Unit #2 30 Unit #1 Unit #3 Unit #4 Unit #5 48 52 Total Product Marginal...
Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 15 3 33.33 15.00 48.33 13 4 25.00 14.25 39.25 12 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 12 8.33 26.67 35.00 56 The accompanying table gives cost data for...
Quantity of Product A Total Utility Marginal Utility Quantity of Product B Total Utility Marginal Utility 1 80 80 1 30 30 2 120 40 2 46 16 3 150 30 3 61 15 4 165 15 4 75 14 5 172 7 5 88 13 6 178 6 6 100 12 7 182 5 7 111 11 8 185 3 8 121 10 The table above refers to Elizabeth's utility schedule of Product A and Product B. The equilibrium...
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4 Average Fixed Average Variable Average Total Total Product Cost Cost Cost Marginal Cost 1 $100.00 $17.00 $117.00 $17 2 50.00 16.00 66.00 151 3 33.33 15.00 48.33 13 25.00 14.25 39.25 121 5 20.00 14.00 34.00 13 6 16.67 14.00 30.67 14 7 14.29 15.71 30.00 26 8 12.50 17.50 30.00 30 9 11.11 19.44 30.55 35 10 10.00 21.60 31.60 41 11 9.09 24.00 33.09 48 121 8.33 26.67 35.00 56 The accompanying table gives cost data...
The actual values for 12 periods (shown in order) are: (1) 45 (2) 52 (3) 48 (4) 59 (5) 55 (6) 54 (7) 64 (8) 59 (9) 72 (10) 66 (11) 67 (12) 78 Using a 5 period simple moving average, the forecast for period 13 will be:
Table 2 Units of Labor Total Product Imperfect Competition Marginal Marginal Product Total Revenue Product Price Revenue Product IIIIIII ||| 3. How many workers will the firm hire if the market wage rate is $27.95? 4. How many workers will the firm hire if the market wage rate is $19.95? 5. Compare the hiring practices of the firm under Pure Competition and Imperfect Competition. In which situation is the demand for labor more elastic?
The actual values for 12 periods (shown in order) are: (1) 45 (2) 52 (3) 48 (4) 59 (5) 55 (6) 55 (7) 64 (8) 58 (9) 73 (10) 66 (11) 69 (12) 74 Using a 5 period simple moving average, the forecast for period 13 will be: QUESTION 2 Using the 4 period weighted moving average, the forecast for period 13 will be: QUESTION 3 With exponential smoothing, the forecast for period 13 will be: QUESTION 4 With linear regression, the forecast for period 13 will be: QUESTION...
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,...
Quantity of Labor Total Product Total Revenue 1 4 $16 2 8 32 3 11 44 4 13 52 5 14 56 Refer to the given data. If the market wage rate is $8, this firm will employ Multiple Choice 4 workers. 5 workers. 2 workers. 3 workers.
Solution: Total revenue - price*quantity Profit- total revenue - total cost Marginal revenue change in revenue/change in quantitty Average total cost-total cost/quantity Marginal Marginal Change Average al rofirevenue TotalTotal revenue cost Quantity Price profit cost 0 0 16 16 15 30 14 42 13 52 12 60 11 66 10 70 20 4 16 300 36 6 12 4210 10 501 63 з 16 84-14 4 -4 14 4 12 4 4 10.5 10 8 13 10.5 17 10 We...
4. Total, average, and marginal physical productUndercover World, a book shop, has the following marginal physical product curve (labeled MPPMPP) for its hourly production.AP01234520181614121086420MPP and AP (Books per hour)QUANTITY OF LABORMPPWhen labor increases from three to four workers, total product increases by per hour.Use the orange points (square symbol) to plot the total physical product curve (TPP) on the following graph. Line segments will automatically connect the points. Assume that if there are no workers, Undercover World does not have any...