350 500 800 Units of labor 1,100 The price of capital is $500 per unit. Between 30,000 and 50,000 units of output, how much does each additional unit of output add to long-run total cost? $1.50 O$300 $30,000 O$2.45 none of the above
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pts 220 6 160 Q 50,000 Q 30.000 50 Q 10,000 350 500 800 1.100 Units of labor The price of capital is $500 per un...
In the graph below, the price of capital is $500 per unit. How many units of...
In the graph below, the price of capital is $500 per unit. How many units of labor should a firm use in order to produce 30,000 units of output at the lowest possible cost? 300 units of labor 320 units of labor 500 units of labor 800 units of labor none of the above Units of op - 50.000 Q - 30,000 Q-10,000 350 500 800 1.100 Ints of in
In the following graph, the price of capital is $100 per unit; the price of labor is $25 per unit...
In the following graph, the price of capital is $100 per unit;
the price of labor is $25 per unit. When output is 20 units, what
is AVERAGE cost?
a. $350
b. $700
c. $3,500
d. $7,000
e. none of the above
Answer: a (EXPLAIN)
100 70 S 64 40 Q 30 24A Q 20 Q-10 144 120 160 280 64 400 Units of labor
100 70 S 64 40 Q 30 24A Q 20 Q-10 144 120 160 280...
A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. The p...
A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. The price of labor is $5 per unit and the price of capital is $20 per unit. At these input levels, another unit of labor adds 50 units of output, while another unit of capital adds 400 units of output. The firm could increase output by ( include explanation please ) a. 10 units by spending $1 more on capital and...
1. A plant's production function is Q = (L4/2 + K1/2)2. The price of labor is $10 per unit, and the price of capital is...
1. A plant's production function is Q = (L4/2 + K1/2)2. The price of labor is $10 per unit, and the price of capital is $30 per unit. In the short-run, capital is fixed at 9 units. The plant has a production quota of 1600 units of output that it must meet. a. Calculate the short-run minimum cost of producing 1600 units of output. (5 points) b. Assuming that the plant still meets its production quota, how much will it...
QUESTIONS Figure 73 Units of capital 20- 144 Expansion path 12 10- Q-300 11 X =220 1X0-100 V = 600 C = 1,200 C = 1,800...
QUESTIONS Figure 73 Units of capital 20- 144 Expansion path 12 10- Q-300 11 X =220 1X0-100 V = 600 C = 1,200 C = 1,800 TTTTTTTTTTTTTTTTT 2 4 6 8 10 12 14 16 18 20 Units of labor Reference: Rat 7-3 on the following graph. (Figure 7.3) The firm's total cost is given by curve Total cost ($) 2,000 1,8007 1,600 1,4007 1,200 II - - - - 1,000+ 800 6007 4007 200 - -- - TTTTTTTTTTTTTTTTIIIIII 0...
The following graph illustrates various cost lines (aka isocost lines), where units of labor are measured...
The following graph illustrates various cost lines (aka isocost lines), where units of labor are measured along the horizontal axis, units of capital are measured along the vertical axis. Assume the wage rate is $20 per unit of labor and the rental rate is $100 per unit of capital. - Isocost Lines (ICL) Units of Capital ICL3 ICL ICL 500 1 000 1 500 Units of Labor 2 000 2 500 3 000 Figure Description: Units of labor are measured...
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5...
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5 $105 $50 12 $10 7 $50 30 $10 18 $50 43 $10 13 $50 52 $109 $50 60 $108 $50 64 $10 4 $50 OU UN-O TFC TVC TC M C AVC ATC Marginal Total Total Total Total Marginal Average Average Revenue Revenu Fixed Variable Cost Cost Variable Total Cost Cost Cost Cost 2000 200 - - - $100 200 50 250 10 10...
Input Prices Direct materials Plastic Metal Direct manufacturing labor $ 6 per pound $ 5 per...
Input Prices Direct materials Plastic Metal Direct manufacturing labor $ 6 per pound $ 5 per pound $ 12 per direct manufacturing labor hour Input Quantities per Unit of Output Cat-allac Dog-eriffic Direct materials Plastic Metal Direct manufacturing labor-hours (DMLH) Machine-hours (MH) 5 pounds 0.5 pounds 3 hours 12 MH 7 pounds 1 pound 5 hours 20 MH Inventory Information, Direct Materials Metal Beginning inventory Target ending inventory Cost of beginning inventory Plastic 220 pounds 400 pounds 924 70 pounds...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K2. ii. iii. Find the price elasticity of the demand when the number of books bought is 30. ] Calculate the percentage change in quantity demanded when the price increases by 10% (use the coefficient price elasticity of...
24. Which of the following costs are variable? 10,000 Units 30,000 Units $100,000 40,000 90,000 50,000 Cost $300,000 240,000 90,000 150,000 2. 4. A) only 2 B) only 1 C) 1 and 2 D) 1 and4 25. Ed...
24. Which of the following costs are variable? 10,000 Units 30,000 Units $100,000 40,000 90,000 50,000 Cost $300,000 240,000 90,000 150,000 2. 4. A) only 2 B) only 1 C) 1 and 2 D) 1 and4 25. Eddy Company is starting business and is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $60 and Eddy Company would sell it for $135. The cost to assemble the product is estimated at...
In the following graph, the price of capital is $100 per unit;
the price of labor is $25 per unit. When output is 20 units, what
is AVERAGE cost?
a. $350
b. $700
c. $3,500
d. $7,000
e. none of the above
Answer: a (EXPLAIN)
100 70 S 64 40 Q 30 24A Q 20 Q-10 144 120 160 280 64 400 Units of labor
100 70 S 64 40 Q 30 24A Q 20 Q-10 144 120 160 280...
1. A plant's production function is Q = (L4/2 + K1/2)2. The price of labor is $10 per unit, and the price of capital is $30 per unit. In the short-run, capital is fixed at 9 units. The plant has a production quota of 1600 units of output that it must meet. a. Calculate the short-run minimum cost of producing 1600 units of output. (5 points) b. Assuming that the plant still meets its production quota, how much will it...
QUESTIONS Figure 73 Units of capital 20- 144 Expansion path 12 10- Q-300 11 X =220 1X0-100 V = 600 C = 1,200 C = 1,800 TTTTTTTTTTTTTTTTT 2 4 6 8 10 12 14 16 18 20 Units of labor Reference: Rat 7-3 on the following graph. (Figure 7.3) The firm's total cost is given by curve Total cost ($) 2,000 1,8007 1,600 1,4007 1,200 II - - - - 1,000+ 800 6007 4007 200 - -- - TTTTTTTTTTTTTTTTIIIIII 0...
The following graph illustrates various cost lines (aka isocost lines), where units of labor are measured along the horizontal axis, units of capital are measured along the vertical axis. Assume the wage rate is $20 per unit of labor and the rental rate is $100 per unit of capital. - Isocost Lines (ICL) Units of Capital ICL3 ICL ICL 500 1 000 1 500 Units of Labor 2 000 2 500 3 000 Figure Description: Units of labor are measured...
Labor Quantity Price MPI Wage Per Unit Marginal Rate Product of Labor 0 $100 $50 5 $105 $50 12 $10 7 $50 30 $10 18 $50 43 $10 13 $50 52 $109 $50 60 $108 $50 64 $10 4 $50 OU UN-O TFC TVC TC M C AVC ATC Marginal Total Total Total Total Marginal Average Average Revenue Revenu Fixed Variable Cost Cost Variable Total Cost Cost Cost Cost 2000 200 - - - $100 200 50 250 10 10...
Input Prices Direct materials Plastic Metal Direct manufacturing labor $ 6 per pound $ 5 per pound $ 12 per direct manufacturing labor hour Input Quantities per Unit of Output Cat-allac Dog-eriffic Direct materials Plastic Metal Direct manufacturing labor-hours (DMLH) Machine-hours (MH) 5 pounds 0.5 pounds 3 hours 12 MH 7 pounds 1 pound 5 hours 20 MH Inventory Information, Direct Materials Metal Beginning inventory Target ending inventory Cost of beginning inventory Plastic 220 pounds 400 pounds 924 70 pounds...
c) The demand function for books in Pick n Pay is given by P quantity demanded and P is the price per book. 50-0.3Q, where Q is the i. Find the number of books that will be bought when the price is K2. ii. iii. Find the price elasticity of the demand when the number of books bought is 30. ] Calculate the percentage change in quantity demanded when the price increases by 10% (use the coefficient price elasticity of...
24. Which of the following costs are variable? 10,000 Units 30,000 Units $100,000 40,000 90,000 50,000 Cost $300,000 240,000 90,000 150,000 2. 4. A) only 2 B) only 1 C) 1 and 2 D) 1 and4 25. Eddy Company is starting business and is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $60 and Eddy Company would sell it for $135. The cost to assemble the product is estimated at...
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