Brenda pays $180 a day for equipment and $160 a day for each student she hires....
Brenda pays $180 a day for equipment and $160 a day for each student she hires. Calculate Brenda's average fixed cost, average variable cost, average total cost, and marginal cost and complete the table.
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Brenda pays $180 a day for equipment and $160 a day for each
student she hires....
Suppose Debbie notices the following relationship between how many workers she hires to work on h...
Suppose Debbie notices the following relationship between how many workers she hires to work on her fishing boat, and how much fish her company catches (per day): 2. WorkersQty of FishMargi Fixed Variable Total Cost Averag Marginal Cost Cost ProductC (in 0 120 220 300 360 400 Total Cost Cost pounds (2 points) Use the information in the table to complete the marginal product column. Explain briefly why the marginal productivity might follow this pattern. a. b. 2 points) Suppose...
In a widget factory, the producer is able to produce 40 widgets per day when she...
In a widget factory, the producer is able to produce 40 widgets per day when she hires two workers. The producer is able to produce 70 widgets per day when she hires three workers. If diminishing marginal product occurs with the fourth worker then the producer is able to produce less than 100 widgets per day when she hires four workers. True False In the short run total costs include both fixed costs and variable costs. Rent paid on the...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and Graphs Q1 FW in the missing cells in the following table. Quantity of Output (Q) (Units) Average Fixed Cost (AFC) (Dollars) Total Variable Cost (TVC) (Dollars) Total Fixed Cost (TFC) (Dollars) 180 180 Average Variable Cost (AVC) (Dollars) Marginal Cost (MC) (Dollars) Total Cost (Dollars) Average Total Cost (ATC) (Dollars) 180 180 180 MINIM 180 180 MINI Grade It Now Save & Continue Continue...
X Chlapel PIUDICI 2 Quest Celia's birdhouse factory rents equipment for constructing birdhouses and hires students....
X Chlapel PIUDICI 2 Quest Celia's birdhouse factory rents equipment for constructing birdhouses and hires students. The table shows Celia's total product schedule. Labor (workers per day) Total product (birdhouses - per day) Marginal Average product product (birdhouses per worker) Construct Celia's marginal product and average product schedules in the two right columns of the table. >>> Answer to 2 decimal places. 240
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function....
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
Darnell's Burrito Stand is a small restaurant that sells burritos. For Darnell, stoves are a fixed...
Darnell's Burrito Stand is a small
restaurant that sells burritos. For Darnell, stoves are a fixed
input and workers are variable inputs. Assume that labor is
Darnell's only variable cost. Darnell has a fixed cost of $100 per
day and pays each of his workers $80 per day.
Darnell's total product schedule and total cost at each level of
labor are presented in the following table.
Fill in the blanks to complete the Marginal Physical Product of
Labor column for...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60 5 70 The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? What is Randy's average variable cost if 60 wands are produced? c) d)...
Question 2 le sets out Sue's Surfboard's total product schedule. Labor (workers per week) Output (sur hoards per week) 10 100 170 190 200 (a) Calculate the average product of labor and dr...
Question 2 le sets out Sue's Surfboard's total product schedule. Labor (workers per week) Output (sur hoards per week) 10 100 170 190 200 (a) Calculate the average product of labor and draw the average product curve (b) Calculate the marginal product of labor and dratw the marginal product curve. (c) Suppose the local newspaper hires students to fold and bag newspapers for delivery and pays them $30 per shift. Five students can fold and bag 400 newspapers per shift....
3. The relationship between marginal physical product and marginal cost Lorenzo's Big Burger is a small...
3. The relationship between marginal physical product and marginal cost Lorenzo's Big Burger is a small restaurant that sells hamburgers. For Lorenzo, grills are a fixed input and workers are variable inputs. Assume that labor is Lorenzo's only variable cost. Lorenzo has a fixed cost of $60 per day and pays each of his workers $60 per day. Lorenzo's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks...
3. The relationship between marginal physical product and marginal cost Kenji's Burrito Stand is a small...
3. The relationship between marginal physical product and marginal cost Kenji's Burrito Stand is a small restaurant that sells burritos. For Kenji, stoves are a fixed input and workers are variable inputs. Assume that laboris Kenji's only variable cost. Kenji has a fixed cost of $80 per day and pays each of his workers $120 per day. Kenji's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks to...
Suppose Debbie notices the following relationship between how many workers she hires to work on her fishing boat, and how much fish her company catches (per day): 2. WorkersQty of FishMargi Fixed Variable Total Cost Averag Marginal Cost Cost ProductC (in 0 120 220 300 360 400 Total Cost Cost pounds (2 points) Use the information in the table to complete the marginal product column. Explain briefly why the marginal productivity might follow this pattern. a. b. 2 points) Suppose...
Numbers and Graphs: Production and Costs (Ch 0B) Attempts: Average: /1 1. Working with Numbers and Graphs Q1 FW in the missing cells in the following table. Quantity of Output (Q) (Units) Average Fixed Cost (AFC) (Dollars) Total Variable Cost (TVC) (Dollars) Total Fixed Cost (TFC) (Dollars) 180 180 Average Variable Cost (AVC) (Dollars) Marginal Cost (MC) (Dollars) Total Cost (Dollars) Average Total Cost (ATC) (Dollars) 180 180 180 MINIM 180 180 MINI Grade It Now Save & Continue Continue...
X Chlapel PIUDICI 2 Quest Celia's birdhouse factory rents equipment for constructing birdhouses and hires students. The table shows Celia's total product schedule. Labor (workers per day) Total product (birdhouses - per day) Marginal Average product product (birdhouses per worker) Construct Celia's marginal product and average product schedules in the two right columns of the table. >>> Answer to 2 decimal places. 240
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
Darnell's Burrito Stand is a small
restaurant that sells burritos. For Darnell, stoves are a fixed
input and workers are variable inputs. Assume that labor is
Darnell's only variable cost. Darnell has a fixed cost of $100 per
day and pays each of his workers $80 per day.
Darnell's total product schedule and total cost at each level of
labor are presented in the following table.
Fill in the blanks to complete the Marginal Physical Product of
Labor column for...
Labor Total product (workers) (wands per day) 0 0 1 10 25 3 45 4 60 5 70 The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? What is Randy's average variable cost if 60 wands are produced? c) d)...
Question 2 le sets out Sue's Surfboard's total product schedule. Labor (workers per week) Output (sur hoards per week) 10 100 170 190 200 (a) Calculate the average product of labor and draw the average product curve (b) Calculate the marginal product of labor and dratw the marginal product curve. (c) Suppose the local newspaper hires students to fold and bag newspapers for delivery and pays them $30 per shift. Five students can fold and bag 400 newspapers per shift....
3. The relationship between marginal physical product and marginal cost Lorenzo's Big Burger is a small restaurant that sells hamburgers. For Lorenzo, grills are a fixed input and workers are variable inputs. Assume that labor is Lorenzo's only variable cost. Lorenzo has a fixed cost of $60 per day and pays each of his workers $60 per day. Lorenzo's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks...
3. The relationship between marginal physical product and marginal cost Kenji's Burrito Stand is a small restaurant that sells burritos. For Kenji, stoves are a fixed input and workers are variable inputs. Assume that laboris Kenji's only variable cost. Kenji has a fixed cost of $80 per day and pays each of his workers $120 per day. Kenji's total product schedule and total cost at each level of labor are presented in the following table. Fill in the blanks to...
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