Production Theory - The table below shows the production capabilities for a small fishing operation in the Pacific Northwest. Total Product (TP) refers to the number of pounds caught in a day. Fill in the missing columns below. L TP-q MP AP
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- Fill in the missing parts in the following tables to illustrate the behavior of production and costs in the short-run; then determine the optimal level of production according to the number of inputs you are intending to use. Output Units Land Square Meters Capital Egyptian Pounds Labor Units 0 20 40000 0 1000 20 40000 5 1600 20 40000 8 2100 20 40000 11 2500 20 40000 14 2600 20 40000 17 Output FC VC TC MCL MPL AVC AFC ATC 0 1000 1600 2100 2500 2600 -Hint Consider land and capital as fixed factors, while labor units as variable factors. The cost of land is L.E20 per square meter. The interest rate on capital is 10%. The average wages per unit of labor is L.E1500.Explain the characteristics of production in the short term vs the long tem in terms of factorsof productions and diseconomies of scaleInclude correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to "Calculate," you must show how you arrived at your final answer. The table below shows the short-run production function for Mateo's Metalworks. Total Product per Hour 5 11 16 20 23 25 Number of Welders 1 2 3 4 5 6 7 8 26 25 (a) Beginning with which welder do diminishing marginal returns set in for Mateo's Metalworks? Explain using numbers. (b) Assume Mateo's Metalworks sells its welding services in a perfectly competitive market at a unit price of $10. Calculate the marginal revenue product of the seventh welder. Show your work. (c) Mateo's Metalworks hires welders in a perfectly competitive labor market for welders at a wage rate of $35 per hour, and the market price of welding services remains $10. How many welders will Mateo's Metalworks hire to maximize its…
- Fill in the missing data to solve this problem. Variable Total Average MarginalInput Product Product Product4 ? 70 ----5 ? ? 406 350 ? ? What is the total product for 5 units of input, and what is the marginal product for 6 units of input?A firm can use three different production technologies, with capital and labour requirements at each level of output as follows:Daily OutputTechnology 1 Technology 2 Technology 3K L K L K L100 3 7 4 5 5 4150 3 10 4 7 5 5200 4 11 5 8 6 6250 5 13 6 10 7 8a) Suppose the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labour cost is $80 per worker per day. For each level of output, which technology is the cheapest?b) Now suppose the firm is operating in a low-wage country, where capital cost is $100 per unit per day and labour cost is $40 per worker per day. For each level of output, which technology is the cheapest?c) Suppose the firm moves from a high-wage to a low-wage country but that its level of output remains constant at 200 units per day. How will its total employment change?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
- ← A brewery produces regular beer and a lower-carbohydrate "light" beer Steady customers of the brewery buy 10 units of regular beer and 15 units of light beer monthly. While setting up the brewery to produce the beers, the management decides to produce extra beer, beyond that needed to satisfy customers. The cost per unit of regular beer is $29,000 and the cost per unit of light beer is $50,000. Every unit of regular beer brings in $200,000 in revenue, while every unit of light beer brings in $500,000 in revenue. The brewery needs at least $15,000,000 in revenue, and has determined that the total demand will be at least 48 units of beer. Complete parts (a) and (b) CITTS (a) How much of each type of beer should be made so as to minimize total production costs? units of regular beer and units of light beer should be made, for a minimum total cost of $ $0 (Type integers or decimals) (b) Suppose the minimum revenue is increased to $15.700,000 Use shadow costs to calculate the total…JayZee is the new sensation in the fashion industry, his cloth line is being appreciated and liked by the masses. Due to increased demand he decided to hire more labour (variable factor) while it is not possible for him to extend his warehouse size. If he hires you as an expert to ensure maximum profits with following information, take the best decisions. Total Product Units of Capital Units of Labour 0 5 0 100 5 1 240 5 2 400 5 3 500 5 4 560 5 5 570 5 6 570 5 7 520 5 8 460 5 9 Find: AP, MP and TR (show calculation) Find: Identify the three stages of production Construct the curves of TP, MP and AP Suggest how many labour should JayZee hire and why.vii. Which of the following is not a characteristic of farm input use in Sub-Sahara Africa? A. Modern input use may be relatively low in aggregate, but is not uniformly low across countries, especially for inorganic fertilizer and agro-chemicals B. The incidence of irrigation and mechanization, remains quite small C. Considerable variation exists within countries in the prevalence of input use and of input use intensity conditional on input use D. An inverse relationship consistently exists between farm or plot size and input use intensity E. Majority of farm households use credit to purchase modern inputs
- A firm can use three different production technologies, with capital and labor requirements at each level of output as follows: Technology 1 Technology 2 Technology 3 Daily Output 100 150 200 250 K 6 6 7 8 L 10 13 14 16 K 7 789 L 8 10 11 13 K 8 8 9 10 L 7 8 9 11 Suppose the firm is operating in a high-wage country, where capital cost is $110 per unit per day and labor cost is $90 per worker per day. For each level of output, which technology is cheapest? At 100 units of output, is the least expensive.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 MRP - MLC Marginal Product Total Average Total Marginal Total TRP -TLC Marginal Labour Cost Product Product Revenue Revenue Labour Cost Product Product 1 10 10 25 20 3 45 30 4 60 40 70 50 6. 75 60 7 78 70 8. 80 801. Do the following production functions exhibit increasing, constant of decreasing returns to scale in K and L? Explain/interpret your answer. (a) Y = KL (b) Y = KL (c) Y = K³L¹
