Assume that for each period the price of capital is $2 per unit and the wage is $10
How does MP and MC compare? Click in the MC of the 30th unit of ouptut.
L | K | Q | MP | AP | FC | VC | TC | ATC | AVC | AFC | MC |
0 | 10 | 0 | 0 | 20 | 0 | 20 | |||||
1 | 10 | 10 | 10 | 10 | 20 | 10 | 30 | 3 | 1 | 2 | 1 |
2 | 10 | 30 | 20 | 15 | 20 | 20 | 40 | 1.33 | 0.67 | 0.67 | 0.5 |
3 | 10 | 45 | 15 | 15 | 20 | 30 | 50 | 1.11 | 0.67 | 0.44 | 0.67 |
4 | 10 | 50 | 5 | 12.5 | 20 | 40 | 60 | 1.2 | 0.8 | 0.4 | 2 |
Assume that for each period the price of capital is $2 per unit and the wage...
Find FC, VC, TC, AFC, AVC, ATC, and MC from the following table. Capital costs $50 per unit, and two units of capital are used in the short run. Labor costs $20 per unit. 7. Total Cost Average Average Marginal Variable Cost |(MC) Fixed Units of Units of Variable Average Fixed Labor (L) Cost (FC) Cost (VC) (TC) Total Cost Output (ATC) (Q) Cost Cost (AFC) (AVC) 0 0 1 2 2 4 3 6 4 8 10
L K Q VC FC TC AVC AFC ATC MC 0 5 0 0 5 5 1 5 2 2 5 7 1.00 2.50 3.50 1.00 2 5 6 4 5 9 0.67 0.83 1.50 0.50 3 5 12 6 5 11 0.50 0.42 0.92 0.33 4 5 19 8 5 13 0.42 0.26 0.68 0.29 5 5 25 10 5 15 0.40 0.20 0.60 0.33 6 5 28 12 5 17 0.43 0.18 0.61 0.67 7 5 29 14...
Suppose Kis the fixed input and L the variable input. Price of K = $6; Price of L=? KLTP MP|FC|VC TC AFC AVC ATC MC O 90 al 1. Refer to Table 1. Price of L = $_ 10 20
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 ?...
Table 1. Production and Cost Functions of a Firm Suppose K is the fixed input and L the variable input. Price of K = $6; Price of L =? TP TC FC K MP VC ATC AFC MC AVC 0 5.00 4 10 3 10 8 5 32 7 33 1. Refer to Table 1. Price of L = $ 29 O 4 LO N
Question 3 1 pts Refer to Table 1. When L 3, ATC= O 13.33 O 35.00 O 5.625 O 4.17 Question 4 1 pts Refer to Tablo 1 1f th Table 1. Production and Cost Functions of a Firm Suppose Kis the fixed input and L the variable input. Price of K=$6; Price of L =? K LITP MP FC VC TC AFC AVC ATC MC 5.00 1 2 2 4 3 10 4 8 5 29 6 32 7...
e. If Total Variable Costs were $20 greater at each level of output, what would happen to the location of the: (1) AFC curve? (2) AVC curve? (3) ATC curve? Normal textTimes New. 12 BTUA 0 - 1 E E EE 4 230 3. A firm has Short-Run Costs as indicated in the table below. Total TC TFC TVC ATC AFC AVC МС Product 0 $ 80 $ 80 $0 125 80 45 $125 $80 $45 45 $45 2 165...
Let's assume the following for a competitive firm: Fixed Cost = $100. The only variable input the firm has is Labor, which it pays the current minimum wage of $7.25/hr. Each unit of Labor works a total of 40 hr/week. So, one unit of Labor cost the firm $290 (1 unit of Labor * $7.25/hr * 40 hr/week). The current Price in this market is $15/unit. Use the information above to fill out the chart below (45 points): MPL TC...
dptr (oA. Problems A1. A firm has a fixed amount of capital (K) equal to 10 in the short run. It faces a price of labor (L) equal to $15 per unit, and a price of capital equal to $25 per unit. Fill in the table below. ATY ATC 15AL Aa AFC MC MPL Q APL 0 L 0 0 10 1 22 2 30 o18 089 as9P 2.1X11 XeF 36 4 40 5 42 10ng 6 1
You are a producer of HW for ECON 301. You use labor time in hours (L) and capital (K) (such as a desk, calculator, or pencil) as inputs to produce HW using q = 2KZ2. Suppose K is fixed at 1 unit in the short-run. The opportunity cost of your time (w) is $8 per hour. The rental rate per unit of capital (() is $50. a) Derive the short-run cost function, i.e. TC as a function of q. b)...