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26 Variable Costs = $1500 per week per worker + $45 parts and utilities per mower 27 28 1. Fill out all the blank cells in the table based on the information given. 29 2. At what level of the variable input does Diminishing Returns set in? 30 3. At what level of output (Total Product) does increasing Marginal cost set in? 31 4. What is the rule for maximizing profit for a competitive firm? 32 5. If the competitive market price for lawn mowers was $145, calculate the profit or loss the firm would experience. 33 6. Would the firm produce lawn mowers if the price of lawn mowers was $145? Why or why not? 34 7. If the competitive market price for lawn mowers was $170, calculate the profit or loss the firm would experience. 35 8. Would the firm produce lawn mowers if the price of lawn mowers was $170? Why or why not? 36 9. If the competitive market price for lawn mowers was $420, calculate the profit or loss the firm would experience. 37 10. Would the firm produce lawn mowers if the price of lawn mowers was $420? Why or why not? 38 11.At approximately what price/output combination is this firm's shut down point? 39 12.At approximately what price/output combination is this firm's break even point? 40 13.Describe this firm's short run supply curve from the data in the spreadsheet.

26 Variable Costs = $1500 per week per worker + $45 parts and utilities per mower 27 28 1. Fill out all the blank cells in the table based on the information given. 29 2. At what level of the variable input does Diminishing Returns set in? 30 3. At what level of output (Total Product) does increasing Marginal cost set in? 31 4. What is the rule for maximizing profit for a competitive firm? 32 5. If the competitive market price for lawn mowers was $145, calculate the profit or loss the firm would experience. 33 6. Would the firm produce lawn mowers if the price of lawn mowers was $145? Why or why not? 34 7. If the competitive market price for lawn mowers was $170, calculate the profit or loss the firm would experience. 35 8. Would the firm produce lawn mowers if the price of lawn mowers was $170? Why or why not? 36 9. If the competitive market price for lawn mowers was $420, calculate the profit or loss the firm would experience. 37 10. Would the firm produce lawn mowers if the price of lawn mowers was $420? Why or why not? 38 11.At approximately what price/output combination is this firm's shut down point? 39 12.At approximately what price/output combination is this firm's break even point? 40 13.Describe this firm's short run supply curve from the data in the spreadsheet.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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File 5 R24 Undo AKIT 12345678 234 1 14 15 1 67 1 1 1 9 1 10 1 1 11 1 12 1 13 1 1 16 1 1 1 Home Insert Draw Page Layout Formulas 1 1 Paste Clipboard N MOTN B L 0 1 2 3 4 5 6 7 8 9 10 11 12 13 17 18 19 20 21 22 Fixed Costs = 23 24 25 14 15 16 17 18 OPOLEEEEE X ✓ fx C D TP MPP 0 12 26 41 55 68 Arial 80 91 101 110 118 125 131 136 BIU 140 143 145 146 146 V ✓10 Font E FC V V F VLC A^ A Data Review View Automate Help IN G VMC Alignment H TVC TC 7 General $ V J AFC % 9 Number $5K interest and principle, insurance and property tax + $1 K Lawyer's retainer + $2K Government Regulation compliance manager + $1K HR/diversity compliance manager + $2.5K accountant + $3K principal's opportunity cost ←.0 .00 K AVTC →.0 5 Conditional Format as Formatting Table ✓ Styles ATC M MC Cell Styles N * Insert Delete Format Cells V P 图M Σ AT Sort & Find & Filter Select ✓ Editing R Comments Analyze Data Analysis = S Share T Column A: K = units of capital Column B: L = Column C: TP = Column D: MPP = Marginal Physical Product Column E: FC = Fixed Cost Column F: VLC = Variable Labor Cost Column G: VMC = Variable Material Cost (parts and utilities) Column H: TVC = Total Variable Cost = VLC + VMC Column I: TC = Total Cost = FC + TVC Column J: AFC = Average Fixed Cost Fixed Cost/TP = FC/Q Column K: AVTC = Average Variable Total Cost = VTC/Q Column L: ATC = Average Total Cost = Total Cost/Q Column M: MC = Marginal Cost = (Change in TC/Change in TP) (*: MC is really average MC per unit because we are changing outp units of labor per 40 hour week Total Product = Quantity of output per week = Q ▶
Transcribed Image Text:File 5 R24 Undo AKIT 12345678 234 1 14 15 1 67 1 1 1 9 1 10 1 1 11 1 12 1 13 1 1 16 1 1 1 Home Insert Draw Page Layout Formulas 1 1 Paste Clipboard N MOTN B L 0 1 2 3 4 5 6 7 8 9 10 11 12 13 17 18 19 20 21 22 Fixed Costs = 23 24 25 14 15 16 17 18 OPOLEEEEE X ✓ fx C D TP MPP 0 12 26 41 55 68 Arial 80 91 101 110 118 125 131 136 BIU 140 143 145 146 146 V ✓10 Font E FC V V F VLC A^ A Data Review View Automate Help IN G VMC Alignment H TVC TC 7 General $ V J AFC % 9 Number $5K interest and principle, insurance and property tax + $1 K Lawyer's retainer + $2K Government Regulation compliance manager + $1K HR/diversity compliance manager + $2.5K accountant + $3K principal's opportunity cost ←.0 .00 K AVTC →.0 5 Conditional Format as Formatting Table ✓ Styles ATC M MC Cell Styles N * Insert Delete Format Cells V P 图M Σ AT Sort & Find & Filter Select ✓ Editing R Comments Analyze Data Analysis = S Share T Column A: K = units of capital Column B: L = Column C: TP = Column D: MPP = Marginal Physical Product Column E: FC = Fixed Cost Column F: VLC = Variable Labor Cost Column G: VMC = Variable Material Cost (parts and utilities) Column H: TVC = Total Variable Cost = VLC + VMC Column I: TC = Total Cost = FC + TVC Column J: AFC = Average Fixed Cost Fixed Cost/TP = FC/Q Column K: AVTC = Average Variable Total Cost = VTC/Q Column L: ATC = Average Total Cost = Total Cost/Q Column M: MC = Marginal Cost = (Change in TC/Change in TP) (*: MC is really average MC per unit because we are changing outp units of labor per 40 hour week Total Product = Quantity of output per week = Q ▶
26 Variable Costs = $1500 per week per worker + $45 parts and utilities per mower 27 28 1. Fill out all the blank cells in the table based on the information given. 29 2. At what level of the variable input does Diminishing Returns set in? 30 3. At what level of output (Total Product) does increasing Marginal cost set in? 31 4. What is the rule for maximizing profit for a competitive firm? 32 5. If the competitive market price for lawn mowers was $145, calculate the profit or loss the firm would experience. 33 6. Would the firm produce lawn mowers if the price of lawn mowers was $145? Why or why not? 34 7. If the competitive market price for lawn mowers was $170, calculate the profit or loss the firm would experience. 35 8. Would the firm produce lawn mowers if the price of lawn mowers was $170? Why or why not? 36 9. If the competitive market price for lawn mowers was $420, calculate the profit or loss the firm would experience. 37 10. Would the firm produce lawn mowers if the price of lawn mowers was $420? Why or why not? 38 11.At approximately what price/output combination is this firm's shut down point? 39 12.At approximately what price/output combination is this firm's break even point? 40 13.Describe this firm's short run supply curve from the data in the spreadsheet.
Transcribed Image Text:26 Variable Costs = $1500 per week per worker + $45 parts and utilities per mower 27 28 1. Fill out all the blank cells in the table based on the information given. 29 2. At what level of the variable input does Diminishing Returns set in? 30 3. At what level of output (Total Product) does increasing Marginal cost set in? 31 4. What is the rule for maximizing profit for a competitive firm? 32 5. If the competitive market price for lawn mowers was $145, calculate the profit or loss the firm would experience. 33 6. Would the firm produce lawn mowers if the price of lawn mowers was $145? Why or why not? 34 7. If the competitive market price for lawn mowers was $170, calculate the profit or loss the firm would experience. 35 8. Would the firm produce lawn mowers if the price of lawn mowers was $170? Why or why not? 36 9. If the competitive market price for lawn mowers was $420, calculate the profit or loss the firm would experience. 37 10. Would the firm produce lawn mowers if the price of lawn mowers was $420? Why or why not? 38 11.At approximately what price/output combination is this firm's shut down point? 39 12.At approximately what price/output combination is this firm's break even point? 40 13.Describe this firm's short run supply curve from the data in the spreadsheet.
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