c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of Workers Output TP = 1 10 2 3 A 5 88 180 240 280 294 TVC($) 220 440 660 880 100 1320 TFC Table B TC 400 620 400 840 400 1060 400 1280 400 1500 400 1720 AVC($) ATC 22 5.5 3.67 3.67 3.9 4.5 62 10.5 5.89 5.33 5.3 5.8 MC($) 0 220 220 220 220 220 dy On the graph given below, plot the following points showing the quantity and dollar amounts. point of diminishing returns (D) most productive point (P) economic capacity (E)

c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of Workers Output TP = 1 10 2 3 A 5 88 180 240 280 294 TVC($) 220 440 660 880 100 1320 TFC Table B TC 400 620 400 840 400 1060 400 1280 400 1500 400 1720 AVC($) ATC 22 5.5 3.67 3.67 3.9 4.5 62 10.5 5.89 5.33 5.3 5.8 MC($) 0 220 220 220 220 220 dy On the graph given below, plot the following points showing the quantity and dollar amounts. point of diminishing returns (D) most productive point (P) economic capacity (E)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Watchshop is a watch manufacturing company that sells low-end wrist wacthes. They hire labour at the rate of tk. 3949.0 per worker and their fixed cost is equal to tk. 10630.0 per week. The table below is the product schedule of Watchshop Labour (workers hired per week) Output (watches produced per week) 1 38.0 2 78.0 3 128.0 4 168.0 5 198.0 6 218.0 7 228.0 (a) What is the total cost, when output is 128.0? (b) What is the marginal cost per unit when we move from output 198.0 to output 218.0? (c) Consider that Watchshop is operating in its range of diseconomies of scale. At that level of output, the slope of its LRAC curve is____ 1. Positive 2 .Zero 3. Negative 4. Insufficient information to comment on the slope of the LRAC curve
how do you know the total variable is 50 when finding the total fixed cost?
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(b) A garment factory’s production function is provided in the table.The gross profit per unit (difference between selling price and material cost, but not including the cost of labour) is $100. # Workers Output 1 20 2 36 3 48 4 56 5 60 6 62 (i) If the wage rate is $1,000 a week, how many workers should the factory hire? (ii) If a surge in popularity for the factory’s brand allows them to raise the product price such that the gross profit rises to $150, how many workers will the factory hire now? (iii) Calculate the number of garments produced in each of the two cases above. I would like questions i,ii,iii answered please.
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
Suppose that the firm Smith Co sells 400 blouses per month for $80 per blouse. Roberto, the owner of the business and does not take salary from her business yet. Roberto is a textile engineer by trade and could be earning $ 4800 per month working for a similar firm. The monthly costs of production are as follow: materials: $ 8000 labor: $12800 other: $1600 What is are Smith Co's total explicit costs? $ What is are Smith Co's total implicit costs? $ What is Smith Co's accounting profit? $ What is Smith Co's economic profit? $ ID - -> -
Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table. Total variable Total product Total cost AFC ATC MC SO $ 80 1 110 190 2 150 230 180 * 220 300 270 350 340 440 520 660 」二|||| JI|||||
Marginal Variable Fixed Labor Output Product Cost Cost $0 $5 -- 1 100 100 $5 $5 250 $10 $5 3 350 $15 $5 4 50 $20 $5 5 25 $25 $5 6 430 $30 $5 What is the average variable cost of producing 400 units of output?
Quantity 1 2 3 4 5 6 7 Firm 4 Firm 3 Long-Run Total Cost (Dollars) Firm 1 Firm 1 180 350 510 660 800 930 1,050 Firm 2 120 250 390 540 700 870 1,050 Refer to Table above. Which firm has economies of scale and then diseconomies of scale over the entire range of output? Firm 2 Firm 3 150 300 450 600 750 900 1,050 Firm 4 210 340 490 660 850 1,060 1,290
2. As an employee of the Rays-R-Us Corporation (a solar panel company), you have been asked to determine the nature of their long-run cost structure. Some cost data has been collected for you and appears in the table below. Quantity of Generators Labor Costs Tools Cost $2 $4 $7 $8 $15 $24 $28 $41 $65 $80 Total Cost Long Run Average Cost $10 12 14 16 20 30 42 1 4 5 8 9 10 70 100 (a) Fill in the missing values in the table. (b) Graph the firm's long-run average cost curve below. (c) Determine the range of output levels over which there exists economies and diseconomies of scale, and mark these ranges on your graph.