MICROECONOMICS-ACCESS CARD <CUSTOM>
11th Edition
ISBN: 9781266285097
Author: Colander
Publisher: MCG CUSTOM
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Chapter 12, Problem 2QAP
(a)
To determine
Explain the differences in experience between men and women.
(b)
To determine
Explain what women’s real-world experiences might be undervalued when they go to look for jobs.
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What is the relevance and importance of managerial economics to students and accountants?
What is the Importance of managerial economics as an accountant and as a student
Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary
information to the manager to hire quarterbacks.
Salary
(Thousands of
dollars)
Number of
Quarterbacks
0
о
100 1
200
2
300
3
400
4
500
5
Total Cost of
Quarterbacks
(Thousands of
dollars)
Marginal Factor Cost
(MFC)
Marginal Revenue
Product (MRP)
(Thousands of
dollars)
(Thousands of dollars)
100
700
100
300
650
400
500
600
900
700
550
1,600
900
500
2,500
On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use
green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100).
Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically.
SALARY (Thousands of dollars)
1000
900
800
700
Labor Supply
600
MFC
MRP
500
400
300
200
100…
Chapter 12 Solutions
MICROECONOMICS-ACCESS CARD <CUSTOM>
Ch. 12.1 - Prob. 1QCh. 12.1 - Prob. 2QCh. 12.1 - Prob. 3QCh. 12.1 - Prob. 4QCh. 12.1 - Prob. 5QCh. 12.1 - Prob. 6QCh. 12.1 - Prob. 7QCh. 12.1 - Prob. 8QCh. 12.1 - Prob. 9QCh. 12.1 - Prob. 10Q
Ch. 12.A - Prob. 1QECh. 12.A - Prob. 2QECh. 12.A - Prob. 3QECh. 12.A - Prob. 4QECh. 12.A - Prob. 5QECh. 12.A - Prob. 6QECh. 12.A - Prob. 7QECh. 12 - Prob. 1QECh. 12 - Prob. 2QECh. 12 - Prob. 3QECh. 12 - Prob. 4QECh. 12 - Prob. 5QECh. 12 - Prob. 6QECh. 12 - Prob. 7QECh. 12 - Prob. 8QECh. 12 - Prob. 9QECh. 12 - Prob. 10QECh. 12 - Prob. 11QECh. 12 - Prob. 12QECh. 12 - Prob. 13QECh. 12 - Prob. 14QECh. 12 - Prob. 15QECh. 12 - Prob. 16QECh. 12 - Prob. 17QECh. 12 - Prob. 1QAPCh. 12 - Prob. 2QAPCh. 12 - Prob. 3QAPCh. 12 - Prob. 4QAPCh. 12 - Prob. 5QAPCh. 12 - Prob. 1IPCh. 12 - Prob. 2IPCh. 12 - Prob. 3IPCh. 12 - Prob. 4IPCh. 12 - Prob. 5IPCh. 12 - Prob. 6IP
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- 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 Total Cost36Output0130270120451601907210220Marginal ProductTotal CostMarginal Costa. Calculate and fill in the column of marginal products. What pattern do you see? How might you explain it? Hints: show your calculations. b. A worker costs $150 per day, and the firm has fixed costs of $300. Use this information to calculate and fill in the column for total cost. Hints: show your calculations. c. Calculate and fill in the column for average total cost. (Recall that ATC=TC/Q.) What pattern do you see? Hints: show your calculations.arrow_forwardAaron has been spending five nights studying for his math tests and his current grade in the course is 90 percent. He decides to take a part-time job and study only four nights for his next test. As a result, after his next test, his grade falls to 70 percent. What is Aaron's marginal cost of working one night a week? Aaron's marginal cost of working one night a week is OA. 20 percentage points OB. greater than 70 percentage points and less than 90 percentage points OC. 70 percentage points OD. 90 percentage pointsarrow_forwarda) Graph the TP, MP and AP data below. Clearly identify the 3 stages of production by drawing dotted lines vertically at the appropriate labor levels (increasing returns, decreasing returns, negative returns). productarrow_forward
- At a baseball game, why do baseball players make so much money while the hot dog vendor makes so much less? In your answer discuss the value of the marginal product of labor and the actions of profit maximizing firms.arrow_forwardThe need for free urgent care clinics in downtown Detroit is very much needed because there are homelessness, poverty and most of time those people are without medical care etc. Using managerial economic concepts Is city infrastructure suitable for this business? Are transportation networks sufficient (labor transit, product distribution, supply acquisition)?arrow_forward2arrow_forward
- You own a small sandwich shop with two employees. They've asked you to consider hiring additional workers for the lunch shift, but you are concerned that doing so may cut into you're profits. Using the table below, calculate the marginal product, value of marginal product, and marginal profit of hiring additional workers. What action should you take (choose one) A. Hire two more employees B. Hit one more employee C. Fire one employee D. Do not hire anyonearrow_forwardYour aunt is thinking about opening a hardware store.She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. What is your aunt’s opportunity cost of running a hardware store for a year? If your aunt thinks she can sell $510,000 worth of merchandise in a year, should she open the store? Explain.arrow_forwardQ.1. Pak surgical makes masks and then sells them on door to door. Here is the relationship between number of workers and Pak surgical output in each day:Workers Output Marginal ProductTotal Cost Average total costMarginal cost0 01 102 403 804 1105 1306 1407 145a) Fill in the column of marginal products. What pattern do you see? How might you explain it?b) A worker costs $100 a day, and the firm has fixed costs of $200. Use this information to fill in the column for total cost.c) Fill in the column for average total cost. What pattern do you see?d) Now fill in the column for marginal cost. What pattern do you see?e) Compare the column for marginal product and the column for marginal cost. Explain the relationship.f) Compare the column for average total cost and the column for marginal cost. Explain the relationship.Q.2. (a) Define economies of scale and explain why they might arise. Define diseconomies of scale and explain why they might arise. Also draw the long run average total cost…arrow_forward
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