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- A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.The local ice cream shop is trying to figure out how many workers to hire, and part of the decision will be based on the marginal product of labor. The following table shows a short-run production function for quantity of ice cream tubs produced. Diminishing marginal returns begins after hiring which worker? Workers hired Quantity of ice cream tubs produced 1 110 2 200 3 270 4 300 5 320 16 330 300 Seventh Sixth Second Fourth2 What is the law of diminishing returns? Why does the marginal product of labor eventually diminish?
- 5. What is the average product of labor, given that the level of labor equals 10, total outout equals 1200 and the marginal product of labor equals 200?.14. A firm uses labour, L and capital K, to produce a single product, X. capital is fixed but labour is variable. The firm's production function is: X=-0.2L + 18L? + 1620L. Where X is the number of units of the product per week, and L is the number of persons employed. A. At what weekly output is marginal cost equal to average variable cost? B. if the price of the product is $0.20 per unit, what is the maximum weekly wage that the firm would pay rather than close down?
- 2. XYZ Co. operates in a competitive market. Its marginal product of labor is 1/L, and it takes the wage and price as given. Derive the firm's short-run demand for labor as a function of w and p. How much labor will the firm hire if W-C20 and P-C100? please give vivid answersSuppose that labor is the only input used by a perfectly competitive firm.The firm's production function is as follows:a.Calculate the marginal product for each additional worker.b.Each unit of output sells for $10.Calculate the marginal product for each additional worker.cCompute the demand for schedule showing the number of workers hired.12. A firm uses capital and labour to produce widgets. In the short-run capital is fixed, while labour is variable. The short-run production function is X-L'+ 24L2+ 240L Where X is the number of widgets produced in per week, and L is the number of workers employed. Each worker works a 40-hour week. The wage rate is $12 per hour. a. Calculate the range of values for L over which the firm is in stage I, stage II and stage II b. what is the minimum product price at which the firm will operate in the short-run? c. The product price, over which the firm has no control, is such that the firm's maximum possible pure profit $ 1096 per week. In order to achieve that level of profit it must employ 16 workers. How much is the firm's total fixed cost?.
