Instructions: Click the buttons above the graphing window to show either production functions or cost functions. Type in values for Fixed Costs or Wage Rate (the cost per worker). Move the Productivity Index right to see the effect of increasing productivity by up to 25%. The table and graphs will update as Settings are changed. Choose any value for Fixed Costs and Wage Rate. Slowly move the Productivity Index slider right and then left again. Observe the changes in the table and the graph to answer the following questions: a. By how much does the output from four workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units b. By how much does the output from five workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units C. How is this increase shown on the production function graph (top graph)? (Click to select) d. By how much does the marginal product of the fifth worker increase when productivity increases by 25%?

Instructions: Click the buttons above the graphing window to show either production functions or cost functions. Type in values for Fixed Costs or Wage Rate (the cost per worker). Move the Productivity Index right to see the effect of increasing productivity by up to 25%. The table and graphs will update as Settings are changed. Choose any value for Fixed Costs and Wage Rate. Slowly move the Productivity Index slider right and then left again. Observe the changes in the table and the graph to answer the following questions: a. By how much does the output from four workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units b. By how much does the output from five workers increase when productivity increases by 25% (the index moves from 0% to 25%)? units C. How is this increase shown on the production function graph (top graph)? (Click to select) d. By how much does the marginal product of the fifth worker increase when productivity increases by 25%?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Production and Costs
II, GRAPHS
Production
Costs
CALCULATIONS
Output (Q)
Fixed
Variable
Total
Marginal
Costs
Output
MP
ATC
TP Q
Costs
Costs
Costs
700
0.0
100
100
600
25.0
25.0
100
20
120
4.800
0.800
50
75.0
50.0
100
40
140
1.867
0.400
400
300
3
150.0
75.0
100
60
160
1.067
0.267
200
250.0
100.0
100
80
180
0.720
0.200
100
337.5
87.5
100
100
200
0.593
0.229
6.
412.5
75.0
100
120
220
0.533
0.267
10
12
7
475.0
62.5
100
140
240
0.505
0.320
AP, MP
8.
525.0
50.0
100
160
260
0.495
0.400
100
AP
MP
9
562.5
37.5
100
180
280
0.498
0.533
60
10
587.5
25.0
100
200
300
0.511
0.800
20
11
600.0
12.5
100
220
320
0.533
1.600
8.
10
12
12
600.0
0.0
100
240
340
0.567
2.
4.
1.

O SETTINGS
Reset
Fixed Costs (0-$100)
100
Productivity Index
Wage Rate (0- $40)
20
0%
25%
Instructions: Click the buttons above the graphing window to show either production functions or cost functions. Type in values for
Fixed Costs or Wage Rate (the cost per worker). Move the Productivity Index right to see the effect of increasing productivity by up to
25%. The table and graphs will update as Settings are changed.
Choose any value for Fixed Costs and Wage Rate. Slowly move the Productivity Index slider right and then left again. Observe the
changes in the table and the graph to answer the following questions:
a. By how much does the output from four workers increase when productivity increases by 25% (the index moves from 0% to 25%)?
units
b. By how much does the output from five workers increase when productivity increases by 25% (the index moves from 0% to 25%)?
units
C. How is this increase shown on the production function graph (top graph)?
(Click to select)
d. By how much does the marginal product of the fith worker increase when productivity increases by 25%?
units
e. How is this increase shown on the marginal product graph (bottom graph)?
(Click to select)
units

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed in the attached table. If the tenants have the right to be free of loud music enforced through a property rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. Zero B. One C. Two D. Three E. It depends on transaction costs
B9
16
B. The late Anne Collins had 3 children, Mary, John and Hana who unfortunately all predeceased Anne leaving several Anne's grandchildren and great grandchildren. Unfortunately, Anne died intestate without a will or trust. She is survived by: Mary's daughters Emma and Joan John's son Patrick who has 2 children Joe and Frank; Frank has 1 child Eddy. Hana's daughter Elizabeth is also deceased leaving 2 children Jim and Eva. (i) Please fill in the table taking into consideration that Anne died without a will/trust and therefore the distribution shall be according to the CA intestacy laws (Modified Per Stirpes PC 240). Each Emma and Joan Mary's spouse Each of Patrick's 2 children Joe and Frank Each of Elizabeth's 2 children Jim and Eva Patrick's grandchild Eddy Patrick MPS Ø
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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. If the tenants have the right to be free of loud music enforced through aproperty rule, how many bands will play in Rock‐n‐Roll Bar on a Saturday night? A. ZeroB. OneC. TwoD. ThreeE. It depends on transaction costs
please fill out a-n