Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company'sproduction function:LaborOutput(Shovels)(Number of workers)0011002195327543405380Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph.(?)400O-O-360Production Function32028024020016012080400O02 25LABOR (Number of workers)Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circlesymbol).Note: Remember to plot each point halfway between two integers. For example, when the number of workers increases from 0 to 1, the MPL of thefirst worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect thepoints.?1009080706050403020OUTPUT (Shovels)MPL (Shovels per worker)1000O112LABOR (Number of workers)4OMPL The following graph shows the demand for labor for three different prices per shovel:1501351201059075604530150WAGE (Dollars per worker)DoOZOONM0100O040235LABOR (Number of workers)Given the company's marginal product of labor curve shown on the second graph, linewhen the price of a shovel is $1.00, and lineOon this graph shows Gopher's demand for laborshows Gopher's demand for labor when the price of a shovel is $1.50.

Name: Gopher Excavators produces shovels in a small factory and sells the s
Uploaded: 2022-11-18T18:07:42.000Z
Channel: Bartleby
Description: Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company'sproduction function:LaborOutput(Shovels)(Number of workers)0011002195327543405380Use the blue points (circle

A good's price flexibility of demand is a proportion of how delicate the quantity demamded is to its…

Answered: ot the production function for Gopher…

Business

Economics

ot the production function for Gopher Excavators on the following graph. Production Function MOL O 3 of workers)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 9E

See similar textbooks

Similar questions

Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
What is a production function?
Cost curves Egidio Binaccio designed an ancestry app that allows people to connect with long lost Italian relatives. Egidio notices the following relationship between the number of hours he schedules and the number of downloads (sales) he gets. Below is a production function, for Egidios current company set up. NUMBER of LABOUR DOWNLOADS HOURS B) 10 C) 20 30 40 50 60 70 80 90 100 110 120 130 140 6.50 11.00 14.50 17.50 20.50 23.75 27.50 32.00 37.50 44.50 53.50 65.00 79.50 97.50 TVC TC MC AVC Suppose the firm can hire all the labour it would ever want at the going wage of $8 per labour-hour. The firm's total fixed costs are $64 per day. A) ATC Fill in the table showing total variable cost (TVC), total cost (TC), average variable cost (AVC), average total cost (ATC), and marginal cost (MC). [Remember: Marginal cost should be entered midway between rows of output.] On a graph with DOWNLOADS (per day) on the horizontal axis, draw the three "per-unit" cost curves, AVC, ATC, and MC. [Note…
The accompanying table shows the total daily output for a firm producing specialty cakes and operating with a fixed amount of capital. The cost of labour is $200 per unit per day and the fixed cost of the capital is $1500 per day. Click the icon to view the table. 24 28 8 12 16 20 Complete the last four columns of the table. Units of Labour Total Output (per day) (per day) 4 200 24 2450 28 2510 500 1200 1950 2330 2450 $ 1500 2510 $ 4800 $ 1500 $ 5600 TFC TVC $6300 $ 7100 TC MC $ 2.67 $ 1.14 $ 1.07 $ 2.11 $6.67 $ 13.33 AFC $7.5 $3 $ 1.25 $ 0.77 $ 0.64 $ 0.61 AVC $4 $3.2 $2 $ 1.64 $ 1.72 $ 1.96 ATC $ 11.5 $6.2 $ 3.25 $ 2.41 $ 2.36 $ 2.57 $ 2.23 $0.6 (Round your responses to the nearest cent.) b. Assuming that labour is only hired in increments of 4 units, what is this firm's capacity level of output? per day $ 2.83
The Trouser Company has fixed costs of 2,400 per week. In addition, we have some information about its total costs of production.Output020406080100120140TC2400530067007200770091001200017400a) For each of the output levels in the table, calculate the Trouser Company’s average variable costs (AVC), average (total) cost (AC) and marginal cost (MC).b) Sketch a diagram showing the marginal cost curve, the average variable cost curve, and the firm’s short run supply curve. c) Explain how the firm would maximise its profit, assuming that it faces conditions of perfect competition, in the short run.
Consider the input output table below Table (Inter) final Total (Agric) (Manuf) (Mining)demand (Inter) Agric 106 47 180 898 1231 Manuf 75 32 80 1167 1354 Mining 31 115 100 977 1223 PrimaryLabour 949 760 363 Capital 70 400 500 where: (Agric = Agriculture),( Manuf = Manufacturing),(Inter = !3! %3D Intermediate) A. Calculate the input coefficients and fill in the appropriate spaces in the table below. Use four (4) decimal places. Agric (Manuf) (Mining) Agric Manuf Mining Labour Capital
Graphically Represent and analyze the interrelationship between the short run costs Units TFC TVC TC AFC AVC AC MC 0 24 0 1 24 28 2 24 54 3 24 75 4 24 96 5 24 126 6 24 168 7 24 214 8 24 264.
A firm has the following production function: Q = 9L2/3K1/3 Where Q is output, L is labor and K is Capital. Where Q is output, L is labor and K is Capital. (a) What sort of returns to scale characterize this production function? (b) Derive the marginal product of labor and capital. (c) What do we mean when we say the production function is linearly homogenous?
100VKL, where q is 4. The production function for puffed rice is given by q = the number of boxes produced per hour, K is the number of puffing guns used each hour, and L is the number of workers hired each hour. (a) Calculate the q = 1,000 isoquant for this production function and show it on a graph. (b) If K = 10, how many workers are required to produce q =1,000? What is the average productivity of puffed-rice workers? (c) Suppose technical progress shifts the production function to q = 200 VKL. Answer parts (a) and (b) for this new situation.
Determine the multifactor productivity for the combined input of the labor and the machine time using the following input : labor :3000$,material :800$, .overhead: 20o0$ . keep in mind the production is 1760 unit
please computation for the following isoquant found in table 14 and show your computation for each row.
Aplia Homework: Production and Cost in the Firm Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. (?) 20 18 16 MP LABOR (Workers) When labor increases from two to three workers, total product increases by per hour. Use the orange points (square symbol) to plot the production function on the following graph. Assume that if there are no workers, Underground Sandwiches does not have any output. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 80 72 Production Function 64 56 48 32 24 16 MARGINAL PRODUCT (Sandwiches per worker)