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_SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation's explicit cost to the...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: a average p...
If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: a average product is 10 units when 4 workers are employed. b. the marginal product of the 5th worker is 8 units. c. average product must be falling because the marginal product of the 5th worker is lower than the average product for 4 workers. all of the above are true.
Can you answer these questions? 11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price ris...
Can you answer these questions?
11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y 12. In purchasing products A and B, a consumer is in equilibrium when: 13. The diamond-water paradox atises because: A. essential...
Suppose that the only costs involved in car production are the cost of robots, the cost...
Suppose that the only costs involved in car production are the cost of robots, the cost of hiring workers and the cost of raw materials. Raw materials (steel, glass, rubber, textiles) cost $2,000 per car. Robots have an annualized cost of $1,000,000 per year (interest, maintenance, and depreciation) and each worker is paid an annual salary of $40,000 per year. If 1 robot is purchased then each worker can produce 100 cars per year. If 2 robots are purchased then...
1. Toys Create Corp., produce puzzles and sell to consumers. A worker costs MYR 100 a day, and the firm has fixed costs of MYR 200. Workers Output Marginal Product Total Cost Average Total Cost Marginal Cost 0 0 --- --- --- 1 20
1. Toys Create Corp., produce puzzles and sell to consumers. A worker costs MYR 100 a day, and the firm has fixed costs of MYR 200. WorkersOutputMarginal ProductTotal CostAverage Total CostMarginal Cost00---------1202503904120514061507155a. Using the information above, calculate the marginal product, total cost, average total cost, and marginal cost. Identify the output level at minimum average total cost for Toys Create Corp. b. Construct the marginal-cost and average-total-cost curves for Toys Create Corp. Using your own words, explain diminishing marginal product and...
customers and paid ty's economic profit in her first year is: b. C. d. $15,000. $20,000....
customers and paid ty's economic profit in her first year is: b. C. d. $15,000. $20,000. $70,000. 2. The market structures that lie in between perfect competition and pure monopoly are called: proprietorship and partnership. corporation and oligopoly. oligopoly and monopolistic competition. profit-maximizing and revenue-maximizing structures. b. c. d. 3. In the short run, firms: a. can only vary capital inputs. b. can vary all inputs. C. have at least one fixed input. d. have only fixed inputs. Use the...
In-class Activity #7 Below table illustrates the production of a furniture manufacturing company ...
How to solve for the table
In-class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run, Labor is the variable input and capital is the fixed Input in the production. Assuming all worker has equal skill at work. Average Product-T Marginal product Total output Labor Capital 48 68 80 78 Fill in the average product and marginal product cells in the table. When do you observe diminishing marginal return from labor in the production?...
The first second, and third workers employed by a firm add 25, 18, and 10 units...
The first second, and third workers employed by a firm add 25, 18, and 10 units to total product, respectively. On the basis of this information, we can say that: the total product of the three workers is 9 the average product of the three workers is 3 the law of diminishing marginal returns is not evident in this example the marginal product of the third worker is 8 the law of diminishing marginal returns starts with the addition of...
php/2z8250/imod, resouraefoonte C Q Search m oTOmaupierchoicu quesuons CTcomecrarawers worUrNpaine rpo o aa wa Submit your...
php/2z8250/imod, resouraefoonte C Q Search m oTOmaupierchoicu quesuons CTcomecrarawers worUrNpaine rpo o aa wa Submit your answers by 10:00am on Tuesday, November 5, 2019. Use the link that is posted on Moodle. 1. Which of the following statements is (are) correct? (x) Economists distinguish between short run and long run production by assuming that in the short run, at least one input is fixed and in the long run all inputs are variable. (y) In the long run, fixed inputs...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker i...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
NAME PRINT LAST NAME, FIRST NAME SECTION# COSTS, PROFIT, AND PRODUCTION Suppose ABC Corporation sold 2,000 units of output at a price of $2 per unit. If ABC 1. Corporation's explicit cost to produce the 2,000 is $1,500 and its implicit cost to produce the 2,000 units is $2,000, then ABC Corp. has total revenue of accounting profit of ,and an economic profit of an $1,500; $0; $1,000 $4,000; $1,000; $0 $4,000; $500; $2,500 $4,000; $2,500; $500 a. b. с....
If total output is 40 units when 4 workers are employed and 48 units when 5 workers are employed, then: a average product is 10 units when 4 workers are employed. b. the marginal product of the 5th worker is 8 units. c. average product must be falling because the marginal product of the 5th worker is lower than the average product for 4 workers. all of the above are true.
Can you answer these questions?
11. Suppose that MUr/Pr exceeds MUyl/Py. To maximize utility the consumer who is spending all her money income should buy A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y 12. In purchasing products A and B, a consumer is in equilibrium when: 13. The diamond-water paradox atises because: A. essential...
customers and paid ty's economic profit in her first year is: b. C. d. $15,000. $20,000. $70,000. 2. The market structures that lie in between perfect competition and pure monopoly are called: proprietorship and partnership. corporation and oligopoly. oligopoly and monopolistic competition. profit-maximizing and revenue-maximizing structures. b. c. d. 3. In the short run, firms: a. can only vary capital inputs. b. can vary all inputs. C. have at least one fixed input. d. have only fixed inputs. Use the...
How to solve for the table
In-class Activity #7 Below table illustrates the production of a furniture manufacturing company in the short-run, Labor is the variable input and capital is the fixed Input in the production. Assuming all worker has equal skill at work. Average Product-T Marginal product Total output Labor Capital 48 68 80 78 Fill in the average product and marginal product cells in the table. When do you observe diminishing marginal return from labor in the production?...
The first second, and third workers employed by a firm add 25, 18, and 10 units to total product, respectively. On the basis of this information, we can say that: the total product of the three workers is 9 the average product of the three workers is 3 the law of diminishing marginal returns is not evident in this example the marginal product of the third worker is 8 the law of diminishing marginal returns starts with the addition of...
php/2z8250/imod, resouraefoonte C Q Search m oTOmaupierchoicu quesuons CTcomecrarawers worUrNpaine rpo o aa wa Submit your answers by 10:00am on Tuesday, November 5, 2019. Use the link that is posted on Moodle. 1. Which of the following statements is (are) correct? (x) Economists distinguish between short run and long run production by assuming that in the short run, at least one input is fixed and in the long run all inputs are variable. (y) In the long run, fixed inputs...
SECTION# NAME PRINT LAST NAME, FIRST NAME Suppose 9 workers can repair 36 television sets per day. If a tenth worker is hired and the each worker repairs, on average, 4 T.V. sets per day when nine workers are hired average product must be rising because the marginal product of the tenth worker 6. total number of repaired T.V. sets increases to 39, then: a. the marginal product of the tenth worker is 3.9 T.V, sets b. is greater than...
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