Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. Instructions: Enter your answers as a whole number. If you are entering any numbers in thousands, such as "1000," do not use a comma separator in your answer. Average Product Marginal Product Labor Total Output 10 600 60 60 20 2,400 120 180 30 180 300 40 9,600 240 50 300 540 60 21,600 360

Fill in the blanks in the table below. The problem is a "puzzle" so the blanks are not necessarily filled in sequentially. Instructions: Enter your answers as a whole number. If you are entering any numbers in thousands, such as "1000," do not use a comma separator in your answer. Average Product Marginal Product Labor Total Output 10 600 60 60 20 2,400 120 180 30 180 300 40 9,600 240 50 300 540 60 21,600 360

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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30 L* Output 0 10 20 30 40 50 60 70 100 The price of labour is $30 per unit and the price of capital is $60 per unit. The 30th unit of output adds $ 20 32 66 To produce 20 units of output the firm needs to hire 60 K* 12 26 To produce 70 units of output the firm needs to hire 52 to long-run total cost. The Long Run Average Cost of producing 50 units of output is $ The Long Run Total Cost of producing 60 units of output is $ LTC 1080 3060 units of labour. 8400 units of capital. LAC 72 97.5 LMC 36 114
Consider the isoquant for gelato production as graphed below. Use the graph to answer question 27. Inagedhents A 142 100 2000 Liters of Gelato 20 26 Labor (Emplayges) 27. What is the marginal rate of technical substitution between points A and B? 42 (а) +- 42 (b) 6 (c) 42 (d) It is not possible to determine from this graph.
Solve it correctly please.
Answer b part
Number of Plants (K) Number of Workers (L) Total Production (Y) Marginal Product of Labour Average Product of Labour 1 1 200 1 2 83 1 3 64 1 4 54 1 5 47 1 6 0 Calculate and fill in the total Product column Calculate and fill in the Average Product Column With fixed capital, the firm can increase its marginal Product (MP) by increasing its workers infinitely. Do you agree or disagree with the statement and why? When does diminishing marginal return occur in the above table
Fill in the space (d) in the table below associated with the firm William Perry, Inc., that delivers refrigerators in the Chicago area, using the two inputs of labor and trucks. Number of Amount of Trucks Labor 2 2 2 2 2 2 2 0 1 2 3456 Total Output 0 75 (c) 380 (f) Average Product of Labor (a) (b) 100 (d) (e) 75 Marginal Product of Labor 100 50 (g) 0
Variable input labour Fixed input Land Marginal product Total product Average product 1 5acres 9 2 5acres 20 3 5acres 33 4 5acres 48 5 5acres 55 6 5acres 60 7 5acres 63 8 5acres 64 9 5acres 63 10 5acres 60 i. Complete the table above ii. On the same table show the various stages of production. iii. Explain why marginal product of labour is negative.
Gull Roza is a florist specializing in floral arrangements for weddings, graduations, and other events. Gull Roza has a fixed cost associated with space and equipment of $50 per day. Each worker is paid $80 per day. The daily production function for Gull Roza is shown in the accompanying table. Quantity of Labor (workers) Quantity of floral arrangements 0 0 1 110 2 200 3 270 4 300 5 320 6 320 Calculate the marginal product of each worker. Calculate the marginal cost, Average total cost, and average variable cost of each level of output.
Construct the average fixed cost, average variable cost, and average total cost schedules and the marginal cost schedule.
Consider the following short run production information: Units of Total Marginal Product Average Product Labor Product of Labor of Labor 4 16 5 6. 120 30 The marginal product of the 5th unit of labor is equal to 36 O Insufficient information 26 28
8 Output Marginal Labor (Q) Product I of 20 1 20 50 2 3 100 4 10 5 130 135 In the table above, what is Marginal Product (MP) between 3 and 4 units of Labor? Select one: a. 15 b. 10 C. 20 d. 25
If a cost-minimization firm’s marginal product of labor equals 1 ton of output, while the marginal product of capital equals 7 tons of output and the cost of capital is $14 per unit, then A. The cost of labor must be $1/7 B. The cost of labor (wage rate) must be $2 C. The cost of labor must be $7 D. The cost of labor must be $14 as well