Homework Answers
Ans. The slope of the total cost curve is the marginal cost curve as it shows the change in total cost when the output changes. It is calculated as follows:
Marginal cost (MC) = change in TC/change in Q
Ans. The marginal cost of the third worker = Change in TC / change in Q
MC3 = TC3 - TC2/ Q3 - Q2
MC3 = 125 -100/20 -10 ( TC2 = 100, TC3=125, Q2 = 10 and Q3= 20)
MC3 = $25/10
MC3= $2.5
Hence, the marginal cost of the third worker is $2.5 per day.
Ans. MC5 = TC5 - TC4/ Q5 - Q4
MC5 = 175 - 150 / 30 - 25 ( TC4= $150, TC5= $175, Q4 = 25 and Q5 = 30)
MC5 = $25/5
MC5 = $5
Hence, the marginal cost of the fifth worker is $5 per day.
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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...
Darnell's Burrito Stand is a small restaurant that sells burritos. For Darnell, stoves are a fixed...
Darnell's Burrito Stand is a small
restaurant that sells burritos. For Darnell, stoves are a fixed
input and workers are variable inputs. Assume that labor is
Darnell's only variable cost. Darnell has a fixed cost of $100 per
day and pays each of his workers $80 per day.
Darnell's total product schedule and total cost at each level of
labor are presented in the following table.
Fill in the blanks to complete the Marginal Physical Product of
Labor column for...
blank 1-diminishing or increasing 2-decreasing or increasing 5. The relationship between marginal product and marginal cost...
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
Finish the table. MPL: Marginal production of labor TC: Total cost MC: Marginal Cost AFC: Average...
Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average fixed cost
AVC: Average variable cost
ATC: Average total cost
lormal text - Times New... - 12 B I VA G E A E 1 E- Labor Week 6 Assignment: Production Costs 20 Points) Output MPL FC VC TC MC AFC AVC ATC (Q) 0 25 WN 25 50 75 100 13 25 15 F 16 25 125 1. Complete the table above. (4...
Workers Output Marginal Product Fixed cost Variable cost Total Cost Average Total cost Marginal cost 0...
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...
The second part of this question's options are increasing or decreasing 5. The relationship between marginal physical p...
The second part of this question's options are increasing or
decreasing
5. The relationship between marginal physical product and marginal cost Shen's Big Burger is a small restaurant that sells hamburgers. For Shen, grills are a fixed input and workers are variable inputs. Assume that labor is Shen's only variable cost. Shen has a fixed cost of $50 per day and pays each of his workers $50 per day. Shen's total product schedule and total cost at each level of...
Output Chairs per Day (Q) 0 Total Variable Cost (TVC) $0 12 Marginal Cost (MC) Total...
Output Chairs per Day (Q) 0 Total Variable Cost (TVC) $0 12 Marginal Cost (MC) Total Cost (TC) $60 72 74 75 1 14 2 3 15 4 85 5 100 6 125 7 25 40 65 95 130 180 250 155 st 8 190 9 240 10 310 V
Complete the following chart. Quantity Total Cost (TC) Total Fixed Cost (FC) Total Variable Cost (VC)...
Complete the following chart. Quantity Total Cost (TC) Total Fixed Cost (FC) Total Variable Cost (VC) Average Total Cost (ATC) Average Fixed Cost (AFC) Average Variable Cost (AVC) Marginal Cost 0 100 0 1 50 2 80 3 100 4 110 5 130 6 160 7 200 8 250 9 310 10 380
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using...
Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using TC) using VC) TC O dozen pizzas $300 $0 ܝܕ 350 50 390 90 N 3 420 120 4 450 150 5 490 190 6 540 240 3 420 120 4 450 150 5 490 190 6 540 240 What is the pizzeria's fixed cost? Note: Recall that TC = FC + VC $200 $300 $400 cannot be determined Construct a table in which...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete...
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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...
Darnell's Burrito Stand is a small
restaurant that sells burritos. For Darnell, stoves are a fixed
input and workers are variable inputs. Assume that labor is
Darnell's only variable cost. Darnell has a fixed cost of $100 per
day and pays each of his workers $80 per day.
Darnell's total product schedule and total cost at each level of
labor are presented in the following table.
Fill in the blanks to complete the Marginal Physical Product of
Labor column for...
blank 1-diminishing or increasing
2-decreasing or increasing
5. The relationship between marginal product and marginal cost Musashil's Big Burger is a small restaurant that sells hamburgers. For Musashi, grills are a fixed input and workers are variable inputs. Assume that labor is Musashi's only variable cost. Musashi has a fixed cost of $50 per day and pays each of his workers $50 per day. Musashi's total output schedule and total cost at each level of labor are presented in the...
Finish the table.
MPL: Marginal production of labor
TC: Total cost
MC: Marginal Cost
AFC: Average fixed cost
AVC: Average variable cost
ATC: Average total cost
lormal text - Times New... - 12 B I VA G E A E 1 E- Labor Week 6 Assignment: Production Costs 20 Points) Output MPL FC VC TC MC AFC AVC ATC (Q) 0 25 WN 25 50 75 100 13 25 15 F 16 25 125 1. Complete the table above. (4...
The second part of this question's options are increasing or
decreasing
5. The relationship between marginal physical product and marginal cost Shen's Big Burger is a small restaurant that sells hamburgers. For Shen, grills are a fixed input and workers are variable inputs. Assume that labor is Shen's only variable cost. Shen has a fixed cost of $50 per day and pays each of his workers $50 per day. Shen's total product schedule and total cost at each level of...
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Quantity Total Cost Q Variable Marginal Cost Marginal Cost Cost MC MC VC (calculated (calculated using TC) using VC) TC O dozen pizzas $300 $0 ܝܕ 350 50 390 90 N 3 420 120 4 450 150 5 490 190 6 540 240 3 420 120 4 450 150 5 490 190 6 540 240 What is the pizzeria's fixed cost? Note: Recall that TC = FC + VC $200 $300 $400 cannot be determined Construct a table in which...
Labor TVC TC MC AFC AVC ATC 25 50 75 100 25 125 (a) Complete the blank columns (5 points). Please create a table like mine and fill it. (b) Assume the price of this product equals $10. What's the profit-maximizing output (q)? (3 points). Note: managers maximize profits by setting MR=MC and under perfectly competitive markets, MR=Price. Thus, maximize profit by producing a where P=MC.(2 points) (c) What is the profit? (3 points) TOTAL COST (TC) - the...
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