The production function for Good X:MarginalProduct ofCapitalAP, = (OKAverageProduct ofCapitalLabor Capital Ouiput6.6.10575.75.706.2032426.716.203065733.31,0721.5246.4041.526 805045.230.4845.241.56.601,97632.93702.3912,72434.169.8033.334.056.2,99133 239.1003,0485.730.486.I103,016-3.227.421202.945-7.124.541) Is the production function for good X exhibited in the above table for the long run or the short run?Explain your answer.2) The marginal product of capital of producing 2991 units of outout (find point A) in the above table isequal to what?3) The production function for good X in the above table exhibits increasing marginal returns to capital overwhat outout range?4) The production function for good X in the above table exhibits negative marginal returns to capital overwhat outout range?5) The production function for good X in the above table exhibits decreasing marginal returns to capitalover what output range?6) The average product of capital of producing 2,991 units of outout (find point B) in the above table isequal to what?

Economics is a branch of social science that describes and analyzes the behaviors and decisions…

The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 20 324 26.7 16.20 30 657 33.3 %3D 6. 40 1,072 41.5 26 80 9. 50 1.524 45.2 30.48 1.976 2391 60 45.2 32.93 70 41.5 34.16 34.05 33 23 9. 80 2.724 33.3 90 2,991 100 3,048 5.7 30.48 110 3,016 3.2 27.42 120 2.945 -7.1 24.54 1) s the production function for good X exhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2,991 units of output (find point A) in the above table is

The production function for Good X: Marginal Product of Capital Average Product ol Capital Labor Capital Ouiput 9. 6. 10 57 5.7 5.70 20 324 26.7 16.20 30 657 33.3 %3D 6. 40 1,072 41.5 26 80 9. 50 1.524 45.2 30.48 1.976 2391 60 45.2 32.93 70 41.5 34.16 34.05 33 23 9. 80 2.724 33.3 90 2,991 100 3,048 5.7 30.48 110 3,016 3.2 27.42 120 2.945 -7.1 24.54 1) s the production function for good X exhibited in the above table for the long run or the short run? Explain your answer. 2) The marginal product of capital of producing 2,991 units of output (find point A) in the above table is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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22.5 Recall that Touchie McFeelie's production function for comic books is .1J1/213/4. Suppose that Touchie can vary both jokes and cartoonists' labor. If old jokes cost $2 each and cartoonists' labor costs $18 per hour, then the cheapest way to produce comics books requires using jokes and labor in the ratio J/L= (a) 9. (b) 12. (c) 3. (d) 2/3. (e) X+ PC X4.0 Show Transcribed Text 000 please explain this question and the correct answer is 6. Thanks.
2. Benson Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 14,000 pounds of raw chicken that costs $7,450, the company produces two parts: 2,500 pounds of drumsticks and 4,500 pounds of breast for a processing cost of $2,466. The chicken breast is further processed into 3,700 pounds of steak for a processing cost of $1,700. The market price of drumsticks per pound is $1.40 and the market price per pound of chicken steak is $3.70. If Benson decided to sell chicken breast instead of chicken steak, the price per pound would be $2.20. a-3. If the drumsticks are producing a loss, should that product line be eliminated? The drumstick product line be eliminated. b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. Total cost…
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From the following data Total orders (Q) 8 13 18 21 26 O Q=L+4K O Q = 3L + 5K O Q = 3L + 3K # of workers (L) O Q = 8LK 1 1 1 2 Which is the correct corresponding production function? NIN 2 # of machines (K) 1 2 3 3 4
Graph Total Product, Average Product and Marginal Product curves from the table given Subject: Business Outsourcing
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Marginal cost Average total cost Average variable cost Average fixed cost Total cost Variable cost Fixed cost Output Labor - - - - 60 0 $60 0 0 70 130 70 60 130 70$ $60 1 1 14 33.33 23.33 10 200 $140 $60 6 2 14 24.54 19.09 5.45 270 $210 $60 11 3 17.5 22.66 18.66 4 340 280$ $60 15 4 25.55 24.55 19.1 3.16 410 $350 $60 18 5 70 25.25 22.10 3.15 480 $420 $60 19 6 Draw the short run total cost curve (show the total cost, fixed cost, variable cost). Where the marginal cost and average total cost intercept? Explain the relationship between the marginal cost and the average total cost with the help of graph.
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Kindly assist on question 1 and 2 1The difference between zero accounting profit and zero economic profit is that. a) an economic profit of zero indicates a fair return because it includes the opportunity cost of a firms capital. b) an economic profit zero indicates unacceptable rate of return because it does not include the opportunity cost of a firms capital. c) an economic profit of zero indicates more than a fair return because it includes opportunity cost and explicit cost. d) an accounting profit of zero indicates a fair rate of return because it includes the opportunity cost of a firms capital. 2.If a corporation is sued and losses the lawsuit, it's liability to pay. a) is imposed on all stockholders, personally b) is imposed only on the corporate CEO and the board of directors. C) its limited to the assets held in the corporations name. d) is imposed on the bondholders of the corporation
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