Number of Total MarginalWorkers Output Product020045060065001234Refer to Table 13-2. What is the marginal product of the fourth worker?O200 unitsO 150 unitsO250 units50 unitsQuestion 2Table 13-15Consider the following table of long-run total cost for four different firms:QuantityFirm 1Firm 2Firm 3Firm 4Firms 1 and 2 onlyFirm 3 onlyFirm 1 onlyFirm 4 onlyQuestion 31$210$180$120$150Refer to Table 13-13. Which firm has diseconomies of scale over the entire range ofoutput?..$1.32$2.43.$1.00$2.21.7$1.290$800$930$1,050$700 $870 $1,050Scenario 13-16A certain firm produces and sells staplers. Last year, it produced 7,000 staplers andsold each stapler for $6. In producing the 7.000 staplers, it incurred variable costs of$28,000 and a total cost of $45,000.234$340$490$660$350 $510$660$250 $390$540$300 $450 $600 $750 $900 $1,05056$850 $1,060MacBook ProRefer to Scenario 13-16. In producing the 7,000 staplers, the firm's average fixedcost was Question 4For a firm, the production function represents the relationship betweenOOOimplicit costs and explicit costs.quantity of inputs and total cost.quantity of inputs and quantity of output.quantity of output and total cost.iz InstructionsQuestion 5Grace is a self-employed artist. She can make 20 pieces of pottery per week. She isconsidering hiring her sister Kate to work for her. Both she and Kate can make 35pieces of pottery per week. What is Kate's marginal product?O 15 pieces of potteryO22.5 pieces of potteryO 35 pieces of potteryO 55 pieces of pottery

TP is the total units of commodity/service that are produced by employing a certain combination of…

Number of Total Marginal Workers Output Product 0 200 0 1 2 3 4 Refer to Table 13-2. What is the marginal product of the fourth worker? O200 units 150 units O250 units 50 units Question 2 Table 13-15 Consider the following table of long-run total cost for four different firms: Quantity Firm 1 Firm 2 Firm 3 Firm 4 Refer to Table 13-13. Which firm has diseconomies of scale over the entire range of output? Firms 1 and 2 only Firm 3 only Firm 1 only Firm 4 only question 3 450 600 650 1 2 3 4 5 6 $210 $340 $490 $660 $850 $1,060 $180 $350 $510 $660 $800 $930 $120 $250 $390 $540 $700 $870 $150 $300 $450 $600 $750 $900 $1.32 $2.43. scenario 13-16 certain firm produces and sells staplers. Last year, it produced 7,000 staplers and wold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of 528,000 and a total cost of $45,000. $1.00 Refer to Scenario 13-16. In producing the 7,000 staplers, the firm's average fixed cost was $2.21 7 $1.290 $1,050 $1.050 $1,050 MacBook Pro

Number of Total Marginal Workers Output Product 0 200 0 1 2 3 4 Refer to Table 13-2. What is the marginal product of the fourth worker? O200 units 150 units O250 units 50 units Question 2 Table 13-15 Consider the following table of long-run total cost for four different firms: Quantity Firm 1 Firm 2 Firm 3 Firm 4 Refer to Table 13-13. Which firm has diseconomies of scale over the entire range of output? Firms 1 and 2 only Firm 3 only Firm 1 only Firm 4 only question 3 450 600 650 1 2 3 4 5 6 $210 $340 $490 $660 $850 $1,060 $180 $350 $510 $660 $800 $930 $120 $250 $390 $540 $700 $870 $150 $300 $450 $600 $750 $900 $1.32 $2.43. scenario 13-16 certain firm produces and sells staplers. Last year, it produced 7,000 staplers and wold each stapler for $6. In producing the 7,000 staplers, it incurred variable costs of 528,000 and a total cost of $45,000. $1.00 Refer to Scenario 13-16. In producing the 7,000 staplers, the firm's average fixed cost was $2.21 7 $1.290 $1,050 $1.050 $1,050 MacBook Pro

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

Number of Total Marginal
Workers Output Product
0
200
450
600
650
0
1
2
3
4
Refer to Table 13-2. What is the marginal product of the fourth worker?
O200 units
O 150 units
O250 units
50 units
Question 2
Table 13-15
Consider the following table of long-run total cost for four different firms:
Quantity
Firm 1
Firm 2
Firm 3
Firm 4
Firms 1 and 2 only
Firm 3 only
Firm 1 only
Firm 4 only
Question 3
1
$210
$180
$120
$150
Refer to Table 13-13. Which firm has diseconomies of scale over the entire range of
output?
..
$1.32
$2.43.
$1.00
$2.21.
7
$1.290
$800
$930
$1,050
$700 $870 $1,050
Scenario 13-16
A certain firm produces and sells staplers. Last year, it produced 7,000 staplers and
sold each stapler for $6. In producing the 7.000 staplers, it incurred variable costs of
$28,000 and a total cost of $45,000.
2
3
4
$340
$490
$660
$350 $510
$660
$250 $390
$540
$300 $450 $600 $750 $900 $1,050
5
6
$850 $1,060
MacBook Pro
Refer to Scenario 13-16. In producing the 7,000 staplers, the firm's average fixed
cost was

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Suppose that the firm Smith Co sells 400 blouses per month for $80 per blouse. Roberto, the owner of the business and does not take salary from her business yet. Roberto is a textile engineer by trade and could be earning $ 4800 per month working for a similar firm. The monthly costs of production are as follow: materials: $ 8000 labor: $12800 other: $1600 What is are Smith Co's total explicit costs? $ What is are Smith Co's total implicit costs? $ What is Smith Co's accounting profit? $ What is Smith Co's economic profit? $ ID - -> -
Answer b part
Marginal cost Average total cost Average variable cost Average fixed cost Total cost Variable cost Fixed cost Output Labor - - - - 60 0 $60 0 0 70 130 70 60 130 70$ $60 1 1 14 33.33 23.33 10 200 $140 $60 6 2 14 24.54 19.09 5.45 270 $210 $60 11 3 17.5 22.66 18.66 4 340 280$ $60 15 4 25.55 24.55 19.1 3.16 410 $350 $60 18 5 70 25.25 22.10 3.15 480 $420 $60 19 6 Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the marginal cost and average total cost intercept? Explain the relationship between the marginal cost and the average total cost with the help of graph.
Table 3 Gallo Cork Factory Number of Workers 1 2 3 4 5 6 7 Number of Machines 2 2 2 2 2 2 2 Output (corks produced per hour) 5 10 20 35 55 70 80 Select one: O a. the fifth worker O b. the fourth worker O c. the third worker O d. the sixth worker Marginal Product of Labor Cost of Cost of Workers Machines Total Cost Refer to Table 3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker?
Question When do firms decide to shut down production in the short run? Explain it. How is the short run average cost curve and the long run average cost curve shaped? What is the difference between them? Graphical representation of the short-run total cost curve showing total cost, fixed cost, variable cost: and The marginal cost and average total cost:
Consider the same firm from the Monday assignment but now let's call that cost schedule total variable cost. Q 1 2 3 4 5 6 7 8 9 TVC 12 20 24 28 34 42 52 64 78 And let's imagine that there is fixed costs of 18 which is sunk in the short run. a. Show this firm's average total cost, average variable cost and marginal cost on a graph. Indicate the efficient scale (I don't think the book uses the words "efficient scale" but it's the quantity where profit would be zero when P=MC. We will discuss what I mean by "efficient scale but probably not before Thursday. By "indicate" I mean give the quantity and MC. I don't need every point to be exactly to scale, I just care about the general shape of the curves, where things cross and the location and…
Question 39 If a store owner increases the size of his store producing more quantities of his product, and experiences constant returns to scale as a result, his long-run average total cost curve should be O increasing O decreasing O vertical O horizontal
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