The following is the production schedule of a certain firm. A unit of labor cost 50 pesos per hour and the rental price of capital is 100 pesos per hour. a. Fill in the column for average product and marginal product.  b. Compute for the fixed cost, variable cost, total cost, average total cost, average fixed cost, average variable cost and marginal cost. Create columns for each of these cost functions.

Q: Camille's variable cost, VC is his wage cost ($80 per worker per day) and his other input costs…

A: Total cost = Total fixed cost + Total variable cost Average cost = Total cost / OUTPUT MC = TCn -…

Q: Examine the relationship between Short-Run and Long-Run Average Total Costs through illustration,…

A: Businesses can find areas for improvement, allocate resources optimally, and make well-informed…

Q: Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the…

A: Formulas to be used:TC = VC+FCATC = TC/QAVC = TVC/QAFC = TFC/OMC = TCn - TCn-1

Q: Choose all answers that are correct:  the marginal cost is the slope of the... a. The variable cost…

A: Marginal cost = Change in total cost / Change in quantity of output

Q: Which describes our situation when quantity increases from 2 to 3 Economies of Scale ODiseconomies…

A: Quantity Long run T.C $ L.R A.T.C $ 0 8 -- 1 28 28 2 47 23.5 3 67 22.33 4 96 24 5 138…

Q: Explain the difference between direct costs, indirect costs, fixed costs, and variable costs,…

A: Economic cost looks at the gains and losses of one course of action versus another. It does this…

Q: Define different average cost functions in the short run production. What are the shapes of the…

A: Short run production is a production cycle when atleast one of the factors of production is fixed.…

Q: Which of the following are true (check all that apply) Note: IRTS=increasing returns to scale,…

A: Cobb-Douglas production function represents the relationship between the inputs used and the total…

Q: A firm pays $500,000 per year on costs that it cannot alter in the short run. This year, it expects…

A: Cost Cost refers to any expense that incur in the process of production. Total cost is made up of…

Q: Brenda's body board factory rents equipment for shaping boards and hires students. Brenda pays $150…

A: Average fixed cost = Total fixed cost / Total productAverage variable cost = Total variable cost /…

Q: Matt's birdhouse factory rents equipment for constructing birdhouses and hires students. Matt pays…

A: Fixed cost is the cost incurred during the production of a particular product which is independent…

Q: Given that wage is $10. The last worker hired by Cal's Corn Farm added 20 ears of corn. The price of…

A: Wage rate = $10Last worker marginal product = 20 ears \4 ears corn price = $1Hi there , as per our…

Q: Peter's birdhouse factory rents equipment for constructing birdhouses and hires students. Peter pays…

A: Average fixed cost = Total fixed cost / Total productAverage variable cost = Total variable cost /…

Q: Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.…

A: Fixed costs are the cost which don't change with the increase in production.  marginal cost are the…

Q: The average total cost is the total costs (both fixed costs and variable costs) divided by the total…

A: Average total cost measures total cost per unit of output. It is calculated as total cost divided by…

Q: Fill in the following cost table where cells have been left blank. In other words, use "Units of…

A: Profit is maximum where P = MC or MR = MC  Profit = Total revenue - Total cost.

Q: Next, fill in average total cost in the table. (Enter your responses as real numbers rounded to two…

A: Average total cost is the cost per unit. It is the ratio of total cost and output

Q: unction for Soybeans Quantity of labor (workers) Quantity of soybeans (bushels) 1 25 45 3 60 4 70 75…

A: Here we calculate the total cost of 70 bushels by using the given information and choose the correct…

Q: Consider the following Cobb-Douglas production function: Y = 10L04K04. Suppose that the price of…

A: since you have asked a multipart question and according to our policy we can only solve the first 3…

Q: The N.M. Corporation has exactly the same costs of production as last year except for fixed costs,…

A: Cost can be defined as a concept that shows the amount of expenditure and any other sacrifice such…

Q: Moris just opened a chocolate place, it costs her $500 per day to pay for workers’ wages and an…

A: here we calculate the total cost and break even quantity  so the calculation as follow-