K Suppose that Bill owns an automobile collision repair shop. The table below shows the quantity of cars BB can repair per month depends on the number of workers that he hires. Assume he pays each worker $6,000 per month and his fixed cost equals $8,000 per month Using the information provided, complete the table given below (Round your responses of average total cost to the nearest cent and all other responses to the nearest dollar) Quantity of Quantity of Cars Workers per Month 0 0 1 20 2 30 3 4 5 40 50 55 Fixed Cost $8,000 Variable Cost Total Cost $ Average Total Cost $ $ $

K Suppose that Bill owns an automobile collision repair shop. The table below shows the quantity of cars BB can repair per month depends on the number of workers that he hires. Assume he pays each worker $6,000 per month and his fixed cost equals $8,000 per month Using the information provided, complete the table given below (Round your responses of average total cost to the nearest cent and all other responses to the nearest dollar) Quantity of Quantity of Cars Workers per Month 0 0 1 20 2 30 3 4 5 40 50 55 Fixed Cost $8,000 Variable Cost Total Cost $ Average Total Cost $ $ $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that Bill owns an automobile collision repair shop and the table below shows the quantity of cars repaired per month according to how many workers Bill hires. Assume he pays each worker $5,000 per month and his fixed cost equals $8,000 per month. Using the information provided, complete the table given below. (Enter your responses rounded to two decimal places.) Quantity of Workers Quantity of Cars per Month Average Total Cost Fixed Cost Variable Cost Total Cost $8,000 1 20 $ 30 3 40 50 55
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
Which of the following describes the law of diminishing returns to labor? A. When one more worker got hired their marginal product was negative B. When one more worker got hired total product of the firm went down C. When one more worker got hired their marginal product was lower than the marginal product of the previous worker
6
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
If the cost of an oven is $500, what is the marginal product per dollar spent on capital for the second oven? Read again before you answer. Labor Total Product Capital (ovens) (workers) (cakes) 8 6,000 8 10,000 8 13,000 Type your numeric answer and submit 123
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Question 10 Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. Number of Cars Repaired 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
GM cuts jobs at its Australian manufacturing unit GM will cut 500 jobs, or about 12% of its workforce, at its Australian plant because of a sharp fall in demand for its locally-made "Cruze" small car. Source: The Wall Street Journal, April 8, 2013 As GM cuts its workforce, how will the marginal product and average product of a worker change in the short run? Suppose that before the cuts the marginal product of GM workers is below their average product. As the number of workers decreases, the marginal product of a GM worker and the average product of a GM worker in the short run. increases; decreases does not change; does not change decreases; decreases increases; increases decreases; increases
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