Hello! My question has been answered already, however, I wanted to make sure the answers are correct. can someone else answer this problem again? Kindly include a step-by-step process and solution. Thank you so much!Ps: This is the last question, I just forgot to include it in the picture. Thank you!C. At what price will the firm decide to shut-down in the short-run? 1. The production function of a small firm that produces t-shirts is given by the tablebelow.0 4 68 10 12 14 16 18 20 22 240 9 18 33 57 72 84 93 99 102 102 99A. For each L, solve for AP and MP. Round-up your answers to two decimals.Represent your answers on a table. No need to show the solutions,B. What would be the output elasticities of labor? Round-up your answers to twodecimals. If the firm is hiring 16 and 12 workers, interpret the computed ɛ, values.C. Identify the range of number of laborers under increasing marginal returns,diminishing marginal returns, and negative marginal returns.D. Explain why the firm experiences diminishing marginal returns.E. If the firm sells each t-shirt for P75 and each worker receives a wage of P450 perday, what is the optimal number of laborers to hire to maximize profits?2. The table below shows the number of total product produced by its correspondingnumber of laborers employed. Assume that each laborer receives P550 as wage and thefirm pays P700 rental fee for the equipment it uses.Q0 24 64 116L02 41762202402488101214A. If the firm wants to minimize the cost per unit of production, how many units ofoutput must it produce?B. If the product is sold for P26, should the seller still continue production? If yes,how many units of output? Justify your answer.

the time period is not mentioned in this problem so we consider it as the short-run problem i.e. in…

2. The table below shows the number of total product produced by its corresponding number of laborers employed. Assume that each laborer receives P550 as wage and the firm pays P700 rental fee for the equipment it uses. Q0 24 64 116 176 L02 4 6 220 240 248 8 10 12 14 A. If the firm wants to minimize the cost per unit of production, how many units of output must it produce? B. If the product is sold for P26, should the seller still continue production? If yes, how many units of output? Justify your answer.

2. The table below shows the number of total product produced by its corresponding number of laborers employed. Assume that each laborer receives P550 as wage and the firm pays P700 rental fee for the equipment it uses. Q0 24 64 116 176 L02 4 6 220 240 248 8 10 12 14 A. If the firm wants to minimize the cost per unit of production, how many units of output must it produce? B. If the product is sold for P26, should the seller still continue production? If yes, how many units of output? Justify your answer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hello! My question has been answered already, however, I wanted to make sure the answers are correct. can someone else answer this problem again? Kindly include a step-by-step process and solution. Thank you so much!

Ps: This is the last question, I just forgot to include it in the picture. Thank you!

C. At what price will the firm decide to shut-down in the short-run?

1. The production function of a small firm that produces t-shirts is given by the table
below.
0 4 68 10 12 14 16 18 20 22 24
0 9 18 33 57 72 84 93 99 102 102 99
A. For each L, solve for AP and MP. Round-up your answers to two decimals.
Represent your answers on a table. No need to show the solutions,
B. What would be the output elasticities of labor? Round-up your answers to two
decimals. If the firm is hiring 16 and 12 workers, interpret the computed ɛ, values.
C. Identify the range of number of laborers under increasing marginal returns,
diminishing marginal returns, and negative marginal returns.
D. Explain why the firm experiences diminishing marginal returns.
E. If the firm sells each t-shirt for P75 and each worker receives a wage of P450 per
day, what is the optimal number of laborers to hire to maximize profits?
2. The table below shows the number of total product produced by its corresponding
number of laborers employed. Assume that each laborer receives P550 as wage and the
firm pays P700 rental fee for the equipment it uses.
Q0 24 64 116
L02 4
176
220
240
248
8
10
12
14
A. If the firm wants to minimize the cost per unit of production, how many units of
output must it produce?
B. If the product is sold for P26, should the seller still continue production? If yes,
how many units of output? Justify your answer.

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I DO NOT NEED THE TABLE INSTEAD I NEED THE ANSWERS TO THE QUESTIONS BELOW Quantity of Output Total Variable Cost Total Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 1 $20 2 $35 3 $45 4 $60 5 $80 6 $105 7 $140 8 $185 9 $250 10 $340 Imagine yourself running a pizza restaurant over a short term horizon. Think about the following potential changes in your costs. For each, try to discern which would affect your fixed costs from those that are variable costs. Specifically, how would each scenario shift your Average Variable Cost, Marginal Cost, and Average Total Cost curves? Explain your answers. The wages of hourly workers increase The cost of cheese increases The rent on the building housing your restaurant increases The price of gasoline (for pizza delivery) decreases
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ntQu102spring22 (1) - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu Pafadnam References Mailings Review View Help t Defender Advanced Threat Protection and it hasn't detected any threats. If you need to edit this file, click enable editing, Enable Editing 3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. MC SRATC 4 SRAVC 1.5 1 100 200 300 400 Quantity FIGURE 1 a) Refer to Figure 1. If the current market price is $6, what is the profit-maximizing output for this firm? b) Refer to Figure 1. If the price is $6 and the firm is producing at its profit-maximizing output, then what are total costs for the firm? c) Refer to Figure 1. If the market price is $1, the firm will produce short run. units of output in the d) Refer to Figure 1. If the market price is $2, what the firm will do? Price $