Please give exact answer to every part step by step and take a like Q1. A) Using the production function of the Rice (given below) complete the following tableNumber of AcresProduction function for rice (Ton of fertilizer employed perCultivated Per Yearyear)123456150150275375450500215035055070080087532405007409001020112043006609201060118012705330790107012001300135063409001170125013101360Amount ofAmount ofLandFertilizerTotal Outputof FertilizerTons of Wheat Produced Per YearAverage Product Marginal Product ofFertilizer200212233445656B) Draw the diagram of TP, AP and MP curves and explain some fruitful inferences it in your own.

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Answered: Q1. A) Using the production function of…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.3P

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What is the difference between a fixed input and a variable input?
1. Marty's Frozen Yogurt is a small shop that sells cups of frozen yogurt in a university town. Marty owns three frozen-yogurt machines. His other inputs are refrigerators, frozen-vogurt mix, cups, sprinkle toppings, and, of course, workers. He estimates that his daily production function when he varies the number of workers employed (and at the same time, of course, yogurt mix, cups, and so on) is as shown in the accompany- ing table. Quantity of labor (workers) Quantity of frozen yogurt (cups) 0 110 200 270 300 320 330 4 a. What are the fixed inputs and variable inputs in the production of cups of frozen b. Draw the total product curve. Put the quantity of labor on the horizontal axis and c. What is the marginal product of the first worker? The second worker? The third yogurt? the quantity of frozen yogurt on the vertical axis. worker VWhy does margimal product decline as the number of workers increases?
E1
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Use the following graph to illustrate the relationship between the cost per bag of potato chips and the quantity of potato chips produced if it has a minimum point at two dollars a bag and eight bags.
Only typed answer and please don't use chatgpt 10) Using the data in the above table, if the price of an hour of labor is $10 and the price of a unit of capital is $20, then the most economically efficient technique for producing 100 sweaters is A) A. B) B. C) C. D) D.
Don't answer by pen paper and don't use chatgpt otherwise we will give dounvote
3. Optimal use of multiple inputs. In his shop, Jim Valenti retrofits sunroofs into automobiles. The process can use a combination of skilled labor and unskilled labor. Given his current mix of employees, the marginal product of the last unit of skilled labor is 4 sunroofs per day, and the marginal product of the last unit of unskilled labor is 1 sunroof per day. Current market rates for skilled and unskilled labor is $40 and $20, respectively. Is Julian using a least cost combination of inputs? If not, which of type of labor should he use relatively more? Comparison Expression: Result:
2. Inputs and outputs Edison's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas. Edison's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Edison signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Edison's kitchen cannot fit more than three ovens, Edison cannot change the number of ovens he uses in his production of pizzas in the short run. However, Edison's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Edison lets them know how many workers he needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Edison's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product…
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b. The Yorkshire Cricket Company makes cricket bats out of lumber supplied to it by Acme Sporting Goods, which pays Yorkshire £10 for each finished bat. Yorkshire's only factors of production are lathe operators and a small building with a lathe. The number of bats per day it produces depends on the number of employee-hours per day, as shown in the table below. Number of bats per day 0 5 10 15 20 25 30 35 Number of employee-hours per day 0 1 2 4 7 11 16 22 (i) If the wage is £15 per hour and Yorkshire's daily fixed cost for the lathe and building is £60, what is the profit-maximising quantity of bats? (ii) What would be the profit-maximising number of bats if the firm's fixed cost were not £60 per day but only £30? (iii) How would Yorkshire's profit-maximising level of output be affected if the government imposed a tax of £10 per day on the company? (Hint: This tax independent from the production level.) (iv) What would Yorkshire's profit-maximising level of output be if the government…
What is the best example of a marginal change? After graduating from university, Neville's income increases from $1000 per month to $1,100 per month. Jadelyn completes the six-month probationary period at her job and is now paid $11.25 per hour instead of $11.00. Housing prices in an area increase by 50% when a new freeway is built in a small town. O A hard freeze wipes out half of the potato crop in Prince Edward Island and the price of potatoes doubles.

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