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When I created the table, I assumed that the variable input
costs $4.25 per unit and...
Table 1 represents input and output data for Onion production in Michigan. Complete the table given...
Table 1 represents input and output data for Onion production in Michigan. Complete the table given price of tomato is at $5.00. Input level Total Physical Product (TPP) Marginal Physical Product (MPP) Total Value Product(TVP) 0 24 1 35 2 40 3 60 4 55 5 45 6 30 7 15 a. Complete Table 1 by calculating MPP and TVP of Onion enterprise. b. Plot a graph using TPP and MPP given figures you have calculated in 3(a). c. Using...
1. [50 pts] Suppose we have the following production function generated from the use of only...
1. [50 pts] Suppose we have the following production function generated from the use of only one variable input, labour (L): ??? = 0.4? + 0.09?2 − 0.0035?3 Where TPP represents the total physical product and L is measured in 1000 hour increments (ie 1.5=1500 hours). The Marginal Physical Product curve is represented by: ??? = 0.4 + 0.18? − 0.0105?2 e) [5 pts] Using Excel, or some other spreadsheet program, graph the production function. On a separate graph, plot...
QUESTION 4 When production is 2000, marginal revenue is $20 per unit and marginal cost is...
QUESTION 4 When production is 2000, marginal revenue is $20 per unit and marginal cost is $22.25 per unit. Do you expect maximum profit to occur at a production level above or below 2000? Since marginal revenue is less than marginal cost around q = 2000, as you produce more of the product your revenue increases slower than your costs, so profit decreases, and maximal profit will occur at a production level below 2000. The profit function is not given,...
QUESTION 40 Amount of Variable Input Amount of Output Unit Price Cost per input Total cost...
QUESTION 40 Amount of Variable Input Amount of Output Unit Price Cost per input Total cost Marginal cost 0 0 0 0 0 0 1 5 $45 $670 2 25 $45 $670 3 55 $45 $670 4 75 $45 $670 A 5 100 $45 $670 B 6 118 $45 $670 C F 7 135 $45 $670 D G 8 152 $45 $670 E H 9 167 $45 $670 I 10 170 $45 $670 J 11 169 $45 $670 What is...
INPUT: Product A Product B Selling price per unit $ 83.00 $ 46.00 Variable cost of...
INPUT: Product A Product B Selling price per unit $ 83.00 $ 46.00 Variable cost of goods sold per unit $ 53.00 $ 20.00 Variable selling & administrative expenses per unit $ 3.00 $ 1.00 Total Fixed cost of goods sold $ 56.00 $ 21.00 Total Fixed Selling & administrative expenses $ 100,000.00 $ 90,000.00 CHECK AND HELPED NEEDED WITH OUTPUT... I DID THE YELLOW AND WANT IT CHECKED AND NEED HELP WITH PURPLE OUTPUT: Product A Product B Contribution...
2-22 A small company manufactures a certain product. Variable costs are $20 per unit and fixed...
2-22 A small company manufactures a certain product. Variable costs are $20 per unit and fixed costs are $10,875. The price-demand relationship for this product is P-0.25D 250, where P is the unit sales price of the product and D is the annual demand. Total cost Fixed cost + Variable cost Revenue Demand x Price e Profit Revenue-Total cost Set up your graph with dollars on the y axis (between 0 and $70,000) and, on the x axis, demand D:...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce...
Diminishing marginal productivity a. means that adding one more unit of the variable input will reduce total product. b. occurs when the marginal product curve begins to slope downward c. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work. d. both a and c e. both b and c 7. The marginal rate of technical substitution is a. the rate at which the firm can substitute...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
Compute the total of variable cost per unit and total fixed cost. Variable Cost per unit Fixed Costs: Utility $12,400...
Compute the total of variable cost per unit and total fixed
cost.
Variable Cost per unit Fixed Costs: Utility $12,400 3.00 Utility 10.50 Rent Direct Materials 36,000 14,000 $ 62,400 Direct Labor 4.50 Depreciation Total 18.00 Total USC has determined that the cost line for Utility Cost is 3x 12,400 y Prepare a C-V-P graph for USC. Use zero units and 7,000 units. Compute sales and total cost at those points Units 7,000 0 Sales Total Cost Include your graph...
Complete the table. Assume that the firm has $100 in total fixed costs and that each...
Complete the table. Assume that the firm has $100 in total fixed costs and that each additional worker costs $50 to hire. At what level of variable input does diminishing returns set in? What is the minimum cost output? Why is it important for a company to know its average total cost per item? Explain why average variable cost decreases then increases? Graph marginal product and marginal cost. What relationship do you see between marginal product and marm: - cost?...
QUESTION 4 When production is 2000, marginal revenue is $20 per unit and marginal cost is $22.25 per unit. Do you expect maximum profit to occur at a production level above or below 2000? Since marginal revenue is less than marginal cost around q = 2000, as you produce more of the product your revenue increases slower than your costs, so profit decreases, and maximal profit will occur at a production level below 2000. The profit function is not given,...
2-22 A small company manufactures a certain product. Variable costs are $20 per unit and fixed costs are $10,875. The price-demand relationship for this product is P-0.25D 250, where P is the unit sales price of the product and D is the annual demand. Total cost Fixed cost + Variable cost Revenue Demand x Price e Profit Revenue-Total cost Set up your graph with dollars on the y axis (between 0 and $70,000) and, on the x axis, demand D:...
Exhibit 7-17 Marginal revenue and cost per unit curves DMC ATC Price and costs per unit (dollars) AVC 0 20 100 40 60 80 Quantity of output (units per day) 16. As shown in Exhibit 7-17, the price at which the firm earns zero economic profit in the short-runis a. $10 per unit. b. $15 per unit. c. $40 per unit. d. more than $20 per unit. e. $20 per unit. 17. In long-run equilibrium, the typical perfectly competitive firm...
Compute the total of variable cost per unit and total fixed
cost.
Variable Cost per unit Fixed Costs: Utility $12,400 3.00 Utility 10.50 Rent Direct Materials 36,000 14,000 $ 62,400 Direct Labor 4.50 Depreciation Total 18.00 Total USC has determined that the cost line for Utility Cost is 3x 12,400 y Prepare a C-V-P graph for USC. Use zero units and 7,000 units. Compute sales and total cost at those points Units 7,000 0 Sales Total Cost Include your graph...
Complete the table. Assume that the firm has $100 in total fixed costs and that each additional worker costs $50 to hire. At what level of variable input does diminishing returns set in? What is the minimum cost output? Why is it important for a company to know its average total cost per item? Explain why average variable cost decreases then increases? Graph marginal product and marginal cost. What relationship do you see between marginal product and marm: - cost?...
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