Topic 4 Homework (Custom) Workers Total Cost Marginal Cost Average Total Cost Output Marginal Product 0...
Average: /2 4. Problems and Applications 04 2023-21 Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a se Inform given day: Page Herel In the following table, complete the marginal product column. nfo Workers Output Marginal Product Total CostMarginal Cost Avge Total Cost e Quest 70 120 4 165 5 200 6 220 7 230 ig ed Ass and Re A worker costs $120 a day,...
Nimbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Marginal Product Total Cost Marginal Cost Average Total Cost Output 0 0 1 15 $ 2. $ 40 75 3 to 4 120 $ 5 150 $ 6 165 $ 7 170 $ A worker costs $60 a day, and the firm has fixed costs...
imbus, Inc., makes brooms and then sells them door-to-door. Here is the relationship between the number of workers and Nimbus's output in a given day: In the following table, complete the marginal product column. Workers Output Marginal Product Total Cost Marginal Cost Average Total Cost 0 0 1 30 2 70 3 120 4 165 5 200 6 220 7 230 A worker costs $120 a...
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0 0 200 0 200 1 20 20 200 100 300 300 5.00 2 50 30 200 200 400 200 3.33 3 90 40 200 300 500 166.67 2.50 4 120 30 200 400 600 150 3.33 5 140 20 200 500 700 140 5.00 6 150 10 200 600 800 133.33 10.00 7 155 5 200 700 900 128.57 20.00 a. Fill in the...
5. Total, average, and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its daily production. 20 a 18 Average Product 16 14 O 12 MP QUANTITY OF LABOR (Workers) Use the MP curve to fill in the Total Product column in the following table. Total Product Average Product (Sandwiches per worker) Workers (Sandwiches per hour) 3 4 In the previous table, fill in the Average Product column. Then, on the previous graph,...
Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the above table. Fill in the final column (4 points). 2) Refer to the above table. At which number of workers does diminishing marginal product begin? (3 points) A. 2 B. 1 C. 3 D. 4
3. The relationship between marginal physical product and marginal cost Lorenzo's Big Burger is a small restaurant that sells hamburgers. For Lorenzo, grills are a fixed input and workers are variable inputs. Assume that labor is Lorenzo's only variable cost. Lorenzo has a fixed cost of $60 per day and pays each of his workers $60 per day. Lorenzo's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks...
3. The relationship between marginal physical product and marginal cost Kenji's Burrito Stand is a small restaurant that sells burritos. For Kenji, stoves are a fixed input and workers are variable inputs. Assume that laboris Kenji's only variable cost. Kenji has a fixed cost of $80 per day and pays each of his workers $120 per day. Kenji's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks to...
Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day Average Total Marginal Marginal Workers 'Output Product Total Cost Cost Cost 0 0 28 40 143 28 1 70 4 2 50 피300 14일 2.31 17 3 67 kly23 La 18 4 80 lo 5 90 95 30 7 96 220 a. Fill in the column of marginal products. What pattern do you see? How might you...
Fill in the blanks in the following table: Number of Workers Total Output Marginal Product