### Table 13-1**Alyson’s Pet Sitting Service**| Number of Workers | Output (number of pet visits) ||-------------------|--------------------------------|| 0 | 0 || 1 | 20 || 2 | 45 || 3 | 60 || 4 | 70 |**Refer to Table 13-1. What is the marginal product of the third worker?****Options:**- 15- 20- 35- 60

Marginal product of labor refers to an additional product to the total product due to a change in…

Answered: Table 13-1 Alyson's Pet Sitting Service…

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Economics

Table 13-1 Alyson's Pet Sitting Service Number of Output (number Workers of pet visits) 20 2 45 60 4 70 1.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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cost of car ut whent + is ig st 15 plus 1. G&G Cat Food sells cans of cat food to customers. The quantity of output (cans of cat food) and the corresponding number of employees per hour in the following table: VC ATC: AC AFCA AUC MC($/can) ATC($/can) AVC($/can) Employees/hr Isnisnal 1 2 3 4 5 6 Cans/hr 10 20 28 32 35 37 TC($) G&G Cat Food is a profit maximizing firm in a perfectly competitive market, and each employee earns $20 per hour. Fixed costs come from a 1-year contract for rents paid on the factory, and are the equivalent of $40 per hour. (a) Fill in the table above. (b) If the market price of cat food is $5 per can, how much cat food would G&G produce per hour? Calculate the hourly profits at this level of output. 391 100 222 (c) What output would be produced if process dell to $1.50 per can? What would profits be in the short run?
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2 You run a business selling used hand tools. The rent on your building is $1400/month. Utilities average $600 month. Your average cost to buy your used hand tools from a wholesaler is $9.5/tool. You spend S0.50/tool to package and individually price them. You have two employees in your store during the opening hours that sell the tools. Each employee gets a salary of $12/hour. Your store is open 10 hours/day, every day of the week. Over the course of a year, this averages out to 30 days'month. The average selling price for a used tool is $22. How many tools per month must be sold to make $4000 profit each month.
QUESTION 18 Amir and Samir run a business that sets up and tests computers. Assume that Amir and Samir can switch between setting up and testing computers at a constant rate. The following table applies: Amir Samir A. 36 B. 48 C. 60 Minutes Needed to D.64 Set Up 1 Computer 48 30 Test 1 Computer ? 40 Number of Computers Set Up or Tested in a 40-Hour Week Computers Set Up Refer to the table above. The number of minutes needed by Amir to test a computer is 50 80 Computers Tested 40 60
TOTAL AND MARGINAL PRODUCT Total Product [Output] 70 60 50 40 30 20 10 0 Marginal Product 20 10 0 -10 -20 1 Labor Input 1 2 2 2 3 3 4 5 5 6 6 7 7 8 Labor Input 8 Reset Labor Input 8 EEPRODUCTIVITY CALCULATIONS Labor Input 0 Output 0 Marginal Product structions: Move the slider at the bottom of the diagram to change the quantity of labor hired for both graphs and the table. ) What is the marginal product of the third worker? ) What is the marginal product of the fifth worker? c) If units of output are sold for $0.80 each, how much revenue does the firm gain by selling the additional units attributed to the 3rd worker? $ How much revenue does the firm gain by selling the additional output from the fifth worker? $
es Output 6 1 2 3 4 5 S 6 17 8 9 Total Cost $ 2,500 3,416 4,040 4.480 4,900 5,220 5,540 6,310 7,328 9,718 2500 Total Variable Cost b. What is the value of total fixed cost? 6 units $ 0 units 910 1540 1980 2400 2720 3040 3810 4820 7210 Marginal Cost c. What is the most productive level of output? $ 910 630 440 420 320 320 770 1010 2390 Average Total Cost $ d. At what output is economic capacity? Output: e. If TFC doubled, what is the marginal cost of the 7th unit? 3410 2020 1493.33 1225 1044 923.33 901.42 915 1078.89 Average Variable Cost $ 910 770 660 600 544 506.67 544 29 6025 801.11 Average Fixed Cost 2500 1250 833.33 625 500 416.67 35713 312.5 27778
6. Relationship between returns to scale, isoquants, production frontiers, and cost curves The following graph shows two isoquants that represent the firm's production technology. One of the isoquants shows all of the possible combinations of labor and capital that can produce 300 units of output (q = 300), but you must determine the other isoquant's quantity given the information that follows. CAPITAL 100 90 80 70 60 50 40 30 20 10 0 0 10 20 30 40 50 LABOR 60 70 80 ¹9, = 300 90 100 Suppose the firm's production process exhibits decreasing returns to scale. Based on the graph, the level of output represented by the second isoquant is q2 =