Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) |(Dollars) 30 100 30 15 180 30 30 240 30 45 4 280 30 60 300 30 75 Refer to the table above, the total cost curve is increasing at an increasing rate. decreasing at a decreasing rate. increasing at a decreasing rate. increasing at a constant rate. -~/315

Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) |(Dollars) 30 100 30 15 180 30 30 240 30 45 4 280 30 60 300 30 75 Refer to the table above, the total cost curve is increasing at an increasing rate. decreasing at a decreasing rate. increasing at a decreasing rate. increasing at a constant rate. -~/315

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Practice Question 1 If the price of the product is GH¢2.00 and cost per unit of labour is GH¢10.00, Complete the table below. Labour unit Marginal Marginal Revenue Tetal Total Average Product Total TRP-TLC MRP-MLC Marginal Labour Cost Labour Cost Product Product Revenue Product Product 10 10 20 25 30 45 40 60 50 70 60 75 70 78 80 80 00:15 1 2 3 4 56 70
The following table shows a company's total cost of production at various production quantities. Fill in the remaining cells of the table. (Note: If a value is a decimal, round to the nearest integer.) Average Fixed Cost Average Total Cost Fixed Variable Total Marginal Average Variable Quantity Cost Cost Cost Cost Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 150 150 1 150 60 210 2 150 105 255 3 150 135 285 4 150 150 300 150 180 330 6. 150 240 390 7 150 345 495 150 495 645 9. 150 675 825 On the following graph, plot the company's average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer: For example, the average total cost of producing one pair of boots is $210, so you should start your…
(a) Will the envelope curve be tangential to the bottom of each of the short-run average cost curves? Explain why it should or should not be. (b) What does the isoquant map look like if there are i)continuously increasing returns to scale; ii)continuously decreasing returns to scale? Please illustrate
What is average fixed cost? the price of a fixed factor of production the total cost divided by the number of units produced over a given period the fixed cost divided by the number of units of a fixed input employed over a given period the total fixed cost divided by the number of units produced over a given period
Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) (Dollars) 30 1 100 30 15 180 30 30 3 240 30 45 4 280 30 60 300 30 75 Refer to the table above, the total output curve is O increasing at a constant rate. O increasing at a decreasing rate. O decreasing at a decreasing rate. O increasing at an increasing rate.
What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units Product (Employees) (Sandwiches per Hour) 0 1. 2 3 15, 10 5, 12.5 5, 10 (2) 10, 10 0 10 25 30
Time left 1:30:35 Suppose you are given the following output and (incomplete) cost table (assume labor is the only variable input and that all workers are paid an equal wage rate): Labor Output 0 0 2 3 4 100 units 270 units 570 units 650 units Fixed Cost Variable Cost C. a. an amount less than $15 b. an amount between $15 and $25 an amount between $25 and $35 d. an amount between $35 and $45 e. an amount greater than $45 Total Cost $50,000 Average Variable Cost undefined What is marginal cost when the third worker is employed? $61.53
What would be the solution?
Use the following information to answer question 22-23. Number of Workers Hired 4 5 6 7 8 Question 22 Diminishing marginal returns set in when the process.... a) fourth b) sixth c) seventh d) eighth Number of Meals Sold 300 320 worker is added to the production Question 23 Average product will fall above marginal product when the a) fourth b) sixth c) seventh d) eigth worker is hired.
Total Fixed Cost (TFC), Total Variable Cost (TVC), Total Cost (TC), and the Average Total Cost (ATC) per unit. A company produces 100 bicycles per month. The company pay 3,000 per rent, 2,000 per insurance, 1,000 per loan, including interests, 3,000 per labor, and 11,000 per raw materials. Calculate the Total Fixed Cost (TFC), the Total Variable Cost (TVC) the Total Cost (TC) of producing the 100 bicycles and the Average Total Cost (ATC) per bicycle.
TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $
Assume a firm has fixed costs of $80 and variable costs as indicated in the table below. Complete the cost table. Total variable Total product Total cost AFC ATC MC SO $ 80 1 110 190 2 150 230 180 * 220 300 270 350 340 440 520 660 」二|||| JI|||||