2) Production costs Worker-hours Widgets (Input) (Output) 00 13 28 3 15 4 20 5 24...

2) Production costs

Worker-hours Widgets (Input) (Output)

00 13 28

3 15
4 20
5 24
6 27
7 29
8 30
9 30
10 29

Fixed cost = $120 Variable cost = $15

a) Given the above widget production function information, graph the total product curve, clearly labeling everything.
b) Given the cost information above, graph the total cost curve. Add columns to the table as needed.

c) Describe the pattern of marginal returns and marginal costs. Are they related? Explain how, in detail.
d) Are we in the long run or the short run? Explain how you know.
e) What is the marginal product when eight workers are employed? How about nine? Could it ever make sense to hire the 8th worker under these conditions? The 9th?

f) What would need to be true about the widget price for this company to want to hire eight workers? Explain.

Expert Solution

Rahul Sunny answered 2 years ago

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