Ch07. ppt (Compatibility Mode] - Microsoft PowerPointSIGNANIMATIONSSLIDE SHOWTRANSITIONSREVIEWVIEW-|24 - AA E-E-E . lh Text DirectionAlign Tert-Shape Fil-7 Shape Outline-Convert to SmAn- } Stvles - O Shape EffectsLayoutResetBIUS A- AaAArrange QuickSection-esFontParagraphDrawingOptimal Level of VariableInput Usage• Define the following• Total Revenue Product (TRP) = Q•P• Marginal Revenue Product (MRP) =ATRPA(Q P) P•AQ= P• MPAXAXAX• Total Labor Cost (TLC) =w•XATLC= W• Marginal Labor Cost (MLC) =AX2003 Prentice Hall Business PublishingManagerial Economics, 4/eKeal/YoungNOTESCOMMENTSMehwish Bhatti's screen Ch07.ppt [Compatibility Mode] - Microsoft PowerPointSIGNANIMATIONSSLIDE SHOWTRANSITIONSREVIEWVIEWLayout-A D00 -Shape Fil--24 - AA =-E.E t. li Text DirectionResetAlign Test-7 Shape Outline-BIUS - Aa A E=Convert to SmAn 4 - Sves - OArrange QuickStylesShape Effects-Section-esFontParagraphDrawingOptimal Level of VariableInput UsageTotal Marginal Total MarginalLabor Total Average Marginal Revenue Revenue Labor LaborUnit Product Product Product Product ProductCostCost TRP- MRP-(X) (Q or TP) (AP)(MP) (TRP) (MRP) (TLC) (MLC) TLC MLC10,000 10,000 10,000 20,000 20,000 10,000 10,000 10,000 10,00025,000 12,500 15,000 50,000 30,000 20,000 10,000 30,000 20,00045,000 15,000 20,000 90,000 40,000 30,000 10,000 60,000 30,00023460,000 15,000 15,000 120,000 30,000 40,000 10,000 80,000 20,0005 70,000 14,000 10,000 140,000 20,000 50,000 10,000 90,000 10,0006 75,000 12,500 5,000 150,000 10,000 60,000 10,000 90,000 078,000 11,143 3,000 156,000 6,000 70,000 10,000 86,000 -4,0008 80,000 10,000 2,000 160,000 4,000 80,000 10,000 80,000 -6,0002003 Prentice Hall Business PublishingManagerial Economics, 4/eKeatYoungI COMMENTSNOTES

NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Optimal Level of Variable Input Usage - Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = %3D ATRP A(Q P) P AQ = P• MP %3D AX AX AX • Total Labor Cost (TLC) = w•X %3D

Optimal Level of Variable Input Usage - Define the following • Total Revenue Product (TRP) = Q•P • Marginal Revenue Product (MRP) = %3D ATRP A(Q P) P AQ = P• MP %3D AX AX AX • Total Labor Cost (TLC) = w•X %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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