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ENGR.ECONOMIC ANALYSIS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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what is the marginal product of the third worker
Table 1
Labor
Production
Marginal Product
Total Variable Cost
Total Fued Cost
$0
1
$10
200
200
$20
$10
2.
350
$40
$10
3
470
$60
$10
80
$80
$10
5.
50
$100
$10
$120
$10
6.
630

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6. Nimbus Ltd. makes brooms and then sells them door to door. Here is the relationship between the number of workers and Nimbus's output in a given day Average Marginal Total Total Marginal Workers Product Cost Cost Cost Output 0 20 2 50 90 4 120 5 140 6 150 7 155 Fill in the column of marginal products. What pattern do you see? How might you a. explain it? b. A worker costs $100 per day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost. Fill in the column for average total cost. (Recall that ATC = TC/Q.) What pattern do c. you see? d. Now fill in the column for marginal cost. (Recall that MC = ATC/AQ.) Wh 6/8 do you see? Compare the column for marginal product and the column for marginal cost. Explain e. the relationship. f. Compare the column for average total cost and the column for marginal cost. Explain the relationship
#1
Question 4 For a firm, the production function represents the relationship between OOO implicit costs and explicit costs. quantity of inputs and total cost. quantity of inputs and quantity of output. quantity of output and total cost. iz Instructions Question 5 Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate can make 35 pieces of pottery per week. What is Kate's marginal product? O 15 pieces of pottery O22.5 pieces of pottery O 35 pieces of pottery O 55 pieces of pottery
0 Labor Output 0 Marginal Product Variable Fixed Cost Cost -- $0 $5 1 100 100 $5 $5 2 250 $10 $5 3 350 $15 $5 4 50 $20 $5 5 25 $25 $5 6 430 $30 $5 3. What is the marginal product of the second worker? Show your work.
Marginal Variable Fixed Labor Output Product Cost Cost $0 $5 -- 1 100 100 $5 $5 250 $10 $5 3 350 $15 $5 4 50 $20 $5 5 25 $25 $5 6 430 $30 $5 What is the average variable cost of producing 400 units of output?
5. What is the average product of labor, given that the level of labor equals 10, total outout equals 1200 and the marginal product of labor equals 200?
4
Marginal Total Marginal Cost RevenueRevenue Quantity Variable Price costs PER UNIT $0.00 $5,3 --- --- 1 $5.50 $5,3 $6.00 $5,3 3 $6.50 $5,3 4 $7.00 $5,3 5 $7.50 $5,3 $8.00 $5,3 The fixed costs are $70. Calculate the marginal costs if the current level of production is 3 units and the producer decides to increase its output by 1 unit. Show your answer with a number only. The number must have 2 digits after the decimal point.
Output (Concession Stand Items) Number of Workers Employed Per day Price of Labor Per Worker Per Day Total Variable Cost of Labor Total Fixed Costs Per Day Total Cost Per Day Average Price of Concession Stand Items Total Revenue Profit Average Variable Cost Average Fixed Cost Average Total Cost Marginal Cost Marginal Revenue 0 0 $120 $2,000 $8.00 100 2 $120 $2,000 $8.00 400 4 $120 $2,000 $8.00
Table 3 Gallo Cork Factory Number of Workers 1 2 3 4 5 6 7 Number of Machines 2 2 2 2 2 2 2 Output (corks produced per hour) 5 10 20 35 55 70 80 Select one: O a. the fifth worker O b. the fourth worker O c. the third worker O d. the sixth worker Marginal Product of Labor Cost of Cost of Workers Machines Total Cost Refer to Table 3. Gallo's cork factory experiences diminishing marginal product of labor with the addition of which worker?
a) Fill in the empty cells in the table. You have been also given following additional info- Price = $ 10 Wage = $ 1500 Labor (L) Output (q) Marginal Product of Labor Value of the marginal product of labor: Wage Marginal profit 0 0 1 400 2 720 3 960 4 1020 b) When the company should stop hiring Workers. Explain
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?

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