8 882 889222 100 QUANTITY OF OUTPUT (Units) 90 60 50 40 30 20 10 1 +++ 3 4 5 6 7 8 9 10 LABOR (Number of workers) 2 Refer to Figure 13-1. The graph illustrates a typical O production function. O marginal product of labor curve. O production possibilities frontier. O total-cost curve.

8 882 889222 100 QUANTITY OF OUTPUT (Units) 90 60 50 40 30 20 10 1 +++ 3 4 5 6 7 8 9 10 LABOR (Number of workers) 2 Refer to Figure 13-1. The graph illustrates a typical O production function. O marginal product of labor curve. O production possibilities frontier. O total-cost curve.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 5P

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

100
QUANTITY OF OUTPUT (Units)
90
80
70
60
50
40
30
20
10
1
2 3 4 5 6 7 8
LABOR (Number of workers)
Refer to Figure 13-1. The graph illustrates a typical
O production function.
O marginal product of labor curve.
O production possibilities frontier.
O total-cost curve.
9 10

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Name Time Started Time Finished Variable input (Labor) 0 10 20 1. Define the following terms: production function, average product, marginal product, law of diminishing marginal returns, constant returns to scale, increasing returns to scale and decreasing returns to scale. 2. Complete the table below: 30 40 50 60 THEORY OF PRODUCTION Activity No. 6 70 80 90 100 110 120 130 140 Total Product 0 250 600 1200 1900 2700 3600 4400 5000 5425 5700 5825 5900 Course & Year Date Performed 5925 5875 Average Product Marginal Product With the values in the above table, plot Total Product (TP), Average Product (AP) and Marginal Product (MP) in a single graph with units of product at the vertical axis and labor units at the horizontal axis. You can also use two (2)graphs (TP above AP and MP curves) Label your graphs properly. Use graphing paper for your curves if you do not have computer/laptop access but insert graph is recommended. 3. Describe the shapes of the curves drawn. What relationship can…
Production costs of books are presented in the table below. Labor Quantity Fixed Cost Variable Cost Total Cost MarginalCost AverageTotal Cost 0 0 $80 $0 $80 1 10 $80 $30 $110 2 26 $80 $60 $140 3 46 $80 $90 $170 4 65 $80 $120 $200 5 78 $80 $150 $230 Using the table above, calculate the average total cost for producing 10 books, in dollars.