Question
In: Economics
Production costs Worker-hours (Input) Widgets (Output) 0 0 1 3 2 8 3 15 4 20...
Production costs
Worker-hours (Input) Widgets (Output)
0 0
1 3
2 8
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.
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
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...
DATA 3 8 2 15 2 2 0 0 4 5 2 7 0 1 5...
DATA
3
8
2
15
2
2
0
0
4
5
2
7
0
1
5
3
0
2
5
4
1
6
9
5
3
1
2
10
6
1
1
2
1
19
6
6
6
7
0
4
1
1
1
0
1
9
2
2
2
1
16
10
10
5
2
3
1
4
4
4
3
6
2
8
5
2
7
1
6
4
0
3
1
1
1
Background:
A group of...
A= 1 2 4 0 1 -2 -1 0 1 2 0 3 8 1 4...
A=
1
2
4
0
1
-2
-1
0
1
2
0
3
8
1
4
. Let W denote the row space for A.
(a) Find an orthonormal basis for W and for W⊥.
(b) Compute projW⊥(1 1 1 1 1 ).
A = （1 −7 5 0 0 10 8 2 2 4 10 3 −4 8...
A =
（1 −7 5 0
0 10 8 2
2 4 10 3
−4 8 −9 6）
(1) Count the number of rows that contain negative
components.
(2) Obtain the inverse of A and count the number of columns that
contain even number of positive components.
(3) Assign column names (a,b,c,d) to the columns of A.
(4) Transform the matrix A into a vector object a by stacking
rows.
(5) Replace the diagonal components of A with (0,0,2,3). Hint:...
Labor Requirements in Worker-Hours (per gallon of output) Netherlands Belgium Beer 2 3 Wine 8 6...
Labor Requirements in Worker-Hours (per gallon of output)
Netherlands Belgium
Beer 2 3
Wine 8 6
That is, 1 gallon of beer can be produced from ____________ hours
of labor in the Netherlands or
____________ hours of labor in Belgium, and 1 gallon of wine can be
produced from
_____________ hours of labor in the Netherlands or ______________
hours of labor in Belgium.
Assuming the cost of labor is the same in both countries, which of
them has an absolute...
Production Function: ?=2?^2?^1/4. ??????????????????????=12?^2?^―3/4. ????????????????????????=4??^1/4. Wages = $20 Rental Rate = $150 Output = 1000 Solve...
Production Function: ?=2?^2?^1/4.
??????????????????????=12?^2?^―3/4.
????????????????????????=4??^1/4. Wages = $20 Rental Rate = $150
Output = 1000
Solve for the cost-minimizing input bundle.
Graph the isocost line, isoquant, and cost-minimizing bundle.
Make sure to label the slope and intercepts.
Data in hrs/week: Individual Hours/Week Spent on Social Media 1 8 2 8 3 15 4...
Data in hrs/week:
Individual
Hours/Week Spent on Social Media
1
8
2
8
3
15
4
9
5
5
6
10
7
4
8
5
9
14
10
20
11
16
12
7
13
6
14
8
15
10
16
4
17
9
18
18
19
13
20
12
21
8
22
6
23
11
24
20
25
9
26
5
27
7
28
19
29
8
30
6
31
16
32
7
33
16
34
9
35
4
36...
Input Data Month 0 1 2 3 4 5 6 7 8 9 10 11 12...
Input Data
Month
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Revenue
$
-
$
-
$
-
$ -
$ -
$
-
$ 2,500
$ 2,875
$ 3,306
$ 3,802
$ 4,373
$ 5,028
$ 5,783
$ 6,650
$ 7,648
$ 8,795
$ 10,114
$ 11,631
$ 13,376
$ 15,382
$ 17,689
$ 20,343
$ 23,394
$ 26,903
Monthly Revenue Growth...
Input Data Month 0 1 2 3 4 5 6 7 8 9 10 11 12...
Input Data
Month
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Revenue
$
-
$
-
$
-
$ -
$ -
$
-
$ 2,500
$ 2,875
$ 3,306
$ 3,802
$ 4,373
$ 5,028
$ 5,783
$ 6,650
$ 7,648
$ 8,795
$ 10,114
$ 11,631
$ 13,376
$ 15,382
$ 17,689
$ 20,343
$ 23,394
$ 26,903
Monthly Revenue Growth...
Bread Cheese Pizza Costs of Input $0 $0 $50 bread $35 cheese Wages $15 $20 $75...
Bread
Cheese
Pizza
Costs of Input
$0
$0
$50 bread
$35 cheese
Wages
$15
$20
$75
Value of Output
$50
$35
$200
Question 24. Calculate GDP the following three ways (note there
is a missing line in the above chart):
A. As value added
B. As spending on final goods and services
C. As factor income (the companies have no rent or interest
payments)
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