ECON 2106 Name _________________ Extra Credit for
ECON 2106 Name _________________
Extra Credit for Chapter #7
Answer the following questions for extra credit on homework.
The total product schedule of Rubber Duckies Inc. a firm that makes rubber boats, is described
by the following: 10 points
|
Labor (# per week) |
output (boats/wk) TP |
MP |
|
1 |
1 |
|
|
2 |
3 |
|
|
3 |
6 |
|
|
4 |
10 |
|
|
5 |
15 |
|
|
6 |
21 |
|
|
7 |
26 |
|
|
8 |
30 |
|
|
9 |
33 |
|
|
10 |
35 |
- Calculate the marginal product of labor in the space above.
- When does diminishing Marginal Product begin?
Suppose the Chicago plant of the Bolton Press Company has the following cost structure: 1.Its fixed costs are $1,000 per month. 2. Its variable costs are shown in the column below.
a. Fill in the blanks below: (10 points)
|
Output (presses/month) |
Fixed Costs |
Variable Cost |
Total Cost |
|
0 |
0 |
||
|
1 |
500 |
||
|
2 |
1,000 |
||
|
3 |
2,000 |
||
|
4 |
3,500 |
||
|
5 |
5,000 |
- Fill in the blanks below to show the average cost and marginal cost function of the Chicago Plant of the Bolton Press Company. (10 points)
|
Output (presses/month) |
Average Fixed Costs |
Average Variable Costs |
Average Total Costs |
Marginal Costs |
|
1 |
||||
|
2 |
||||
|
3 |
||||
|
4 |
||||
|
5 |
Homework Answers
SECTION marginal cost (MC) in the tah. PRINT LAST NAME, FIRST NAME SHORT-RUN COSTS Fall in...
SECTION marginal cost (MC) in the tah. PRINT LAST NAME, FIRST NAME SHORT-RUN COSTS Fall in the missing alufer total cost ), total fixed cost (TFC), total variable bel below, use the data to fill in the blanks. al cost (ATC), average variable cost (AVC), and marginal cost (MC) AFC AVC MC TVC ATC OTC TFC 0 560 SLO IS 2 S120 s Ass 60 $68 Total fixed costs are equal to 1)S COD , regardless of how much output...
Consider a firm that has just built a plant, which cost $1,000. Each worker costs $5.00...
Consider a firm that has just built a plant, which cost $1,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below. Complete the missing variables. Number of Worker Hours Output Marginal Product Fixed Cost Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost 0 0 -- -- -- 50 400 100 900 150 1300 200 1600 250 1800 300 1900 350 1950
Fill in the blanks in the tables below. (a) Determine the missing values of output, marginal...
Fill in the blanks in the tables below. (a) Determine the missing values of output, marginal product, and average product uantity Output Marginal Average Input (Product) Product Product 250 225 150 800 25 133 (b) Determine the returns to scale at each level of input. (c) Complete the following table Total Variable Fixed Marginal Average Output Cost Cost Cost Cost Cost 60 10 2 3 90 100 80 180 6 50 (d) Determine the relevant economies or diseconomies of scale...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production function for laptop computers. Fll Chapter 8 Homework in the last column and then answer the question that follows Number of Workers Total Output of Laptop Computers Marginal Product of each 0 Worker 0 N/A 80 200 300 4 360 5 400 With what worker does diminishing marginal product set in? (3 points) A pizza business has the following cost structure. Use the given...
please explain question 2 . rmation on fixed and variable costs in 1(b) please fill in...
please explain question 2
.
rmation on fixed and variable costs in 1(b) please fill in the table below. The numbers olumns should be identical to the last two columns in your table in number 1 in the last two columns should be identical to above. Average Average Fixed Variable Workers Output Cost Cost Average Total Cost Marginal Cost 155 Using the numbers in your table above graph average fixed costs, average variable costs, average total costs, and marginal costs....
econ Widgets R Us currently has a fixed amount of capital, so the only way to...
econ
Widgets R Us currently has a fixed amount of capital, so the only way to vary the output of widgets is to change the number of workers. The table shows the total output of widgets when different numbers of workers are assigned to a widget press. If no workers are working a press, the output for that press is zero. Widgets 10 Workers 1 30 48 64 78 90 98 104 108 100 What is the marginal product of...
Question 4 (3 points) Output (Instructional Modules per Month) Fixed Costs Variable Costs Total Cost Average...
Question 4 (3 points) Output (Instructional Modules per Month) Fixed Costs Variable Costs Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost $ 400 $1.480 $965 5400 $450 3 $2.430 SI 350 $1.900 $2.500 S216 $4,280 $4,100 $5,400 S7-300 $135 $10, 880 5 980 Answer the following questions using the table above 1. Fill out the entire table 2. What is the marginal cost of creating the tenth instructional module? 3. What is the average fixed...
1. Suppose your business prints invitations. You purchased a printer for $1000. Paper costs you $3...
1. Suppose your business prints invitations. You purchased a printer for $1000. Paper costs you $3 a page. Fill in the following table. (4 points) Number of Invitations (pages) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Average Total Cost (ATC or AC) 30 100 1,000 Suppose the cost of labor per unit (per week) = $1000. Fixed cost (per week) = $500. The price of the product = $200. (6 pts.) Labor Marginal Product of Labor (MPL) Total...
In class A7 - Productivity and Costs (Chapter 11) 1. Calculate the Average Product and Marginal...
In class A7 - Productivity and Costs (Chapter 11) 1. Calculate the Average Product and Marginal Product of the variable input Inputs No. of Average Marginal boats Product Product Labour of Draw the AP and MP curves of the variable input. Remember AP and MP are measured in units of output! Identify the max point of AP of Labour and MP of Labour (the points of diminishing returns for both curves). The diagram need not be to scale. 2. The...
Question 15 is worth 30 points. The Fairbanks Jet Boat Manufacture's cost data has been partially entered in the ta...
Question 15 is worth 30 points. The Fairbanks Jet Boat Manufacture's cost data has been partially entered in the table below. Additionally, the marginal cost of moving from producing zero jet boats to one is 5 and the marginal cost of moving from three jet boats to four jet boats is 20. Following the sudden and unexpected death of the company's accountant, you are called on to help figure out the total cost of the company. SHOW ALL WORK. Variable...
SECTION marginal cost (MC) in the tah. PRINT LAST NAME, FIRST NAME SHORT-RUN COSTS Fall in the missing alufer total cost ), total fixed cost (TFC), total variable bel below, use the data to fill in the blanks. al cost (ATC), average variable cost (AVC), and marginal cost (MC) AFC AVC MC TVC ATC OTC TFC 0 560 SLO IS 2 S120 s Ass 60 $68 Total fixed costs are equal to 1)S COD , regardless of how much output...
Fill in the blanks in the tables below. (a) Determine the missing values of output, marginal product, and average product uantity Output Marginal Average Input (Product) Product Product 250 225 150 800 25 133 (b) Determine the returns to scale at each level of input. (c) Complete the following table Total Variable Fixed Marginal Average Output Cost Cost Cost Cost Cost 60 10 2 3 90 100 80 180 6 50 (d) Determine the relevant economies or diseconomies of scale...
Econ 250 Chapter 8 Homework Name 1. (2.5 points) The following table shows a short-run production function for laptop computers. Fll Chapter 8 Homework in the last column and then answer the question that follows Number of Workers Total Output of Laptop Computers Marginal Product of each 0 Worker 0 N/A 80 200 300 4 360 5 400 With what worker does diminishing marginal product set in? (3 points) A pizza business has the following cost structure. Use the given...
please explain question 2
.
rmation on fixed and variable costs in 1(b) please fill in the table below. The numbers olumns should be identical to the last two columns in your table in number 1 in the last two columns should be identical to above. Average Average Fixed Variable Workers Output Cost Cost Average Total Cost Marginal Cost 155 Using the numbers in your table above graph average fixed costs, average variable costs, average total costs, and marginal costs....
econ
Widgets R Us currently has a fixed amount of capital, so the only way to vary the output of widgets is to change the number of workers. The table shows the total output of widgets when different numbers of workers are assigned to a widget press. If no workers are working a press, the output for that press is zero. Widgets 10 Workers 1 30 48 64 78 90 98 104 108 100 What is the marginal product of...
Question 4 (3 points) Output (Instructional Modules per Month) Fixed Costs Variable Costs Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost $ 400 $1.480 $965 5400 $450 3 $2.430 SI 350 $1.900 $2.500 S216 $4,280 $4,100 $5,400 S7-300 $135 $10, 880 5 980 Answer the following questions using the table above 1. Fill out the entire table 2. What is the marginal cost of creating the tenth instructional module? 3. What is the average fixed...
1. Suppose your business prints invitations. You purchased a printer for $1000. Paper costs you $3 a page. Fill in the following table. (4 points) Number of Invitations (pages) Fixed Cost (FC) Variable Cost (VC) Total Cost (TC) Average Total Cost (ATC or AC) 30 100 1,000 Suppose the cost of labor per unit (per week) = $1000. Fixed cost (per week) = $500. The price of the product = $200. (6 pts.) Labor Marginal Product of Labor (MPL) Total...
In class A7 - Productivity and Costs (Chapter 11) 1. Calculate the Average Product and Marginal Product of the variable input Inputs No. of Average Marginal boats Product Product Labour of Draw the AP and MP curves of the variable input. Remember AP and MP are measured in units of output! Identify the max point of AP of Labour and MP of Labour (the points of diminishing returns for both curves). The diagram need not be to scale. 2. The...
Question 15 is worth 30 points. The Fairbanks Jet Boat Manufacture's cost data has been partially entered in the table below. Additionally, the marginal cost of moving from producing zero jet boats to one is 5 and the marginal cost of moving from three jet boats to four jet boats is 20. Following the sudden and unexpected death of the company's accountant, you are called on to help figure out the total cost of the company. SHOW ALL WORK. Variable...
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