Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $160 per day and the greenhouse is rented for $400 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor 0 Labor 12345 Capital 1 1 1 1 Output 0 80 240 320 360 380 Total Cost $ 400 560 720 880 1040 1200 Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.) Capital Output Total Cost Average Total Cost

Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $160 per day and the greenhouse is rented for $400 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor 0 Labor 12345 Capital 1 1 1 1 Output 0 80 240 320 360 380 Total Cost $ 400 560 720 880 1040 1200 Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two decimal places.) Capital Output Total Cost Average Total Cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Production Total Product Total Fixed Cost Total variable cost Total Cost Average fixed cost Average variable cost Average Total Cost Marginal Cost 0 0 1 25 2 45 3 60 4 70 5 85 6 105 7 135 8 180 9 240 10 315 Assume that fixed costs are $50, labor is the only variable input and its costs are reflected completely in the costs above. Complete the table Graph AFC, AVC, ATC, and MC Explain how increasing returns and decreasing returns are depicted in your graph If the labor input increased by $10 at every unit of production, what would be the effect on your graphs?
The following table shows the capital and labor requirements for 10 different levels of production. Assuming that the price of labor (PL) is $9 per unit and the price of capital (PK) is $8 per unit, compute and graph total cost, marginal cost, and average cost for the firm. To do this, fill in the total cost for each output level in the table below. (Enter your responses as whole numbers.) q 0 1 2 3 4 5 6 7 8 9 10 K 0 20 20 20 20 20 20 20 20 20 20 L 0 3 7 10 13 17 23 31 41 53 67 TC 0
Suppose a pizza parlor has the following production costs: $5.00 in labor per pizza, $3.00 in ingredients per pizza, $0.20 in electricity per pizza, $1,500 in restaurant rent per month, and $250 in insurance per month. Assume the pizza parlor produces 1,000 pizzas per month. What is the variable cost of production (per month)? The variable cost of production is $ (Enter your response as an integer.) What is the fixed cost of production (per month)? The fixed cost of production is $ ☐. (Enter your response as an integer.)
Confused and uncertain on what to do to solve correctly
Explain why this statement is true or false: "If the labor cost per table is $20 and the material cost per table is $30, the short run average cost per table is $50."
None
Please answer fast please arjent help please ASAP pls answer fast
Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb-Douglas production function Q=F(L,K) Q=10L^0.25 K^0.25 where L is their number of workers and K is units of capital. The wage rate is $500 per week and a unit of capital costs $500 per week. Suppose that when initially producing 10 square feet a week, they use 1 unit of capital.a. What is their short-run cost of remodeling 80 square feet per week? Instructions: Round your answer to the nearest whole number. $ b. What is their short-run average cost of remodeling 80 square feet per week? Instructions: Round your answer to the nearest whole number. $ c. What is their long-run cost of remodeling 80 square feet per week? Instructions: Round your answer to the nearest whole number. $ d. What is their long-run average cost of remodeling 80 square feet per week? Instructions: Round your answer…
How many units of labor and capital should be purchased to maximize production? What is the maximum number of units of production?
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table below. Suppose that each gardener is paid $200 per day and the greenhouse is rented for $500 per day. Fill in total cost in the table below. (Enter your responses as integers.) Labor Capital Output Total Cost 0 1 0 $ 1 1 160 2 1 480 3 1 640 4 1 720 5 1 760
Consider a production process where flowers are grown (the output) using gardeners (labor) and greenhouses (capital). The quantity of flowers grown per day with various combinations of labor and capital are shown in the table. Fill in the marginal product of labor in the table below. (Enter your responses as integers.) Labor Capital Output Marginal Product of Labor 0 1 0 - 1 1 120 2 1 360 3 1 480 4 1 540 5 1 570
Looking at the following plot of a firm's production function, represented by isoquants for production levels and isocost lines for different total costs of production. Which of the following are true? 101 00 9 K, Capital per unit time Cost $38.80 2 Cost $18:40 6 L. Labour per unit time 10 Y Y 4 Y 2 a. Points a and b are each cost minimizing points for the firm at different levels of output. b. Point d will have higher output and lower total cost than point c c. Point e has less output than point b, but a higher total cost. d. The production function exhibits increasing returns to scale. e. It's clear that Point c does not correspond to a cost-minimizing bundle of inputs.