1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16

1 2 WN 3 4 5 6 7 8 9 WN=86 10 11 12 A B Capital (K) 1 1 1 1 1 1 1 1 1 1 с Labor (L) 1 AWNP 2 3 4 5 6 7 8 9 10 Total Product (TP) 10 Average Product (AP) 10 12.33 12.25 == 10.67 9.57 8.38 5.8 22 37 58 64 67 E 64 F Marginal Product (MP) 10 12 12 9 3 -3 -6 G 13 14 a. Complete the table above (SHOW FORMULAS USING EXCEL) 15 b. Create the graph of Total Product, Average Product, and Marginal Product as a function of Labor (SHOW STEP BY STEP PROCESS USING EXCEL) 16

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of TP = WorkersOutput 1 2 3 4 5 6 18 80 180 240 280 294 7 TVC($) 6 220 440 660 880 1100 1320 TFC Table B 400 400 400 400 400 400 TC 620 840 1060 1280 1500 1720 AVC($) 22 5.5 3.67 3.67 G ATC 62 10.5 5.89 5.33 5.33 5.3 3.9 4.5 5.8 d) On the graph given below, plot the following points showing the quantity and dollar amounts. point of diminishing returns (D) most productive point (P) economic capacity (E) Once a point is plotted, a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. Tools Question 1- CH 6: In-Class Activity x MC($) 0 220 220 220 220 220 Prev i 1 of 8 Next > O & https://exto.mheducation.com/ext/map/index.html? l
70 60 50 40 30 20 10 0 $ 0 10 20 30 40 LS MFC VMP MRP 444L 50 01. Assuming the price of the product is $2.00, what is the Marginal Physical Product (MPP) of Labor of the 45-th unit of labor? (a) 10 (b) 20 O (c) 30
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Use the following information to answer question 22-23. Number of Workers Hired 4 5 6 7 8 Question 22 Diminishing marginal returns set in when the process.... a) fourth b) sixth c) seventh d) eighth Number of Meals Sold 300 320 worker is added to the production Question 23 Average product will fall above marginal product when the a) fourth b) sixth c) seventh d) eigth worker is hired.
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TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $
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18 IV 16 III 14 E 12 %3D 10 8 4. 0246810 12 14 16 18 20 22 24 26 2830 32 34 Quantity 32. The marginal cost curve is labeled:
b. The following are costs and revenues incurred by an ice cream company in short-run production. Fixed cost (month) : RM 5 000 1 200 Rent Interest on loan Premium insurance 600 Variable cost (month) : Wages Maintenance 8 800 300 Utilities 2 200 Raw material 9 600 2 000 Transportation Owners salary before start producing own ice cream firm 54 000 Revenue (month) : Price per one cone ice cream RM5 Operation days Average customer per day 26 days 250 customers Based on the above information, calculate: i. Total revenue ii. Total cost iii. Economic profit From the answer to question (iii), what can you advise the ice cream maker?
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The tapie pelow Cotains pricerdemand and total cOSt data Tor the production of treadmilis, where p is the wholesale price (in dollars) of a treadmill for an annual demand of x treadmills, and C is the total cost (in dollars) of producing x treadmills. p ($) C ($) 2,910 1,450 3,634,000 3,415 1,275 3,782,000 4,645 1,123 4,185,000 5,330 918 4,290,000 Use this data to find a linear regression equation for price-demand data, using x as the independent variable: p= ax + b, where a is rounded to 1 decimal place and 6 is rounded to the nearest integer. Use this data to find a linear regression model for the cost data, using x as the independent variable: C(x) = cx + d, where c is rounded to the nearest integer and d is.rounded to the nearest 10,000. To Do Notifications Dashboard Calendar