QUESTION 27 Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. Units of capital 80 C 36 60 A 0 Figure 7.8 B D 60 80 Units of labor 120 Refer to Figure 7.8. If the price of capital is $30, then along isocost line AB total cost is $1,200. $1,800. $2,400. indeterminate from this information, as the price of labor is not given.

QUESTION 27 Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. Units of capital 80 C 36 60 A 0 Figure 7.8 B D 60 80 Units of labor 120 Refer to Figure 7.8. If the price of capital is $30, then along isocost line AB total cost is $1,200. $1,800. $2,400. indeterminate from this information, as the price of labor is not given.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Production Total Product Total Fixed Cost Total variable cost Total Cost Average fixed cost Average variable cost Average Total Cost Marginal Cost 0 0 1 25 2 45 3 60 4 70 5 85 6 105 7 135 8 180 9 240 10 315 Assume that fixed costs are $50, labor is the only variable input and its costs are reflected completely in the costs above. Complete the table Graph AFC, AVC, ATC, and MC Explain how increasing returns and decreasing returns are depicted in your graph If the labor input increased by $10 at every unit of production, what would be the effect on your graphs?
Graph the isoquant below and explain Labor (x) 50 38 28 20 14 10 8 7 Capital (y) 3 6 9 12 15 18 21 24
(1) Let's go back to the beginning. q = AL^aK^1-a Suppose labor is fixed at some level L, a = 0.5, and A = 1. Calculate K* a)What is T C* ? b)What is the short-run fixed cost?
Which of the following is the best description of a production 'isoquant'? The set of all inputs which generate the same level of output. O The level of profit which makes the firm indifferent between producing or not producing. The input combinations which generate a positive level of profit. The marginal impact on profit of increasing inputs by 1 unit. O The input combinations which generate a given level of profit.
Compute the Total Cost of the following: Formula: TC = Price of L (Labor Q) + Price of K (Capital Q) Combination Output Units of Labor (L) Labor Costs Units of Capital (K) Capital Cost Total Costs A 10,000 5,000 5,000 B 10,000 1,000 9,000 Price of Labor per unit: php 50.00 Price of Capital per unit: php 100.00
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Q. Table 3 above shows how output varies with only one variable input used in production. If the cost of a unit of labor is $500, what is the approximate marginal cost of the 230th unit of output? a. $2.50 b. $8.50 c. $12.50 d. $50.00 e. $100.00
What is the trend in cost?
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Consider the following diagram showing a range of isoquants and isocosts, with labour measured on the horizontal axis and capital measured on the vertical axis. Assume that when the firm is producing in the short run, capital is fixed at K but capital is variable in the long run. K, Capital K A B Q3 Isoquant Q2 Isoquant Q₁ Isoquant L, Labour Which of the following can we conclude? O Only point B represents cost minimisation in both the short run and the long run, as it is on the short run expansion path, as well being the cost minimising point in the long run. Points A, B and C represent cost minimisation in the long run only. There are no points that represent cost minimisation in both the short run and the long run. Points A, B and C represent cost minimisation in both the short run and the long run. Points D and E represent cost minimisation in the short run only. Points A, B and C represent cost minimisation but only in the short run. Points D and E represent cost minimisation in…