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Suppose Debbie notices the following relationship between how many workers she hires to work on h...
3. Problems and Applications Q3 A commercial fisherman notices the following relationship between hours spent fishing...
3. Problems and Applications Q3 A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Quantity of Fish (Pounds) Hours uw No 25 28 30 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish (Pounds) Marginal Product (Pounds) Hours o N M LD On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. A + Production Function + + +...
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. Labor Total Product Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 28 NEED NEED NEED NEED 2 64 NEED NEED NEED 3 108 NEED
The table below provides the production information for Stacey's Soda Shack. Stacey hires workers in a...
The table below provides the production information for Stacey's Soda Shack. Stacey hires workers in a competitive labor market and can hire workers to help make and bottle her soda for $20 a day. She sells her soda for $1 each. 1. Total Output Workers 50 90 120 140 150 6 159 (b) Given the above production information, address each of the following. i. Draw a graph showing Stacey's Soda Shack's demand and supply for workers. ii. Use your graph...
Problem 3 Markets for Factors of Production (20 points) Areandina’s Coffee Shop hires workers to make...
Problem 3 Markets for Factors of Production (20 points) Areandina’s Coffee Shop hires workers to make their latté coffees. The market for latté coffee is perfectly competitive, and latté coffees sell for $4.00 each. The labour market is competitive, and the wage rate is $40 per day. Table 1 shows the workers’ total product, TP. Workers Latté Coffees produced per day 1 7 2 21 3 33 4 43 5 51 6 55 Table 1 Calculate the marginal product of...
Stephanie is considering how many workers she wants to hire to produce earrings for her business....
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $5.00. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) Marginal Product...
Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00...
Thabo 's shoe company hires workers at M500.00/ week and its total fixed cost is M1,000.00 week. The table below sets out the company's short -run activities. Labor (Workers per week Output(Q) Units Fixed Costs (FC) Variable Costs(VC) Total Costs (TC) Marginal Cost (MC) Total Revenue(TR) Marginal Revenue(MR) 0 0 1000.00 1 30 2 70 3 120 4 160 5 190 6 210 7 220 Calculate the FC,VC,TC,MC and MR,fill your results in the table appropriately.
Deleto le 11-6 uantity of Quantity of foot Fixed massages per day cost workers Variable Total...
Deleto le 11-6 uantity of Quantity of foot Fixed massages per day cost workers Variable Total cost cost 0 Average total cost Marginal cost 28) Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice. She can hire as many workers as she wants at a cost of $75 per day...
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...
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)...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pa...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $7. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. umber. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of (workers) earrings)...
3. Problems and Applications Q3 A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Quantity of Fish (Pounds) Hours uw No 25 28 30 Complete the following table with the marginal product of each hour spent fishing. Quantity of Fish (Pounds) Marginal Product (Pounds) Hours o N M LD On the following graph, use the blue points (circle symbol) to graph the fisherman's production function. A + Production Function + + +...
The table below provides the production information for Stacey's Soda Shack. Stacey hires workers in a competitive labor market and can hire workers to help make and bottle her soda for $20 a day. She sells her soda for $1 each. 1. Total Output Workers 50 90 120 140 150 6 159 (b) Given the above production information, address each of the following. i. Draw a graph showing Stacey's Soda Shack's demand and supply for workers. ii. Use your graph...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $5.00. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of earrings) Marginal Product...
Deleto le 11-6 uantity of Quantity of foot Fixed massages per day cost workers Variable Total cost cost 0 Average total cost Marginal cost 28) Refer to Table 11-6. Alicia Gregory owns a foot massage business. She leases 4 computer-controlled massage booths, for which she pays $125 per day. She cannot increase the number machines she leases without giving the manufacturer 3 months notice. She can hire as many workers as she wants at a cost of $75 per day...
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)...
Stephanie is considering how many workers she wants to hire to produce earrings for her business. She sells each pair of earrings she produces for $7. The table below shows the productivity of the workers that Stephanie might hire. Assume this is a perfectly competitive market. umber. Instructions: Enter your answers as a whole number. a. Fill in the "Marginal Product," "Total Revenue," and "Marginal Revenue Product" columns Stephanie's Earring Shop and Revenues Labor Total Product (pairs of (workers) earrings)...
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