Homework Answers
| Labor | Capital | Output | Money spend on labor | Money spend of capital | Total Cost |
| 0 | 1 | 0 | 0 | 350 | 350 |
| 1 | 1 | 40 | 160 | 350 | 510 |
| 2 | 1 | 120 | 320 | 350 | 670 |
| 3 | 1 | 160 | 480 | 350 | 830 |
| 4 | 1 | 180 | 640 | 350 | 990 |
| 5 | 1 | 190 | 800 | 350 | 1150 |
Each Gardner (labor) cost $160 per day
Each greenhouse (Capital) costs $350 per day.
Money spend on labor = $160 * Number of labor
Money spends on capital = $350 * Number of capital.
Total Cost = Money spend on Labor + Money spend on Capital.
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Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital)....
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital)....
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $160 per day and the greenhouse is rented for $350 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor Capital Output Total Cost $ 350 510 40 120 670 830 160...
Please also include Average Cost in the table. Consider a production process where flowers are grown (the output) us...
Please also include Average Cost in the table.
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $200 per day and the greenhouse is rented for $500 per day Fill in total cost in the table below. (Enter your responses as integers) Labor Capital Output Total Cost...
Suppose a pizza parlor has the following production costs: $4.00 in labor per pizza, $3.00 in...
Suppose a pizza parlor has the following production costs: $4.00 in labor per pizza, $3.00 in ingredients per pizza, $0.10 in electricity per pizza, $3,000 in restaurant rent per month, and $550 in insurance per month. Assume the pizza parlor produces 8,000 pizzas per month. What is the variable cost of production (per month)? The variable cost of production is $ 56,800. (Enter your response as an integer.) What is the fixed cost of production (per month)? The fixed cost...
Score: 0 of 3 pts < 14 of 31 (16 complete) v → N Score: 40%,...
Score: 0 of 3 pts < 14 of 31 (16 complete) v → N Score: 40%, 16 of 40... 11.3 Study Plan Problem 7 Question Help Cost (dollars per week) 45007 Sue's Surfboards hires workers at $500 a week. Its total fixed cost is $1,000 a week. The table shows the firm's total product schedule and the graph shows the cost curves. Labor Output (workers per week) (surfboards per week) 40007 35007 ܝ 30 3000- 70 ܟܬ ܚ 25007 ܠ...
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4. Consider a production process where capital and labor are perfect complements – two units of capital are required for each unit of labor to produce four units of output. 1) Derive the production function for this production process. 2) If the wage rate is $5 per unit of labor and the rental rate of capital is $8 per unit of capital, how much capital and labor should the firm employ to minimize the cost of producing 100 units? 3)...
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $160 per day and the greenhouse is rented for $350 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor Capital Output Total Cost $ 350 510 40 120 670 830 160...
Please also include Average Cost in the table.
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $200 per day and the greenhouse is rented for $500 per day Fill in total cost in the table below. (Enter your responses as integers) Labor Capital Output Total Cost...
Suppose a pizza parlor has the following production costs: $4.00 in labor per pizza, $3.00 in ingredients per pizza, $0.10 in electricity per pizza, $3,000 in restaurant rent per month, and $550 in insurance per month. Assume the pizza parlor produces 8,000 pizzas per month. What is the variable cost of production (per month)? The variable cost of production is $ 56,800. (Enter your response as an integer.) What is the fixed cost of production (per month)? The fixed cost...
Score: 0 of 3 pts < 14 of 31 (16 complete) v → N Score: 40%, 16 of 40... 11.3 Study Plan Problem 7 Question Help Cost (dollars per week) 45007 Sue's Surfboards hires workers at $500 a week. Its total fixed cost is $1,000 a week. The table shows the firm's total product schedule and the graph shows the cost curves. Labor Output (workers per week) (surfboards per week) 40007 35007 ܝ 30 3000- 70 ܟܬ ܚ 25007 ܠ...
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