Homework Answers
A.
| Labor | TVC | TC |
| 1 | 120 | 220 |
| 2 | 240 | 340 |
| 3 | 360 | 460 |
| 4 | 480 | 580 |
| 5 | 600 | 700 |
| 6 | 720 | 820 |
TVC=labor* wage
TC=TVC+FC
B.
| Labor | TVC | TC | TPL | MPL | MC |
| 1 | 120 | 220 | 5 | 5 | 24 |
| 2 | 240 | 340 | 17 | 12 | 10 |
| 3 | 360 | 460 | 32 | 15 | 8 |
| 4 | 480 | 580 | 44 | 12 | 10 |
| 5 | 600 | 700 | 54 | 10 | 12 |
| 6 | 720 | 820 | 62 | 8 | 15 |
MPL= change in TPL/change in Labor
MC=change in TC / change in quantity
Note: for zero TPL, TC=FC=100.
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2. (10 points) The following table shows how a firm's total product varies with the amount...
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...
Lauren owns a factory that produces softball gloves. The table below represents her factories productivity and...
Lauren owns a factory that produces softball gloves. The table
below represents her factories productivity and costs when various
numbers of workers are hired.
Graphically illustrate her total, marginal and average product
curves as well as her marginal and average variable cost curves.
Show where the inflection point lies, where production is maximized
and what number of workers corresponds to the highest average and
marginal product as well as the lowest average variable and
marginal cost.
TPL - Total Product...
2. The table below shows the total production of a firm as the quantity of labour...
2. The table below shows the total production of a firm as the quantity of labour employed increases. The quantities of all other resources employed are constant. Unit of labour Total product Marginal product Average product of labour of labour 165 200 225 240 245 a) Compute the marginal and average products. (2 marks) b) Draw the marginal and average product curves on a graph paper. (4 marks) c) Assume that the labour is the only variable input used and...
2. The following table shows the relevant information about cost Use the information to calculate the...
2. The following table shows the relevant information about cost Use the information to calculate the missing information; where: information about cost for a particular firm. L = Labor ; Q=Quantity produced / total product (TP) of labor TC = Total Cost; ATC = Average Total Cost; MC = Marginal Cost (4 points) TC ATC MC 0 200 4 240 60 14
J. (Total Cost and Marginal Cost) Complete the following table, where Lis units oflabor, ais units...
J. (Total Cost and Marginal Cost) Complete the following table, where Lis units oflabor, ais units of output, and MPLis the marginal product of labor. 0 cic di ć<b MPL VC TC MC 1 6 $3 15 3 $9 ė OĆ² 300 t00 160 a. At what quantity of labor do the marginal returns to labor begin to diminish? b. What is the average variable cost when a-24? c. What is this firm's fixed cost? d. What is the wage...
Q3. You are given the following short-run information for an individual firm. Labor (L) is the on...
Q3. You are given the following short-run information for an individual firm. Labor (L) is the only variable input. The price of labor is S200/week. Total Fixed costs are S1000/week. a. Complete the rest of the table. b. What patterm can you see from the column of marginal product of labor? How might you explain it? c. Draw the MPL and MC curves respectively. Describe the relationship between the MPL and MC Total Labor product QMPL TVC TC ATC MC...
a) Why do we assume diminishing marginal product of labor (MPL)? Does the following data on...
a) Why do we assume diminishing marginal product of labor (MPL)? Does the following data on a firm's production support this assumption? Assume the wage is AED 100 and the price of output is AED 10. How many workers will the firm hire? Show graphically. b) What is the marginal cost (MC) of output? Are MPL and MC related? How many units of output will the firm produce? Calculate or show graphically, Labor Total Product 25 00
Refer to the table below. What is the total cost of this firm when it doesn't...
Refer to the table below. What is the total cost of this firm when it doesn't produce any output? The following table shows the total output, variable costs, fixed costs, total costs, average total costs, and marginal costs of a firm, with some cells in the table intentionally left blank. Total Output Variable Costs Average Total (units) ks) Fixed Costs ($) Total Cost ($) Cost (5) Marginal Cost (S) 100 n.a. 10 5 10 122 17 8.24 Refer to the...
20. In the short run, your firm can vary only the amount of labor it employs....
20. In the short run, your firm can vary only the amount of labor it employs. Labor can be hired for $5 per unit, and your firm's fixed costs are $25. Your firm's short-run production function is given in the table below: Labor Input Marginal Average Output Product of Product Labor of Labor Total Cost Average Average Total Variable Cost Cost Marginal Cost 12 3 20 28 34 43 46 48
Marginal Cost of Production The following questions refer to the following table which shows a firm's...
Marginal Cost of Production The following questions refer to the following table which shows a firm's marginal cost of production. Quantity (number of units) 1 2 3 4 5 6 7 8 Marginal Cost (dollars per unit) 3 4 6 9 13 18 24 31 Refer to Marginal Cost of Production. If the firm has $20 in fixed costs, producing 4 units generates variable costs of Question 17 options: 1) $22. 2) $35. 3) $42. 4) $55.
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...
Lauren owns a factory that produces softball gloves. The table
below represents her factories productivity and costs when various
numbers of workers are hired.
Graphically illustrate her total, marginal and average product
curves as well as her marginal and average variable cost curves.
Show where the inflection point lies, where production is maximized
and what number of workers corresponds to the highest average and
marginal product as well as the lowest average variable and
marginal cost.
TPL - Total Product...
2. The table below shows the total production of a firm as the quantity of labour employed increases. The quantities of all other resources employed are constant. Unit of labour Total product Marginal product Average product of labour of labour 165 200 225 240 245 a) Compute the marginal and average products. (2 marks) b) Draw the marginal and average product curves on a graph paper. (4 marks) c) Assume that the labour is the only variable input used and...
2. The following table shows the relevant information about cost Use the information to calculate the missing information; where: information about cost for a particular firm. L = Labor ; Q=Quantity produced / total product (TP) of labor TC = Total Cost; ATC = Average Total Cost; MC = Marginal Cost (4 points) TC ATC MC 0 200 4 240 60 14
J. (Total Cost and Marginal Cost) Complete the following table, where Lis units oflabor, ais units of output, and MPLis the marginal product of labor. 0 cic di ć<b MPL VC TC MC 1 6 $3 15 3 $9 ė OĆ² 300 t00 160 a. At what quantity of labor do the marginal returns to labor begin to diminish? b. What is the average variable cost when a-24? c. What is this firm's fixed cost? d. What is the wage...
Q3. You are given the following short-run information for an individual firm. Labor (L) is the only variable input. The price of labor is S200/week. Total Fixed costs are S1000/week. a. Complete the rest of the table. b. What patterm can you see from the column of marginal product of labor? How might you explain it? c. Draw the MPL and MC curves respectively. Describe the relationship between the MPL and MC Total Labor product QMPL TVC TC ATC MC...
a) Why do we assume diminishing marginal product of labor (MPL)? Does the following data on a firm's production support this assumption? Assume the wage is AED 100 and the price of output is AED 10. How many workers will the firm hire? Show graphically. b) What is the marginal cost (MC) of output? Are MPL and MC related? How many units of output will the firm produce? Calculate or show graphically, Labor Total Product 25 00
Refer to the table below. What is the total cost of this firm when it doesn't produce any output? The following table shows the total output, variable costs, fixed costs, total costs, average total costs, and marginal costs of a firm, with some cells in the table intentionally left blank. Total Output Variable Costs Average Total (units) ks) Fixed Costs ($) Total Cost ($) Cost (5) Marginal Cost (S) 100 n.a. 10 5 10 122 17 8.24 Refer to the...
20. In the short run, your firm can vary only the amount of labor it employs. Labor can be hired for $5 per unit, and your firm's fixed costs are $25. Your firm's short-run production function is given in the table below: Labor Input Marginal Average Output Product of Product Labor of Labor Total Cost Average Average Total Variable Cost Cost Marginal Cost 12 3 20 28 34 43 46 48
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