Answer fast this MCQ question....... A perfectly competitive firm has two inputs, capital and labour. Capital is fixed in the short run and costs $120per day. The firm's short run Total Product information as illustrated in the table below. The price of labour is$20 per hour. The market price for the firm's output is $2.20 per unit.is recommended that you complete thetable to answer the Multiple choice questions. (answer to two decimal places)AVCATCMCMRLabourHrs/day38OutputUnits/day450APMPTFCTVCTCAFC111.84120 760 880 0.27 1.69 1.962.204150016.672204555012.5012.225060010.002.00566508.3311.61637007.14JI.||717506.2510.561.69 2.202.40 2.20120 1/20 1240 0.18 1.7 1.91 2.00 2.20120 1260 1380 0.17 1.80 1.97120 1420 1540 0.18 1.89 2.058. Given the table, what is the value of Average Product at 63 hours of Labour?A) 0.7937B) 7.1429 C) 11.1111D) 0.09120 820 940 0.24 1.64 1.88120 900 1020 0.22 1.64 1.85120 1000 1120 0.20 1.67 1.871.202.20200 2.203.20 2.20E) None of the above

Total production shows the total output that can be produced given the inputs. Average product is…

Labour Hrs/day Output Units/day AP MP TFC 450 11.84 120 41 500 16.67 A perfectly competitive firm has two inputs, capital and labour. Capital is fixed in the short run and costs $120 per day. The firm's short run Total Product information as illustrated in the table below. The price of labour is $20 per hour. The market price for the firm's output is $2.20 per unit. It is recommended that you complete the table to answer the Multiple choice questions. (answer to two decimal places) 38 TVC TC AFC AVC ATC MC 760 880 9.27 1.69 1.96 MR 2.20 R20 120 820 40 0.24 1.64 1.88 45 445 550 12.50 1.202.20 12.22 120 900 1020 0.22 1.64 1.85 50 600 10.00 1.60 2.20 2.00 120 56 650 8.33 11.61 63 700 7.14 JLIJ 71 750 6.25 1000 1120 0.20 1.67 1.87 120 120 1240 0.18 1.2 120 1260 1380 0.17 1.00 2.00 2.20 1.91 2.40 2.20 1.97 10.56 120 1420 1540 0.16 1.89 2.05 3.20 2.2 8. Given the table, what is the value of Average Product at 63 hours of Labour? A) 0.7937 B) 7.1429 C) 11.1111 D) 0.09 E) None of the above 2.00 2.20

Labour Hrs/day Output Units/day AP MP TFC 450 11.84 120 41 500 16.67 A perfectly competitive firm has two inputs, capital and labour. Capital is fixed in the short run and costs $120 per day. The firm's short run Total Product information as illustrated in the table below. The price of labour is $20 per hour. The market price for the firm's output is $2.20 per unit. It is recommended that you complete the table to answer the Multiple choice questions. (answer to two decimal places) 38 TVC TC AFC AVC ATC MC 760 880 9.27 1.69 1.96 MR 2.20 R20 120 820 40 0.24 1.64 1.88 45 445 550 12.50 1.202.20 12.22 120 900 1020 0.22 1.64 1.85 50 600 10.00 1.60 2.20 2.00 120 56 650 8.33 11.61 63 700 7.14 JLIJ 71 750 6.25 1000 1120 0.20 1.67 1.87 120 120 1240 0.18 1.2 120 1260 1380 0.17 1.00 2.00 2.20 1.91 2.40 2.20 1.97 10.56 120 1420 1540 0.16 1.89 2.05 3.20 2.2 8. Given the table, what is the value of Average Product at 63 hours of Labour? A) 0.7937 B) 7.1429 C) 11.1111 D) 0.09 E) None of the above 2.00 2.20

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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Question

Answer fast this MCQ question.......

A perfectly competitive firm has two inputs, capital and labour. Capital is fixed in the short run and costs $120
per day. The firm's short run Total Product information as illustrated in the table below. The price of labour is
$20 per hour. The market price for the firm's output is $2.20 per unit.
is recommended that you complete the
table to answer the Multiple choice questions. (answer to two decimal places)
AVC
ATC
MC
MR
Labour
Hrs/day
38
Output
Units/day
450
AP
MP
TFC
TVC
TC
AFC
111.84
120 760 880 0.27 1.69 1.96
2.20
41
500
16.67
220
45
550
12.50
12.22
50
600
10.00
2.00
56
650
8.33
11.61
63
700
7.14
JI.||
71
750
6.25
10.56
1.69 2.20
2.40 2.20
120 1/20 1240 0.18 1.7 1.91 2.00 2.20
120 1260 1380 0.17 1.80 1.97
120 1420 1540 0.18 1.89 2.05
8. Given the table, what is the value of Average Product at 63 hours of Labour?
A) 0.7937
B) 7.1429 C) 11.1111
D) 0.09
120 820 940 0.24 1.64 1.88
120 900 1020 0.22 1.64 1.85
120 1000 1120 0.20 1.67 1.87
1.202.20
200 2.20
3.20 2.20
E) None of the above

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