes08152126293130Marginal Output of shoesMarginal Revenue Product (a.k.a. value of the marginal product of labor)a. If it costs the firm $90 per worker per day, how many workers would be hired? Why? b. If the price of shoes was...
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 ?...
A number of graphs displaying cost behavior patterns are shown on the next page. The vertical...
A number of graphs displaying cost behavior patterns are shown
on the next page. The vertical axis on each graph represents total
cost and the horizontal axis represents the level of activity
(volume),
- Cost of raw materials. where the cost starts at $7.50 per unit
and then decreases by 5 cents per unit for each of the first 100
units purchased, after which it remains constant at $2.50 per
unit.
Which chart? Please explain the logic.
In other posts...
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is...
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is the formula for calculating the Average Product of Labor (AP)? Use the chart given below to answer questions 3-14: Labor Total Product Marginal Product Average Product 0 20 2 3 80 125 165 26.6 31.25 5 7 21 213 231 243 32 30.4 88 2 9 12 10 25 3. What is the total product of 2 workers? 4. For which worker does the...
Labor (TP) (TFC) (TVC) Price TC TR &n
Labor (TP) (TFC) (TVC) Price TC TR MR MC 0 0 $10000 0 $7.00 10,000 0 ---- ----- 1 6000 $10000 $60,000 $7.00 70,000 42,000 42,000 60,000 2 22000 $10000 $110,000 $7.00 120,000 154,000 112,000 50,000 3 45000 $10000 $135,000 $7.00 145,000 315,000 161000 25,000 4 60000 $10000 $240,000 $7.00 250,000 420,000 105000 105,000 5 65000 $10000 $455,000 $7.00 465,000 455,000 35000 215,000 Solve for average...
QUESTION 1 If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by: O a. -PL/PK O b.-PK/PL OC. -MPLIMPK d. -MP IMPL O e. -PKPL QUESTION 2 You are an efficiency expert hired by a manufacturing firm that uses K and L as inputs. The firm produces and sells a given output. If w = $40,r = $100, MP L = 20, and MP K = 40...
5 pts each ANSWER THE NEXT 4 QUESTIONS BASED ON THE FOLLOWING TABLE OL TP AP MP FILL IN THE MISSING COLUMNS DIMINISHING RETURNS SETS IN AFTER THE THE MARGINAL PRODUCT OF THE LAST WORKER IS WORKER 4 THE AVERAGE PRODUCT OF THE 3RD WORKER IS THE AVERAGE PRODUCT OF THE 5TH WORKER IS S 25 pts WHAT REPRESENTS A FIRM'S SUPPLY CURVE? cach ANSWER THE FOLLOWING 2 QUESTIONS BASED ON THE GRAPH FOR A PERFECTLY COMPETITIVE FIRM mc ATC...
24 Complete the table below to provide the information requested below: Labor TP MP 27 0 -- 30 40 33 2 64 3 82 36 4 32 3 39 5 26 6 78 (5 points each): Marginal product of the 3rd worker Total product of the 4th worker- 5 26 6 78 (5 points each): Marginal product of the 3rd worker= Total product of the 4th worker=
1 through 3
Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.. Number of 0 1 2 3 4 5 6 7 workers Total 019293743 46 48 48 Output Or shoes Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and Graphs Q1 FW in the missing cells in the following table. Quantity of Output (Q) (Units) Average Fixed Cost (AFC) (Dollars) Total Variable Cost (TVC) (Dollars) Total Fixed Cost (TFC) (Dollars) 180 180 Average Variable Cost (AVC) (Dollars) Marginal Cost (MC) (Dollars) Total Cost (Dollars) Average Total Cost (ATC) (Dollars) 180 180 180 MINIM 180 180 MINI Grade It Now Save & Continue Continue...
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 ?...
A number of graphs displaying cost behavior patterns are shown
on the next page. The vertical axis on each graph represents total
cost and the horizontal axis represents the level of activity
(volume),
- Cost of raw materials. where the cost starts at $7.50 per unit
and then decreases by 5 cents per unit for each of the first 100
units purchased, after which it remains constant at $2.50 per
unit.
Which chart? Please explain the logic.
In other posts...
1. What is the formula for calculating the Marginal Product of Labor (MP)? 2. What is the formula for calculating the Average Product of Labor (AP)? Use the chart given below to answer questions 3-14: Labor Total Product Marginal Product Average Product 0 20 2 3 80 125 165 26.6 31.25 5 7 21 213 231 243 32 30.4 88 2 9 12 10 25 3. What is the total product of 2 workers? 4. For which worker does the...
Most questions answered within 3 hours.
-
Typing The Answer Is Mandatory
Temperature is a measure of heat. More heat means that more...
asked 8 minutes ago -
An ideal gas ( 2.00 mol) is the working substance in an engine
that operates on...
asked 6 minutes ago -
Assume you are working with a standard deck of 52 cards. There
are 13 cards (2,...
asked 12 minutes ago -
A cell phone company offers two plans to its subscribers. At the
time new subscribers sign...
asked 11 minutes ago -
Circular distribution
•Suppose two birds are flying, one is flying from the north and
the other...
asked 14 minutes ago -
If tcalc = -2.78, tcrit = 1.96, H0: Mu > Mu0, and Xbar <
Mu0, what...
asked 15 minutes ago -
Write a program that reads a floating point number and prints
“zero” if the number is...
asked 16 minutes ago -
Geoff has been running a restaurant in the city for many years.
He knows from experience...
asked 26 minutes ago -
NaOH is added to a buffer solution composed of C6H5COOH and
C6H5COO―. Which of the following...
asked 18 minutes ago -
please answer all... it all counts as a discussion problem
1a qualitative data and proportions: Suppose...
asked 18 minutes ago -
Program: Write a complete C++ program that is
made of functions main() and rShift(). The rShift()...
asked 26 minutes ago -
Extended exposure can cause hearing loss. Is this
sensorineural hearing loss or conduction hearing loss? Explain....
asked 35 minutes ago