2345678182118851512931010108642If the daily budget for the 2 inputs is P570, what is theoptimal mix of machine-hours and worker-hours,respectively? [Select]What is the total product for this optimal mix of machine-hr & worker-hr with daily budget of P570 ?[Select]After how many hours of use does diminishing marginalreturn (product) set in for the machine?[ Select ] Given the hourly costs: Machine-P60; Worker-P50Each input has to work in integer hourHours Used1234569878Marginal ProductMachine15182118151293Worker810101088 664422If the daily budget for the 2 inputs is P570, what is theoptimal mix of machine-hours and worker-hours,respectively? [Select]What is the total product for this optimal mix of machine-hr & worker-hr with daily budget of P570 ?[Select]After how many hours of use does diminishing marginalreturn (product) set in for the machine?

Given that; Price of the machine per hour =60 Price of worker per hour =50 The variety of goods a…

Given the hourly costs: Machine-P60; Worker-P50 Each input has to work in integer hour Marginal Product Hours Used Machine 1 2 3 4 5 6 7 8 15 18 21 18 15 52 12 9 3 Worker 8 10 10 10 8642 2 If the daily budget for the 2 inputs is P570, what is the optimal mix of machine-hours and worker-hours, respectively? [Select] O What is the total product for this optimal mix of machine- hr & worker-hr with daily budget of P570? [Select] After how many hours of use does diminishing marginal return (product) set in for the machine?

Given the hourly costs: Machine-P60; Worker-P50 Each input has to work in integer hour Marginal Product Hours Used Machine 1 2 3 4 5 6 7 8 15 18 21 18 15 52 12 9 3 Worker 8 10 10 10 8642 2 If the daily budget for the 2 inputs is P570, what is the optimal mix of machine-hours and worker-hours, respectively? [Select] O What is the total product for this optimal mix of machine- hr & worker-hr with daily budget of P570? [Select] After how many hours of use does diminishing marginal return (product) set in for the machine?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If you know that average variable cost is at a minimum, then you can deduce that marginal cost is higher than average variable cost. O marginal cost is equal to average variable cost. O marginal cost is lower than average variable cost. none of the available choices are correct. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Please answer the coordinates.
Labor Input Product Total Marginal Product Average Product 14- 7 7.0 15 8 7.5 12- 3 24 9 8.0 4. 32 8 8.0 10- 39 7 7.8 6 45 7.5 50 5 7.1 8- 1.) Using the 4-point curved line drawing tool, draw the marginal product curve, and label this line 'MP 2.) Using the 4-point curved line drawing tool, draw the average product curve, and label this line 'AP'. 2- (For your control points, use 1,3, 4, and 7 units of labor.) Carefully follow the instructions above, and only draw the required objects. 0- 10 Units of Labor MP, AP
Explain Law of Diminishing Marginal Returns using the following example. The weekly number of repairs produced by a computer repair shop depends upon numberof workers.No of Workers No of Repairs1 02 83 204 355 456 527 578 60
The hiring of labour with fixed factor of production under short run aftersometimes leads to increase in cost only. What’s your opinion at what stage ofproduction producer should make addition in labour, identify which concept in economics explains the whole situation, justify your answer why it happens withthe help of table and diagrams
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?
A. Use the SR Cost Table below to compute for the values that corresponds to letters a to e. 9 0 1 2 3 4 5 6 7699 8 10 TFC A. 50 TVC 0 18 38 54 73 94 118. 145 175 207 241 TC AVC ATC/AC MC b. C. d. e. B. Based on the SR Cost Table above, draw, in ONE graph, the MC, AVC, and AC. Please label all axes, coordinates, and curves. Use five (5) coordinates per curve.
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Consider this production function. Study hours 2. 4 10 11 12 14 15 or more 13 Grade 20 33 42 50 57 63 69 73 78 81 84 86 88 89 90 1007 90 - 80 70 60 S0 40 30 20 10 Hours of study per day Select one or more: a. The average product of labour is falling as hours of study increase. O b. The marginal product of labour is constant as hours of study increase. O c. The marginal product of labour is rising as hours of study increase. U d. The marginal product of labour is zero beyond 15 hours. Final grade 9-