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Adam operates a factory that produces hockey sticks. His current level of output equals 2000 sticks...
Please Help. Thank you very much. 3. A firm producing hockey sticks has a production function...
Please Help. Thank you very much.
3. A firm producing hockey sticks has a production function given by f(11, 12) = 21112 In the short run, the firm's amount of input two is fixed at Tz. 3.1 Calculate the firm's short-run total cost curve as a function of y, w1, W2, 72. 3.2 Suppose that I2 = 100, the price for input one is w1 = 4, and the price of input two is w2 = 1. Draw a graph...
5) A firm producing hockey sticks has a production function given by F(L,K) = 2 LK...
5) A firm producing hockey sticks has a production function given by F(L,K) = 2 LK . In the short-run, the firm's amount of capital equipment is fixed at K = 100. The rental rate of capital is r=$1, and the wage rate of labor is w=$4. a. Derive the firm's short-run total cost curve. What is the short-run average total cost? What is the short-run average variable cost? b. Find the short-run marginal cost function. What are the total...
4. Suppose a factory produces inter-lock paving blocks for sale, which requires a building and a...
4. Suppose a factory produces inter-lock paving blocks for sale, which requires a building and a machine that produces blocks. A firm rents a building for Rs. 50,000 per month and rents a machine for Rs. 30,000 a month. Those are his fixed costs. His variable cost per month is given in the table below. Quantity of Blocks Variable cost (Rs.) 0 1000 5000 2000 8000 3000 10000 4000 14000 5000 19000 6000 27000 7000 40000 8000 60000 9000 90000...
What is the level of profit? Profit equals $_______________ Suppose that a firm's production function is...
What is the level of profit? Profit equals $_______________
Suppose that a firm's production function is q=4x0.5 in the short run, where there are fixed costs of $2,000, and x is the variable input whose cost is $800 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q). The total cost of producing a level of output q is O A. C(q) = 2,000 + O B....
1 price equals marginal revenue at all output levels Question 16 4 pt The significance of...
1 price equals marginal revenue at all output levels Question 16 4 pt The significance of the minimum point on the average variable cost curve is that: it is the point of indifference between producing at a loss and shutting down. it shows the amount of total cost incurred by a firm in the production process.! if the firm produces one more unit, its average variable cost will be less than its marginal cost. it is the profit-maximizing level of...
A company produces car engines with the following technology: Q=5KL where K denotes the number of...
A company produces car engines with the following technology: Q=5KL where K denotes the number of conveyor belts and L denotes the number of working teams. The rent for one conveyor belt is 10000 per week and one team of workers costs 5000 per week. Additionally, each engine requires materials costing 2000. Imagine that the number of conveyor belts is fixed to five in the short-run What is the average short-run production cost of one engine, when total output equals...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
In the short run, a perfectly competitive firm produces output using capital services (a fixed input)...
In the short run, a perfectly competitive firm produces output using capital services (a fixed input) and labour services (a variable input). At its profit-maximizing level of output, the marginal product of labour is equal to the average product of labour. a. What is the relationship between this firm's average variable cost and its marginal cost? O Average variable cost is higher than marginal cost O Average variable cost equals marginal cost O Average variable cost is less than marginal...
47. Jen-Chi's Tea House produces 500 4-ounce packets of tea per week. Jen-Chi's vanad is $14.10 per packet and his...
47. Jen-Chi's Tea House produces 500 4-ounce packets of tea per week. Jen-Chi's vanad is $14.10 per packet and his fixed cost per week is $1.775. Jen-Chi's total cost per week is. A) $17.65. B) $5.275. C) $7.050. D) $8,825. 48. If a firm has $10,000 in variable costs and no fixed cost, then the time period referred to is the: A) market period. B) short run. C) long run. D) very long run. 49. At 500 units of output,...
Please Help. Thank you very much.
3. A firm producing hockey sticks has a production function given by f(11, 12) = 21112 In the short run, the firm's amount of input two is fixed at Tz. 3.1 Calculate the firm's short-run total cost curve as a function of y, w1, W2, 72. 3.2 Suppose that I2 = 100, the price for input one is w1 = 4, and the price of input two is w2 = 1. Draw a graph...
5) A firm producing hockey sticks has a production function given by F(L,K) = 2 LK . In the short-run, the firm's amount of capital equipment is fixed at K = 100. The rental rate of capital is r=$1, and the wage rate of labor is w=$4. a. Derive the firm's short-run total cost curve. What is the short-run average total cost? What is the short-run average variable cost? b. Find the short-run marginal cost function. What are the total...
4. Suppose a factory produces inter-lock paving blocks for sale, which requires a building and a machine that produces blocks. A firm rents a building for Rs. 50,000 per month and rents a machine for Rs. 30,000 a month. Those are his fixed costs. His variable cost per month is given in the table below. Quantity of Blocks Variable cost (Rs.) 0 1000 5000 2000 8000 3000 10000 4000 14000 5000 19000 6000 27000 7000 40000 8000 60000 9000 90000...
What is the level of profit? Profit equals $_______________
Suppose that a firm's production function is q=4x0.5 in the short run, where there are fixed costs of $2,000, and x is the variable input whose cost is $800 per unit. What is the total cost of producing a level of output q? In other words, identify the total cost function C(q). The total cost of producing a level of output q is O A. C(q) = 2,000 + O B....
1 price equals marginal revenue at all output levels Question 16 4 pt The significance of the minimum point on the average variable cost curve is that: it is the point of indifference between producing at a loss and shutting down. it shows the amount of total cost incurred by a firm in the production process.! if the firm produces one more unit, its average variable cost will be less than its marginal cost. it is the profit-maximizing level of...
A company produces car engines with the following technology: Q=5KL where K denotes the number of conveyor belts and L denotes the number of working teams. The rent for one conveyor belt is 10000 per week and one team of workers costs 5000 per week. Additionally, each engine requires materials costing 2000. Imagine that the number of conveyor belts is fixed to five in the short-run What is the average short-run production cost of one engine, when total output equals...
Question 17 1 pts Ma Baensch's pickled herring factory has variable costs of $500 for 500 jars and variable costs of $505 for 501 jars. The marginal cost of the 501st jar is: $503 Unknown because we do not know fixed costs. O $3 $5 Question 18 1 pts Sam, a cost analyst for Jiffy, observes that when they are producing 800 jars of peanut butter an hour, their marginal cost is 53 cents ($0.53) and their average variable cost...
Question 11 Economic profit equals total revenue minus total costs including explicit fixed costs, explicit variable costs, implicit fixed costs, and implicit variable costs. True False Question 12 4 pt If Economic profit equals zero, then the firm should shut down in the short run and go out of business in the long run. True e False The period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase...
In the short run, a perfectly competitive firm produces output using capital services (a fixed input) and labour services (a variable input). At its profit-maximizing level of output, the marginal product of labour is equal to the average product of labour. a. What is the relationship between this firm's average variable cost and its marginal cost? O Average variable cost is higher than marginal cost O Average variable cost equals marginal cost O Average variable cost is less than marginal...
47. Jen-Chi's Tea House produces 500 4-ounce packets of tea per week. Jen-Chi's vanad is $14.10 per packet and his fixed cost per week is $1.775. Jen-Chi's total cost per week is. A) $17.65. B) $5.275. C) $7.050. D) $8,825. 48. If a firm has $10,000 in variable costs and no fixed cost, then the time period referred to is the: A) market period. B) short run. C) long run. D) very long run. 49. At 500 units of output,...
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