Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 7, Problem 9SQ
To determine
The marginal product of the sixth unit.
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7. A 200-pound steer can be sustained on a diet calling for various
of grass and grain. These combinations are shown in the table.
proportions
Pounds of Grass
50
56
60
68
80
88
Pounds of Grain
80
70
65
60
54
52
a. Plot the isoquant corresponding to the inputs necessary to sustain a
200-pound steer. Comment on its shape.
b. The rancher's cost of grass is $.10 per pound; the cost of grain is $.07
per pound. He prefers a feed mix of 68 pounds of grass and 60
pounds of grain. Is this a least-cost mix? If not, what is? Explain.
c. The rancher believes there are constant returns to scale in fattening
cattle. At current feed prices, what input quantities should he choose
if he wants to raise the steer's weight to 250 pounds?
Webby Inc. is a web development company. Webby's monthly production function for developing websites is given in the table below.
a. Fill in the marginal product column.
Instructions: Enter your answers as a whole number.
Progranners
Hebsites
Marginal Product
14
20
24
26
b. Marginal product diminishes after the (Click to select) programmer.
What stage of production is efficient region of production in short run?
Chapter 7 Solutions
Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
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- The fisherman caught 40 kilogram of fish by fishing for 3 hours while he caught 60 kilogram for fishing for 2 hours. What is the marginal productivity of increasing the fishing hours from 2 to 3 hours? A. 20 B. 30 C. 40 D. 60 E. no correct answerarrow_forwardTem runs a rose farm The table shows part of Terris total product schedule. OND Construct Tent's marginal product and average product schedules Complete the table >>>Answer with whole numbers Labour (workers) 1 2 3 4 Total product (roses per week) 750 2.250 0,750 7,500 Marginal product (roses per person) Average product (roses per person) DOarrow_forwardb. Manton Bakery is a company that bakes bread. Here is the relationship between the number of workers at the bakery and Manton's output in a given day: Workers 0 1 2 3 4 5 6 7 Output loaves 0 20 50 90 120 140 150 155 Marginal Total Average Product Cost Total Cost Marginal Cost (i) Fill in the column of marginal product. What pattern do you see? How might you explain it? (ii) A skilled baker costs £100 a day, and the firm has fixed costs of £200. Use this information to fill in the column for total cost. Fill in the columns for average total cost and marginal cost. What patterns do you see? (iii) Compare the column for average total cost and the column for marginal cost. Explain the relationship.arrow_forward
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