Consider the production data below for a firm.  Diminishing marginal returns sets in with the ____ worker.  L Q 1 20 2 21 3 22.5 4 24.5 5 27 6 30 7 33.5 8 37.5 9 42 10 47 11 52.5 12 58.5 13 64 14 69 15 73.5 16 77.5 17 81 18 84 19 86.5 20 88.5 21 90 22 91 23 91.5 24 91.5

Q: Your company produces bicycle helmets. Currently you produce eight helmets per day at a total cost…

A: Total cost is the sum of fixed and variable cost.  Fixed cost are the cost that are fixed and…

Q: Figure: Marginal Decision Rule Figure: The Marginal Decision Rule Price (per unit) MC P 9 92 B…

A: A competitive market maximizes value as their marginal revenue equals the marginal cost. As the…

Q: If the total costs of producing 1,500 units of output is $12,000 and this output sold to consumers…

A: In economics, profit is referred as a difference between revenue that a business entity has earned…

Q: Illustrate with the aid of a diagram the effect on the general equilibrium of introducing a monopoly…

A: Effect on the General Equilibrium of Introducing a Monopoly into the Two-Sector ModelThe…

Q: Cost and demand conditions ATC |AVC d=MR MC 15 13 * 11 7.. %3D %3D 4 369 12 16 17 9 Bushele of wheat…

A: The firm is in a perfectly competitive market as the MR is a horizontal curve.The firm maximizes…

Q: 5. Suppose that labor cost P350.00 per day and rental price of capital cost is P2,000.00 per unit.…

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Q: Cost and de mand conditions ATC $ MC AVC Ad =MR 15 13 ンンズ」 11 9 -1 7-- 41. II || 3 6 9 12 16 17 q…

A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…

Q: Refer to the diagram, assuming that the firm represented is operating on curve TC₁. If the current…

A: Cost;Cost is defined as the expenditure. It is expressed in terms of money value in the production…

Q: q=500m-m^2/50, p=-0.6q+20; m=70 Find the marginal-revenue product for the given value of m.

A: Marginal revenue shows the income generated by selling one extra unit of a product, determined as…

Q: 26 25 20 12 10 20 MC 5 10 15 ATC AVC MR If the firm is making a loss, should they shut down? Why or…

A: A competitive market is a market in which there are many buyers and sellers, none of whom has…

Q: CAPITAL 10 15 LABOR O 0 0 0 1 20 20.7 20.5 2 38 39.3 40 3 54 57 58.5 4 68 73 76 5 80 87.3 92.5 6 90…

A: Introduction Its answer is It has decreasing returns to scale at all level of capital. Table of…

Q: Hours of Studying 2 3 4 Ob. 5. OC. 4. d. 2. 6 18 14 19 23 26 Jose 14 10 18 28 32 35 Paul Marisol 4 9…

A: Marginal revenue:Marginal revenue is the additional unit that is added to the total revenue. It is…

Q: By deriving the returns to scale characteristics of the two production functions, systematically…

A: For Product A at L=K=1 QA=L^0.5 K^0.7 QA=1×1=1 At L=K=2 QA= 2^0.5 ×2^0.7 QA=2^1.2 QA=2.29 With the…

Q: 1- Use the total cost (TC) schedule that is presented in the table below to determine the optimal…

A: Total revenue for the firm minus total cost gives the level of profit/loss of the firm.

Q: SMC(4) = SAC(4) : %| AVC(4) = AFC(4) =

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Q: Modified True or False: State whether each statement is true or false. If the statement is false,…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Instructions: Round your answers to the nearest whole number. a. Fill in the marginal product…

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Q: QUESTION 3 Explicit costs are and implicit costs are O Paid in money; incurred when a firm gives up…

A: In a market, firms bear two types of cost that are implicit cost and explicit cost. These cost are…

Q: Total Cost Output (Units) ($) 50 10 120 20 170 30 210 40 260 50 330 60 430 Total costs include a…

A: MC = Change in TC / Change in Q ATC = TC / Q Q TC Change in TC Change in Q MC ATC 0 50…

Q: Output Total Variable Marginal Variable Fixed Total (Q) Fixed Cost Cost Total Cost Cost Cost Cost…

A: Marginal cost is the additional cost incurred with an additional unit of output produced.

Q: 22 20 18 16- 14 12 10 8- 6- 4- 2 2 4 6 8 10 12 14 16 18 20 22 24 Labor 35 17 Reference: Ref 7-12 W…

A: The cost minimising level of output is attained where the isocost line tangents the isoquant.

Q: 2. The Longheel Press produces memo pads in its local shop. The company can rent its equipment and…

A: The production function is the function that shows the relation between the input variable and the…

Q: Suppose that a firm with production function Q(L,K) = (100 + K⁰.5 + Lº.5)² decides to double its…

A: The link between the components of manufacturing and the output of a manufacturing procedure is…

Q: $ 17 14 12 10 8 664 00 2 $14 $13 $12 MC $11 $10 ATC AVC --- A At which prices does the firm earn…

A: Average Total Cost (ATC) refers to the total cost of producing a specific quantity of output divided…

Q: Table 8.1 Q 0 1 ~34 2 3 5 6 P $30 $30 $30 $30 $30 $30 $30 TR $0 $30 $60 $90 $120 $150 $180 MR $30…

A: The cost function is an important tool in economics since it represents the relationship between the…

Q: Given that the average cost function for a certain product is AC = 6q+15+ 150 9 where q is the…

A: Total cost is the cost of producing all the units of good.  Marginal cost is the cost of producing…

Q: The following table shows estimates of Cobb-Douglas production function parameters for several…

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Q: 16. Only one of these companies is affected by law of diminishing returns. Identify the company and…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: For the following Cobb-Douglas production function, Q = 691K0.15 10.31, output price P = 10 and…

A: 2) A Cobb-Douglas production function replicates the relationship between output and inputs…

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A: Economics is a social science that studies how individuals, businesses, governments, and societies…

Q: If a firm has total revenue of $100,000, the owner's labor in the firm is valu

A: Given that, A firm has total revenue = $100,000 Labour in the firm is valued  = $20,000 Firm has…

Q: b) Discuss and explain the concept of positive return to scale showing it relationship with the…

A: Output TC of Firm 1 TC of Firm 2 TC of Firm 3 AC of Firm 1 AC of Firm 2 AC of Firm 3 1 100 25 50…

Q: Required information 200 Multiple Choice O LPAC Refer to the graph above to answer this question.…

A: In the long run all factors of production are variable and the long-run average cost (LRAC) curve…

Q: An industry consists of four firms with annual sales of $4,000, $6,000, $5,500, and $7,000. What is…

A: Herfindahl-Hirschman Index refers to the sum of square of market share percentages by each firm in a…

Q: A profit-maximizing firm operates in purely competitive product and resource markets, with the…

A: The earnings that a firm makes when its revenue exceeds its costs is known as profit. The primary…

Q: Table EX2.1 $4.00 %3D Q = 2,500.00 AFC = $1.00 %3D AVC = $3.25 Refer to Table EX2.1. This firm…

A: Given :  P* = $4 Q* = 2500 AFC = $1 AVC = $3.25

Q: Now suppose firm X undertakes a process innovation that reduces its marginal cost of production from…

A: Process innovation plays a crucial role in the competitive landscape of firms, enabling them to…

Q: The production function for good X in the table below exhibits increasing marginal returns to…

A: The short-run(SR) production function describes the correlation between the quantity of inputs such…

Q: the defender should be replaced at the end of what year?

A: Soltion 2) Consider the above given that Option D. 2 is the correct answer   Challenger's minimum…

Q: Table EX2.1 P* = $4.50 Q* = 1,000.00 AFC = $0.25 %3D AVC = $4.25 Refer to Table EX2.1. This firm…

A: Given : P* = $4.50 Q* = 1000 AVC = $4.25 AFC = $0.25

Q: Refer to the information provided in Figure 9.4 below to answer the question(s) that follow. MC AVC…

A: The given graph shows a firm in perfectly competitive market which produces output at MR=MC

Q: 8 10 12 14 | 16 | 18 09 18 33 57 72 84 93 99 102 | 22 |24 102 99 L 0 |4 6 20 Q A. For each L, solve…

A: Q L AP MP 0 0 NA NA 9 4 2.25 2.25 18 6 3 4.5 33 8 4.13 7.5 57 10 5.7 12 72 12 6…

Q: The demand curve for the final product is P = 40 - Q/10. The cost of Labor is WL 5. The production…

A: P=40-Q/10 Cost of Labor : wL=5 Production Function : Q=10L   Marginal Revenue Product is the change…

Q: Does the production function below show constant, increasing, or decreasing returns to scale if the…

A: In order  to check for the increasing , decreasing or constant return to scale , we multiply the…

Q: Price (dollars) 8 7 6 5 4 3 2 1 Short-run Short-run AC MC 80 100 110 O All of the other statements…

A: Perfectly competitive market is the market where buyers and sellers are in large numbers and they…

Q: 10. When a firm produces 50,000 units of output. its total cost equals OMR 65 million. When it…

A: The marginal cost refers to the amount of an additional cost incurred in the process of increasing…

Q: Refer to Fig 9.4. At P = $24, how much is the per unit profit? !3! MC ATC 24 P MR 20 18 4 100 350…

A: The total cost incurred by a firm operating in a market inlcudes fixed costs and avriable costs.…

Q: TRUE OR FALSE.. If the company cannot sell its fixed assets for the meantime, it is better for the…

A: Shut down refers to a circumstance where a company temporarily stops all production as a result of…

Q: Answer the question on the basis of the accompanying table that shows average total costs (ATC) for…

A: A perfectly competitive firm shutdown in the short if market price is lower than minimum value of…