46T he table below shows the short-run production function for Phyliss's Carpentry Contractors. Number of Carpenters Total Product per Hour 1 200 2 255 3 305 4 345 380 6. 410 7 435 8. 455 (a) Beginning with which carpenter do diminishing marginal returns set in for Phyliss's Carpentry Contractors? Explain using numbers. (b) Assume Phyliss's Carpentry Contractors sells its carpentry services in a perfectly competitive market at a price of $2. Calculate the marginal revenue product of the fifth carpenter. Show your work. (c) Phyliss's Carpentry Contractors hires carpenters in a perfectly competitive labor market for carpenters at a wage rate of $90 per hour, and the market price of services remains $2. How many carpenters will Phyliss's Carpentry Contractors hire to maximize its profit? Explain using marginal analysis.

46T he table below shows the short-run production function for Phyliss's Carpentry Contractors. Number of Carpenters Total Product per Hour 1 200 2 255 3 305 4 345 380 6. 410 7 435 8. 455 (a) Beginning with which carpenter do diminishing marginal returns set in for Phyliss's Carpentry Contractors? Explain using numbers. (b) Assume Phyliss's Carpentry Contractors sells its carpentry services in a perfectly competitive market at a price of $2. Calculate the marginal revenue product of the fifth carpenter. Show your work. (c) Phyliss's Carpentry Contractors hires carpenters in a perfectly competitive labor market for carpenters at a wage rate of $90 per hour, and the market price of services remains $2. How many carpenters will Phyliss's Carpentry Contractors hire to maximize its profit? Explain using marginal 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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Output TFC TVC TC MC АТС A 25 25 ---- -- ---- -- B 1 25 25 50 25 50 C 2 25 40 65 32.5 3 25 70 95 E 4 25 110 33.75 F 5 25 160 50 What is the total cost at point E? 135 125 185 Cannot be determined
2. Mr. Jack is in the process of expanding his manufacturing business. He decided to open a plant in the coming year. He has four locations in mind. The costs information for these locations is in the following table. Locations A B C D Fixed Cost 60,000 80,000 100,000 130,000 Variable Costs/units 30 20 15 10 a. i. Write an equation to represent the total costs for each location.ii. Draw the total costs lines for each location on the same axes. (Use output ranges of 2000, 4000, 6000, 8000 etc. and intervals of $50,000 on the Y axis. iii. Over what range of output is location A the most preferred location?iv. Over what range of output is location B the most preferred location?v. Over what range of output is location C the most preferred location?
• Calculate TC, AC, MC, AVC, AFC, and graphically shows the calculated and given costs. Quantity Fixed Costs S Variable Costs $ 300 1 300 50 300 90 300 120 300 150 300 190 300 240 300 290 8. 300 350 N3 4 56 70
8. Consider a firm's short run and long run average costs depicted below: 300 270 240 210 180+ Wunt 150 120+ 90 60 30 ---- W X AC LRAC 200 400 600 800 1000 1200 1400 1600 1800 2000 # of units Suppose this firm has been producing 400 units per month for a long time. If it decides to increase its output to 800 units per month, then its average cost will O A. fall from $300/unit to $150/unit initially, then rise to $240/unit eventually. O B. fall from $300/unit to $60/unit initially, then rise to $240/unit eventually. O C. fall from $300/unit to $60/unit and remain there. O D. fall from $300/unit to $240/unit and remain there. O E. rise from $150/unit to $240/unit initially, then fall to $60/unit eventually. OF. rise from $150/unit to $300/unit initially, then fall to $60/unit eventually. O G. fall from $150/unit to $60/unit and remain there. OH. rise from $150/unit to $240/unit and remain there.
A. Use the SR Cost Table below to compute for the values that corresponds to letters a to e. 9 0 1 2 3 4 5 6 7699 8 10 TFC A. 50 TVC 0 18 38 54 73 94 118. 145 175 207 241 TC AVC ATC/AC MC b. C. d. e. B. Based on the SR Cost Table above, draw, in ONE graph, the MC, AVC, and AC. Please label all axes, coordinates, and curves. Use five (5) coordinates per curve.
Total fixed cost for this firm:
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If a business is experiecing diminishing marginal product of labor then A. its fixed costs must be increasing B. its total cots must be decreasing C. its marginal costs must be increasing D. its implict costs must be decreasing (please explain each choice)
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If short run total costs are 2q2 + 50q + 50, and output is 15, average variable costs will be a. 80 b. 50 C. 450 d. 105 e. 52.50
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Cost Per Year O O O 1 At what level of output does average total cost equal marginal cost? ♂ Q4 QQQQ Q8 TC VC FC Output