You own a yogurt shop.1) The inputs to the production of frozen yogurt are: 3 machines, refrigerators,frozen yogurt mix, cups, sprinkles, workers.What are the fixed inputs, and which are variable?2) Complete the table: Wages per worker are $80, other variable input costsare $0.50 per cup, and Fixed Costs are $100.Complete the table.OtherCups Worke Labor VariablofCoste InputFroYoCost0110200270300320330012C4LAVariabl Totale Cost Cost(VC)(TC)Average FixedCost(AFC)Averag AverageVariabl Totale Cost Cost(AVC) (ATC)MarginalCost(MC)

Fixed inputs are those inputs that do not change in order to change the production of a product.…

Answered: You own a yogurt shop. 1) The inputs to…

You own a yogurt shop. 1) The inputs to the production of frozen yogurt are: 3 machines, refrigerators, frozen yogurt mix, cups, sprinkles, workers. What are the fixed inputs, and which are variable?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Jerry's snowboards Total Labor Product (workers (boards Marginal Product of Labor ТР Average Product…

A: "Average product indicates the number of units produced per worker.""Marginal product of an input…

Q: Gopher Excavators produces shovels in a small factory and sells the shovels in a competitive market.…

A: A production function illustrates the relationship between the inputs used and the output produced…

Q: A production process uses two inputs, labor and capital. If the marginal product of labor per dollar…

A: Marginal productivity refers to the additional output produced by using one more unit of input while…

Q: Each extra worker produces an extra unit of output up to 6 workers. After 6, no additional output is…

A: Labor refers to the physical or mental effort exerted by individuals in order to perform tasks,…

Q: ECONOMICS for Today. BUY Economics For Today ☐ 10th Edition ISBN: 9781337613040 Author: Tucker…

A: The objective of the question is to calculate the marginal product of the second worker. The…

Q: Labor Output (workers per week) (units per week) 0 0 1 20 2 50 3 70 4 85 5 95 6 100 Use the above…

A: Given:- Price=$500TFC=$600Unit produce=95 To calculate:- ATC at 95 unit=?MC at 90 unit=? Please find…

Q: shoes (Q) irm producing car labor. The price of K is $8 and the price of L is $2. production vhere K…

A: A firm producing cars. The production function for shoes is : Q= K1/2 L1/2 .…

Q: Each extra worker produces an additional unit of output up to six workers. As more workers are…

A: MP curve is essential for figuring out the best way to use resources and set prices The APcurve…

Q: what is the marginal rate of substitution when the price of coffee is $1.00 per ounce? the prof said…

A: MRTS =MU1/MU0 Lets calculate for the point where U1 meets the straight linegiven the two points at…

Q: Each extra worker produces an extra unit of output up to 6 workers. After 6, no additional output is…

A: Economics is a social science that studies how individuals, businesses, governments, and societies…

Q: KE Ann cuently produces cookies and bread at point A in the graph Use the graph to complete the…

A: The graph that shows the combinations of two goods that an economy can produce with the available…

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: Fixed costs are expenses that do not change with the level of production or sales, such as rent or…

Q: 50 years ago Ford Motor Company spent $1 Billion building a manufacturing plant in Ohio. The company…

A: In a market, people may consider fixed cost and sunk costs are synonyms to each other, but there is…

Q: ) Lines that represent bundles of inputs that cost the same total amount are called: Ototal cost…

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

Q: Use the information in the table to answer the two questions that follow about Monster's Ink, a…

A: Marginal product refers to the change in output or production that is achieved by adding one…

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: Maria is starting a food ordering and delivery company. Meals are ordered online. Maintenance of the…

Q: Present a graph of the following. Label your graphs completely 1. Using the isoquant map and…

A: Isoquant: Q=f(K,L) Q= Output L= Labor K= Capital Isoquant is the line which represents the same…

Q: An example of a fixed cost is O a property tax O the cost of labor O the cost of materials O the…

A: The expenses that are being incurred for carrying out day-to-day business transactions are known as…

Q: Each extra worker produces an additional unit of output up to six workers. As more workers are…

A: The total product basically refers to the total output of a good or service produced by a firm. When…

Q: If 1 orchard, 7 workers, and 3 tons of fertilizer yield 1,000 bushels of peaches, while 1 orchard, 7…

A: Since you have posted multiple independent questions, according to the guidelines, only the first…

Q: Select all that apply A production function can include many inputs. Which of the following are the…

A: The inputs such as capital, labor and land are used to produce and output in the market is known as…

Q: Use the following graph to illustrate the relationship between the cost per bag of potato chips and…

A: Average total cost refers to the approximate cost of production at different levels of output. It…

Q: Labor Total product (houses per week) (students) 1 3 7 3 12 16 19 5 21 Lizzie hires students in the…

A: Total variable cost is the aggregate amount of all variable costs associated with the cost of goods…

Q: A commercial fisherman notices the following relationship between hours spent fishing and the…

A: Marginal-productivity(MP) is the additional output produced for an additional unit of input. MP can…

Q: The production function expressed in the table below represents the amount of hot dogs Hot Dog on a…

A: Marginal product refers to the additional output or production that is generated by using one…

Q: 4. LR and SR: Returns to Scale and Diminishing Returns Q- LaK > Consider a general Cobb-Douglas…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Production function 1 q (K, L) = K^αL^β Production function 2 q (K, L) = K^α + L^β

Q: The production function expressed in the table below represents the amount of hot dogs Hot Dog on a…

A: Marginal product refers to change in total product or output by adding one more unit of input.

Q: The firm can use two inputs, L and K. The price of L= 20 and price of K = 30. Total cost- 300. As…

A: An isocost line represents all combinations of two inputs (in this case labor, and capital) that…

Q: What is the marginal physical product (MPP) of a variable input, like labor?How do you derive the…

A: The marginal physical product (MPP) is the change in output caused by a change in the amount of…

Q: 24. A specific production process can be represented by the production function, f(x1, x2) = (x 1/2…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Suppose you own a video game store. List some of the fixed inputs and variable inputs you would use…

A: Every firm must have certain fixed and variable factors.

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: To determine the profit-maximizing output level, a firm should consider its cost schedule and…

Q: Think about running a restaurant. It is likely the case that: a. cooks and hosts are variable…

A: Variable cost means the cost which occurs due to the employment of variable inputs/resources while…

Q: The table provides information about the relationships between labor and various product measures…

A: Answer: Labor TP MP AP 0 0 0 0 1 3 3 3.00 2 9 6 4.50 3…

Q: The following diagram presents a circular-flow model of a simple economy. The outer set of arrows…

A: circular flow of income is the economic model which represent the flow of income between household…

Q: Which of the elements of this scenario represent a flow from a household to a firm? This could be a…

A: Answer: Sharon's labor The $175 Paolo spends to purchase necklace from Classy's Jewelry…

Q: a. When three pens and four erasers were purchased, the cost was $21.25. When two pens and two…

A: As per given question:- Let Value of pens = x Value of erasers = y thus, 3x + 4y = 21.25…

Q: When it comes to the question on how long the short run is (in the context of production and cost),…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: Please Can you work on the diagrams. I cannot view the diagrams for the answers provided

A: In this case, we have to draw the indifference curve of Felice where indifference curve actually…

Q: a. Complete the average product and marginal product columns in the table above.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: According to microeconomic theory, an input factor may be: a. Fixed in the short run, but will…

A: The time horizon that is being considered determines how input factors are classified in…

Q: hi Suppose you build bird houses. One day, you double the time you spend building and double the…

A: Consider the definition of returns to scale. When we change all factors of production by a certain…

Q: Please explain how you decide what level of outputs you produce given a fixed level of an input.…

A: The level of output produced given a fixed level of an input is determined by the production…

Q: A firm uses corn and protein supplement to mix a particular type of hog feed. Corn costs $0.08 per…

A: Iso cost curve shows all the possible combination of factors of production which a firm can afford…

Q: Problem 1 Technology a) The local cleaner launders white clothes using the production function q =…

A: Given; q=3B+G Marginal Product (MP) is the change in the output when an extra unit of the input is…

Question

You own a yogurt shop.
1) The inputs to the production of frozen yogurt are: 3 machines, refrigerators,
frozen yogurt mix, cups, sprinkles, workers.
What are the fixed inputs, and which are variable?
2) Complete the table: Wages per worker are $80, other variable input costs
are $0.50 per cup, and Fixed Costs are $100.
Complete the table.
Other
Cups Worke Labor Variabl
of
Cost
e Input
FroYo
Cost
0
110
200
270
300
320
330
0
1
2
C
4
LA
Variabl Total
e Cost Cost
(VC)
(TC)
Averag
e Fixed
Cost
(AFC)
Averag Avera
ge
Variabl Total
e Cost Cost
(AVC) (ATC)
Margi
nal
Cost
(MC)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction:

VIEW

Step 2: Determining fixed and variable inputs.

VIEW

Step 3: Calculation of cost:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

In our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED. Paper- Stapler- Staples- Employees- Production space-
In a diagram, how is the effect of an increase in the price of a variable input illustrated? Multiple Choice The MC, AVC, ATC and AFC curves would shift down. Only the MC, AVC, and ATC curves would shift down. Only the MC, AVC, and ATC curves would shift up. The MC, AVC, ATC and AFC curves would shift up.
5 Question 5 A bottling company uses two inputs to produce bottles of the soft drink Dr Pibb; bottling machines, K, and workers, L. The firm's production function exhibits diminishing MRTS. At its current level of production, the firm spends 800 per day on machinery and 200 per day paying wages to its workers. At this level of production, the marginal product of the machine is an additional 200 bottles per day and the marginal product of labor is 50 more bottles per day. Is this firm producing at minimum cost? If it is minimizing cost, explain why. If it is not minimizing cost, explain how the firm can lower its cost.
Refer to the graph below: y2 The graph above illustrates a production set of a firm. (a) Which assumption(s) do(es) the production set violates? Explain. (b) Suppose the firm decided to scale all inputs up or down by some amount t > 0. What will happen to the level of output?
At Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of scarves costs $53. What is Stacy's Marginal Cost of an extra hat?
Insert the missing numbers in the following tables. number of units of Marginal machinery production production production total average labors 6 5 10 2 10 30 15 70 8 20 85 Q TC TVC TFC ATC AVC AFC MC 80 1 80 2 110 3 70 4 90 3. 00
2. Define marginal physical product of labor (MPP) and marginal cost of product (MC). How are these two related? Why is MC called the mirror image of MPP? Explain ( type answer and descripe with grph)
Write out an example Cobb-Douglas production function. Derive the signsfor the relationship between labor and output and for marginal product oflabor and labor, holding other inputs fixed. Explain with economic intuition.
which of the following best describes marginal product?A.)Left over output- the loaves a bakery makes but does not sell that goes unused. B.) The total number of loaves a bakery can create with 5 workers and a fixed amount of capital. C.) The loaves made by a bakery using a substandard quality flour that ultimately harms business profits. D.) When the number of bakery staff increases from 2 to 3 bakers, 5 additional loaves are made.
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor: Number of pickers (per hour) 1 2 3 4 5 6 7 8Output of grapes (in flats) 10 28 43 54 61 64 65 61Calculate marginal physical product (MPP) and then graph the total product (output) and MPP curves.
Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Event Households purchase Suppose Maria earns $525 per week working as a programmer for PC Pros. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kevin $300 per week to wash cars. Kevin uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Kevin spends $175 to purchase software from PC Pros. Maria earns $525 per week working for PC Pros. Kevin earns $300 per week working for Spotless Car Wash. Factor Market in factor markets. Product Market O
We can describe inputs as either fixed or variable. Thinking about a company that assembles cars, which of the following would be an example of a fixed input that could not be changed in the short run? Group of answer choices A)The robots that help assemble the cars. B)The building where the assembly takes place. C)The electricity required to support the assembly activity. D)The employees that work for the company.