Please do problem #2 The marginal product of labor schedule for a firm is given below for alternative levels oflabor. Calculate the total product schedule, Q, for each level of labor employed. Alsocalculate the average product schedule, APL.2.Produce a graph of the production function. ie, a graph of Q on the vertical axisand L on the horizontal axis. Identify on your graph where diminishing returns toa.labor set in.b.Produce a graph of the marginal product and average product schedules. Put APLand MPL on the vertical axis and L on the horizontal axis.Calculate the MC schedule for the firm if the firm faces a price of labor (the wage)of w-$First and w-$(EirsttLast), where First# of the letter corresponding to yourfirst name and Last# of the letter corresponding to your last name. For instance,B=2, so the wage, w, for the TVC (w=First) column is w=$2. That is, the producerhas to pay a wage of $2 per unit of labor. Produce a graph of the two MC schedulesTas a function of Q. (graph MC on the vertical axis and Q on the horizontal axis forLeach w. Use the xy graph. The two marginal cost curves should be on the samegraph.) MPL-marginal product of labor. (I am providing the columns for TVCbecause you will use it to calculate MC).с.TVCLaborMPL Q=outputAPLTVCMCMC(w-EirsttLast)(w=First)(w-First)(w-EirsttLast)XXXXX115192117156.1371189d.Explain what happens to marginal cost when the price of labor increases.1031 Directions: For each of the following problems you should use EXCEL to calculate the variousmeasures of costs. There are supplemental instructions for each problem. For your final copy toturn in you should make sure that each problem is numbered and that headings are provided foreach column of numbers. You should also provide headings for each problem and graph andother appropriate documentation. Round all numbers to two decimal points.1. You are given the following total cost function for a firm:TC = (25+F) +L xQ+0.5 x(Q²)where F-the number of the letter of the alphabet corresponding to the initial ofyour first name, and L-number of the letter of the alphabet corresponding to theinitial of your last name. For example, if your name were Bill Weber, F=2 andL=23, so (MY NAME IS GABRIEL RIVES)TC = 27+ 23 xQ+ 0.5 × Q.Calculate TC, TFC, and TVC for the levels of output between Q-0 and Q=30 (i.e._Q-0, Q=1, Q=2, Q=3,..., Q=29, Q=30). Make a graph of TC, TFC, and TVC as afunction of Q. (Use an xy graph, connect the points, and make sure these threecurves are all on the same graph.)a.Calculate ATC, AFC, AVC, and MC as a function of Q and produce a graph of theATC, AFC, AVC, and MC curves as a function ofQ. (Again, use xy.graph, connectthe points, and make sure these curves are all on the same graph. Also, since ATC,AFC, AVC, and MC are not defined at Q-0, start your graph using Q=1, not Q=0.)b.

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The marginal product of labor schedule for a firm is given below for alternative levels of labor. Calculate the total product schedule, Q, for each level of labor employed. Also calculate the average product schedule, APL. Produce a graph of the production function. ie, a graph of Q on the vertical axis and L on the horizontal axis. Identify on your graph where diminishing returns to labor set in. a. b. Produce a graph of the marginal product and average product schedules. Put APL and MPL on the vertical axis and L on the horizontal axis. Calculate the MC schedule for the firm if the firm faces a price of labor (the wage) of w-$First and w-$(EirsttLast), where First-# of the letter corresponding to your first name and Last# of the letter corresponding to your last name. For instance, B=2, so the wage, w, for the TVC (w=First) column is w=$2. That is, the producer has to pay a wage of $2 per unit of labor. Produce a graph of the two MC schedules Tas a function of Q. (graph MC on the vertical axis and Q on the horizontal axis for с.

The marginal product of labor schedule for a firm is given below for alternative levels of labor. Calculate the total product schedule, Q, for each level of labor employed. Also calculate the average product schedule, APL. Produce a graph of the production function. ie, a graph of Q on the vertical axis and L on the horizontal axis. Identify on your graph where diminishing returns to labor set in. a. b. Produce a graph of the marginal product and average product schedules. Put APL and MPL on the vertical axis and L on the horizontal axis. Calculate the MC schedule for the firm if the firm faces a price of labor (the wage) of w-$First and w-$(EirsttLast), where First-# of the letter corresponding to your first name and Last# of the letter corresponding to your last name. For instance, B=2, so the wage, w, for the TVC (w=First) column is w=$2. That is, the producer has to pay a wage of $2 per unit of labor. Produce a graph of the two MC schedules Tas a function of Q. (graph MC on the vertical axis and Q on the horizontal axis for с.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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