Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
8th Edition
ISBN: 9781337292603
Author: Mankiw
Publisher: Cengage Learning (2018)
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Chapter 3, Problem 6PA
Subpart (a):
To determine
Calculate opportunity cost .
Subpart (b):
To determine
Calculate opportunity cost.
Subpart (c):
To determine
Specialization in the production.
Subpart (d):
To determine
Trade and the price of the product.
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Exercise 4A firm has the following average cost: AC = 200 + 2Q – 36
Q
Find the stationary point and determine if it is a maximum or a minimum.b. Find the marginal cost function.
Exercise 2A firm has the following short-run production function: Q = 30L2 -0.5L3a. Make a table with two columns: Production and Labour b. Add a third column to the table with the marginal product of labour c. Graph the values that you estimated for the production function and the marginal product oflabour Exercise 3A Firm has the following production function: Q= 20L-0.4L2a. Using differential calculus find the unit of labour that maximizes the production. b. Estimate function of Marginal product of labor c. Obtain the Average product of labor. d. Find the point at which the Marginal Product of Labour is equal to the Average Product of Labour.
Problem 3
You have the following data for the last 12 months' sales for the PRQ Corporation (in thousands
of dollars):
January 500
July
610
February 520
August
620
March
520
September 580
April
510
October
550
May
530
November 510
June
580
December 480
1. Calculate a 3-month centered moving average.
2. Use this moving average to forecast sales for January of next year.
3. If you were asked to forecast January and February sales for next year, would you be confident
of your forecast using the preceding moving averages? Why or why not? expect? Explain.
Chapter 3 Solutions
Principles Of Economics, Ap Edition, 9781337292603, 1337292605, 2018
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