Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600per worker.LaborMarginalVariableTotal CostMarginalOutput(Q)Average(L)Product ofCost (VC)(TC)VariableCostLabour (MPL)Cost (AVC)(MC)2123904600HNM

Given:Rent (Fixed Cost)=$1000Wages (Variable Cost)=$600n per workerWe know,Total Cost= Fixed…

Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600 per worker. Labor Marginal Marginal Product of Total Cost Average Output (Q) Variable (L) Cost (VC) (TC) Variable Cost Labour (MPL) Cost (AVC) (MC) 1 12 3. 90 4 600

Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600 per worker. Labor Marginal Marginal Product of Total Cost Average Output (Q) Variable (L) Cost (VC) (TC) Variable Cost Labour (MPL) Cost (AVC) (MC) 1 12 3. 90 4 600

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The table below describes the production function for a candy maker. Number of Output Marginal…

A: Marginal product is the additional output produced by employing an additional unit of input

Q: Camille's variable cost, VC is his wage cost ($80 per worker per day) and his other input costs…

A: Total cost = Total fixed cost + Total variable cost Average cost = Total cost / OUTPUT MC = TCn -…

Q: 1. Consider a firm with Total Output function (Production Function) given by Q = 6L2 – 0.4L3, where…

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

Q: A bottling company uses two inputs to produce bottles soft drink sludge: bottling machines (K) and…

A: The optimal input bundle i.e. the cost minimizing input bundle is where the marginal product per…

Q: 5) The slope of the line from the origin to a given point on the total product of labor curve equals…

Q: Comment on the relationships of Total, Marginal and Average Product

A: Production theory is very important in the determination of price theory. This is so because it is…

Q: Define different average cost functions in the short run production. What are the shapes of the…

A: Short run production is a production cycle when atleast one of the factors of production is fixed.…

Q: draw a diagram showing the marginal cost curve and average total cost for a typical business firm.…

A: The total cost curve of the firm indicates the total cost incurred for the firm for producing the…

Q: Don Juan Perez runs a seafood restaurant on the central coast. His total income last year was…

A: The economic utility refers to the total utility or level of satisfaction received to a consumer by…

Q: What does diminishing marginal product imply? The marginal cost of an extra worker is unchanged. The…

A: Marginal product is the change in total product with the additional unit of worker. Marginal cost…

Q: At what output does the firm reach minimum average variable cost? Multiple Choice 100 600 80

A: The graph shows the marginal and average product curves for labor, the firm's only variable input.…

Q: Part C) Find the marginal productivities for 25 units of labor and 1435 units of capital

A: We have the following production functions: p(x,y) = 2000x4/5y1/5 Where p(x ,y) is the number of…

Q: Helen produces first-aid kits using labor and capital with the production function q= 6L0.8 K0.2,…

A: Production function: Short-run total cost function: The wage rate is 5 and the rental rate for…

Q: Labor (L) Average Product of Labor (APL) Marginal Product of Labor (MPL) Capital (K) Quantity of…

A: here we fill the table as follow=

Q: 40 35 Output 30 25 20 15 10 5 1 2 3 4 5 6 Labor The diagram above shows the production function for…

A: Here, the production function bis a firm is represented graphically using which one can compute…

Q: Magnificent Blooms is a florist specializing in floral arrangements for weddings, graduations, and…

A: Marginal product of labor (MPL) tells us about the productivity of labor. It measures the change in…

Q: depending on the stages of production(increasing returns, diminishing returns, negative returns) can…

A: Solution: Law of variable proportion: It refers to the increase in quantity of only one input…

Q: Which factor of production is almost never included in a firm's fixed costs? Land Labor Capital All…

A: Land, labor, and capital are considered factors of production.

Q: Labour (workers) Quantity of frozen yogurt (CUPS) FC (FIXED COST) VC (VARIABLE COST) TC (TOTAL COST)…

A: Variable costs are expenses that change in direct proportion to the level of production or business…

Q: (a) Calculate the marginal (physical) product of the third worker. (b) Define the law of diminishing…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: Question 39 Consider the table below. The addition of worker number when the firm first experiences…

A: Change in the total product when one additional unit of input is used, is called the marginal…

Q: Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) |(Dollars) 30 100 30 15…

A: Total cost is the sum of fixed cost and variable cost. Fixed cost is the cost that remains same at…

Q: Labor Marginal product 0 0 1 8 2 10 3 12 4 9 5 5 22) Diminishing returns to labor…

A: For the first question (22), the diminishing returns to labor, begin at labor unit 4. This is…

Q: The marginal product of the variable input O is equal to the total product divided by the total…

A: Marginal product is increase in total product due to using additional unit of variable input.

Q: The marginal product of an input is defined to be: A. the additional output that can be produced…

A: Answer: C The additional output that can be produced by increasing the input by one unit, holding…

Q: Number of Workers Number of Chairs 1 10 2 18 3 24 4 28 5 30 6 28 7 25 a. Calculate the average and…

A: The average product of labor is derived by dividing the total product by the inputs. It is also…

Q: Output Marginal Labor (Q) Product 15 1 50 15 5 4 70 5 60 In the table above, when the firm produces…

A: The labor market of the economy determines the equilibrium wage rate and the quantity of labor…

Q: What is average fixed cost? O the price of a fixed factor of production the total cost divided by…

A: please find the answer below.

Q: Assume that the average product for six workers is fifteen. If the marginal product of the seventh…

A: The marginal product refers to the change in total output due to the employment of an additional…

Q: Mzanzi-Ndizvo (Pty) is a vaccine manufacturing company that has the following costs of production.…

A: A production function is a concept in economics that represents the relationship between inputs…

Q: What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units…

A: The additional output or outcome gained by using one more unit of input while keeping all other…

Q: Consider a small photography studio with 8 workers and 5 The total cost of labor and capital is…

Q: Say the marginal product of labour in production is 4 and the average product of labour is 7. Then,…

A: Marginal product of labor refers to an increase in total product because of addition of one more…

Q: if a firm hire workers at $3 week , labour is 1 and output is 6 what is the fixed cost, variable…

A: Wages (W) is given as $3.Labor (L) is 1.Output (Q) is 6 units.

Q: What economic factor explain the marginal product and average product of labour curve

A: Marginal product is the ratio of change in total product to change in quantity. Average product is…

Q: Quantity of Variable Input Marginal Product of Variable Input Average Product of Variable Input…

A: Formula to find total output: Total output = Average product of variable input * Quantity of…

Q: The following is a production function. Total output (Q) 50,000 45,000- 40,000- 35,000- 30,000- ง…

A: Marginal productivity of labor is the change in the output caused by an addition of labor.…

Question

Fill in the following table, assuming that the firm pays a rent of $1000 and wages equal to $600
per worker.
Labor
Marginal
Variable
Total Cost
Marginal
Output
(Q)
Average
(L)
Product of
Cost (VC)
(TC)
Variable
Cost
Labour (MPL)
Cost (AVC)
(MC)
2
12
3
90
4
600
HNM

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Sandra and Trey operate a small company that produces souvenir footballs. Their fixed cost is $2,000 per month. Each worker costs $1,000 per month. Their monthly production function for footballs is as given in the accompanying table. Quantity of labor (workers) 2. a. 0 2 3 Quantity of footballs 5 0 300 800 1,200 1,400 1,500 :) For each quantity of labor, calculate average variable cost (AVC), average fixed cost (AFC), average total cost (ATC), and marginal cost (MC). b.) On one diagram, draw the AVC, ATC, and MC curves.
Calculate the value of total cost when average cost is $35 and the no of inputs employed is 5
A television production firm is able to produce TVs according to the short-run production table below. With the hiring of which worker would the diminishing marginal product begin? Total Output Number of of Televisions Workers per day 0 0 30 2 70 3 125 185 225 250 260 255 240 01 4 5 6789
Graph the isoquant below and explain Labor (x) 50 38 28 20 14 10 8 7 Capital (y) 3 6 9 12 15 18 21 24
Jill Pizza restaurant labor is 650 per worker, cost of oven is 800. The workers needed increases as the number of pizzas made increases. Using the information below: 1. Fill in the remaining columns given the calculations to calculate costs: variable (VC), Marginal (MC), Average Var.(AVC) Average Fixed (AFC) 2. Graph the MC, ATC, AVC, AFC curves (start from Quantity of 200 or your graphs look bad) 3. What is happening to your MC curve over time? Total Costs (TC), ATC (Average Total Costs),AFC (Average Fixed Costs), AVC(Average Variable Costs), MC (Marginal Costs) Workers Ovens 0 1 2 3 4 5 6 2 2 2 2 2 2 2 Q of pizzs 0 200 450 550 600 625 640 Fixed Cost of Ovens 800 800 800 800 800 800 800 Varriable Cost of Workers 0 650 Total Costs 0 ATC 0 AFC 0 AVC MC 0 0
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
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.
(b) Calculate the missing total variable cost figure in the table shown below and clearly show your workings. Quantity (units) Total Variable Cost Marginal Cost 13 ?? 27 115 7
MC Qu. 41 If the variable cost curve is a straight... If the variable cost curve is a straight line, then the marginal cost curve will be horizontal. marginal cost curve is upward sloping. Omarginal cost curve will be U-shaped. Omarginal cost curve may be U-shaped.
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