Homework Answers
20.1 C. B; rises then falls
(MPL first increases then reaches a maximum and then starts
decreasing with increase in quantity.)
20.2 D. A; falls then rises
(MC first decreases then reach a minimum and then starts increasing
with increase in quantity.)
20.3 C. A; falls then rises
(ATC first decreases then reach a minimum and then starts
increasing with increase in quantity.)
20.4 A. below; above
(ATC is falling when MC is below it and rising when MC is above
it.)
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LABOR 20.1 GRAPHS OF MARG. PROD. OF PL BROOMS "WORKERS LABOR CWORKERS) MPL LABOR (werkers) 20.2...
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...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost curve first declines and then increases because of The decline in the gap between ATC and AVC as output expands Constant marginal revenue Increasing, then diminishing, marginal utility Increasing, then diminishing, marginal returns b) The vertical distance between ATC and AVC measures Marginal cost Economic profit per unit Average fixed cost Total fixed cost c) When the marginal cost curve lies above the AVC...
Question 2 [6 points] Afirm's average cost curves are shown below 120 AFC 105 ATC 90...
Question 2 [6 points] Afirm's average cost curves are shown below 120 AFC 105 ATC 90 75- 60 45 30 15 0 6 Labour (workers per day) a) The marginal cost curve first declines and then increases because of Constant marginal revenue The decline in the gap between ATC and AVC as output expands Increasing. then diminishing, marginal utility Increasing, then diminishing. marginal retuns b) The vertical distance between ATC and AVC measures Average fixed oost Economic profit per unit...
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...
The graph below depicts the cost structure for a firm in a competitive market. Use the...
The graph below depicts the cost structure for a firm in a competitive market. Use the graph to answer questions 58 through 61. Price ATC MC AVC P& P3 P2 P1 Quantity Q,Q2 Q3 Q4 II Which of the following statements best reflects the situation faced by the firm when price falls from P4 to P2? a. Average total cost is lower than at the previous level of output so it increases production. b. The firm will earn profit equal...
I also need help with the drawings of the graphs! 1. (25 pts) A competitive firm...
I also need help with the
drawings of the graphs!
1. (25 pts) A competitive firm has a cost function given by: C (y)-y2 +y+4. (a) Derive the firm's marginal cost function MC (y), average variable cost function AVC(y), and average cost function AC (y) and show them on a graph. (5 pts) (b) At what output is the average cost AC (y) minimized? (5 pts) (c) Determine the short-run supply curve for this firm and show this curve on...
The market for cashews is perfectly competitive and comprised of fifty (50) firms with identical cost...
The market for cashews is perfectly competitive and comprised of fifty (50) firms with identical cost structures and U-shaped ATC curves. The market demand curve for cashews is downward-sloping. The industry is initially in long run equilibrium at the following market price and quantity P* = $4/pound Q* = 50 pounds of cashews In TWO, well-labeled graphs (side by side), depict this long run equilibrium for both the cashew market and for the individual cashew firm. Be sure to calculate...
Can someone please help, thank you. 5. Peter Piper plans to pick pickled peppers in his...
Can someone please help, thank you.
5. Peter Piper plans to pick pickled peppers in his latest get rich quick scheme. He plans to invest his capital in the harvest of pickled peppers and must evaluate exactly what to produce and how much variable input (labor) to employ. As a consultant for Peter Piper, use the information below to complete the analysis of Mr. Piper's production and costs. Keep in mind that the market for pickled peppers is perfectly competitive....
4. A company produces economic analysis reports using hours of labor (L) and computers (K). The...
4. A company produces economic analysis reports using hours of labor (L) and computers (K). The production function is ? = 2?√? Initially, in the short run, they have just 1 computer (K = 1). The wage is $20 per hour, and the cost of capital is $10. a. Derive short run total cost and short run average costs curves, with costs as a function of q. Do these costs curves exhibit economies or diseconomies of scale? Explain. (5) b....
fill out the table question 16 The table below provides cost information for a firm. Use...
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
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...
(7,90) Chairs per day AVC AFC 2 3 Labour (workers per day) a) The marginal cost curve first declines and then increases because of The decline in the gap between ATC and AVC as output expands Constant marginal revenue Increasing, then diminishing, marginal utility Increasing, then diminishing, marginal returns b) The vertical distance between ATC and AVC measures Marginal cost Economic profit per unit Average fixed cost Total fixed cost c) When the marginal cost curve lies above the AVC...
Question 2 [6 points] Afirm's average cost curves are shown below 120 AFC 105 ATC 90 75- 60 45 30 15 0 6 Labour (workers per day) a) The marginal cost curve first declines and then increases because of Constant marginal revenue The decline in the gap between ATC and AVC as output expands Increasing. then diminishing, marginal utility Increasing, then diminishing. marginal retuns b) The vertical distance between ATC and AVC measures Average fixed oost Economic profit per unit...
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...
The graph below depicts the cost structure for a firm in a competitive market. Use the graph to answer questions 58 through 61. Price ATC MC AVC P& P3 P2 P1 Quantity Q,Q2 Q3 Q4 II Which of the following statements best reflects the situation faced by the firm when price falls from P4 to P2? a. Average total cost is lower than at the previous level of output so it increases production. b. The firm will earn profit equal...
I also need help with the
drawings of the graphs!
1. (25 pts) A competitive firm has a cost function given by: C (y)-y2 +y+4. (a) Derive the firm's marginal cost function MC (y), average variable cost function AVC(y), and average cost function AC (y) and show them on a graph. (5 pts) (b) At what output is the average cost AC (y) minimized? (5 pts) (c) Determine the short-run supply curve for this firm and show this curve on...
The market for cashews is perfectly competitive and comprised of fifty (50) firms with identical cost structures and U-shaped ATC curves. The market demand curve for cashews is downward-sloping. The industry is initially in long run equilibrium at the following market price and quantity P* = $4/pound Q* = 50 pounds of cashews In TWO, well-labeled graphs (side by side), depict this long run equilibrium for both the cashew market and for the individual cashew firm. Be sure to calculate...
Can someone please help, thank you.
5. Peter Piper plans to pick pickled peppers in his latest get rich quick scheme. He plans to invest his capital in the harvest of pickled peppers and must evaluate exactly what to produce and how much variable input (labor) to employ. As a consultant for Peter Piper, use the information below to complete the analysis of Mr. Piper's production and costs. Keep in mind that the market for pickled peppers is perfectly competitive....
fill out the table
question 16
The table below provides cost information for a firm. Use this information to answer the following 3 questions. Quantity MC FC VC 0.5 10 20 30 2 40 13. Is this firm operating in the short run or the long run, and how do you know? a. The firm is operating in the short run because there are fixed costs. b. The firm is operating in the long run because both fixed and variable...
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