(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed input consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 75 bushels of quinoa is: Table: Production Function for Quinoa Number of Workers 10 1 112 3 4 15 kranscript O $7,650. O $1,225. O $650. O $1,150. Bushels of Quinoa 0 25 45 60 70 75

(Table: Production Function for Quinoa) Use Table: Production Function for Quinoa. Assume that the fixed input consists of 10 acres of land and a tractor, which have a combined cost of $150 per day. The cost of labor is $100 per worker per day. The total cost of producing 75 bushels of quinoa is: Table: Production Function for Quinoa Number of Workers 10 1 112 3 4 15 kranscript O $7,650. O $1,225. O $650. O $1,150. Bushels of Quinoa 0 25 45 60 70 75

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Labor Output Fixed Cost Variable Cost (Number of workers) (Units) (Dollars) (Dollars) 30 1 100 30 15 180 30 30 3 240 30 45 4 280 30 60 300 30 75 Refer to the table above, the total output curve is O increasing at a constant rate. O increasing at a decreasing rate. O decreasing at a decreasing rate. O increasing at an increasing rate.
19. A moving company requires one van and two workers in one hour to do one task. If labour cost is $20/hour per worker and renting a van costs $40/hour. What is the total cost of cost- minimizing input combination if the company wishes to do 20 tasks? Depict the scale and substitution effects if the wage decreases to $15/hour if the total cost does not change.
4) Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below.Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below. Number of Worker Output Hours 0 50 100 150 200 250 300 350 0 400 900 1300 1600 1800 1900 1950 Marginal Fixed Variable Total Marginal Product Cost Cost Cost Cost Average Variable Cost Average Total Cost -- Consider a firm that has just built a plant, which cost $2,000. Each worker costs $6.00 per hour. Based on this information, fill in the table below.
Complete the following table by calculating marginal product and average product from the data given: Explain why marginal product eventually declines and ultimately becomes negative. What bearing does the law of diminishing returns have on marginal costs? Be specific.
Units of fixed input K Labor Hours (L) Output (Q) TFC TVC TC AFC AVC ATC MC 3 0 0 3 1 4 3 2 90 3 3 160 3 4 200 3 5 230 3 6 250 3 7 260 3 8 265 A firm has the following production function: Q=f (L/K). It must pay $20 per hour of labor and rents its fixed inputs (K) for $30 per unit. Complete the following table and answer the questions that follow:
Suppose that a firm has a production function given by: q= 10 L² K. The firm has 10 units of capital in the short run. Which of the following will describe the marginal product of labor (MPL) for this production function? Select one: a. Constant Marginal Returns to Labor b. Increasing Marginal Returns to Labor O c. Decreasing Marginal Returns to Labor
Output (units per day) 19 17 15 54 14 7 2 1 1 1 I 1 F 1 I 1 1 I I 1 I 1 1 1 1 1 T II II LI I 1 1 1 1 1 F 2 1 1 I T 1 3 4 Labor Input (workers per day) 5 Total output The marginal product of the sixth unit of labor in the figure above is: A. 4.0 B. -4.0 C. 15.0 D. 2.5 E. NONE OF THE ABOVE
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Time left 1:30:35 Suppose you are given the following output and (incomplete) cost table (assume labor is the only variable input and that all workers are paid an equal wage rate): Labor Output 0 0 2 3 4 100 units 270 units 570 units 650 units Fixed Cost Variable Cost C. a. an amount less than $15 b. an amount between $15 and $25 an amount between $25 and $35 d. an amount between $35 and $45 e. an amount greater than $45 Total Cost $50,000 Average Variable Cost undefined What is marginal cost when the third worker is employed? $61.53
Moris just opened a chocolate place, it costs her $500 per day to pay for workers’ wages and an additional $2 for each chocolate they make. a. What are the total cost and average cost functions for Moris chocolates b. If Moris chocolate place is open 6 days a week and sells chocolates for $5 each, how many chocoolates does Moris place need to sell each week to break even on its accounting cost?
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2. Consider a production function: x(l, k) = Alªk³. Showing all of your work: (a) Under what conditions are the marginal products of labor 1 and capital k positive? (b) Under what conditions are the returns to labor and capital diminishing? (c) Under what conditions are the returns to scale increasing, decreasing, and constant?