Question
In: Economics
The following table gives the total weekly output of bicycles at Al’s Bicycle Town. Table 1...
The following table gives the total weekly output of bicycles at Al’s Bicycle Town.
Table 1
|
Labor |
Total Product (TP) |
Average Product of Labor (AP) |
Marginal Product of Labor (MP) |
|
0 |
0 |
n/a |
n/a |
|
1 |
100 |
100 |
100 |
|
2 |
300 |
||
|
3 |
450 |
||
|
4 |
110 |
||
|
5 |
630 |
||
|
6 |
110 |
Complete this table.
Draw the graphs of the marginal product (MP) and the average product (AP).
To learn how to plot the data in Excel, see https://www.youtube.com/watch?v=B3U9tDcoNeI
Where do the AP and MP curve cross?
The cost of 1 worker is $2000 per month. Total fixed cost is $4000 per month.
Complete Table 2 using your answers from Table 1 and by computing total variable cost (TVC) and total cost(TC).
Table 2
|
Labor |
Total Product (TP) |
Total Variable Cost (TVC) |
Total Cost (TC) |
|
0 |
0 |
n/a |
4000 |
|
1 |
100 |
2000 |
|
|
2 |
300 |
||
|
3 |
450 |
||
|
4 |
12000 |
||
|
5 |
630 |
||
|
6 |
12000 |
Draw the graphs of the TC and TVC curves. What is the relationship between these two curves?
Complete Table 3 by using your answers from the previous Tables and calculating the AVC, ATC, and MC.
|
Total Product (TP) |
Average Variable Cost (AVC) |
Average Total Cost (ATC) |
Marginal Cost (MC) |
|
0 |
n/a |
n/a |
n/a |
|
100 |
20 |
100 |
20 |
|
300 |
|||
|
450 |
|||
|
21.43 |
|||
|
630 |
|||
|
66.67 |
Draw the graphs of the ATC, AVC, and MC curves. What is the relationship between the ATC and AVC curves? Between the MC and AVC curves?
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
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The table below gives the amount of output/total product (TP)
that a firm can produce with various combinations of labor (L) and
capital (K):
K L TP AP MP
10 4 91 29
10 5 121
10 6 150
10 7 175
10 8 197
10 9 212
10 10 217
10 11 215
a. Is the above production function a short run or long run
production function? EXPLAIN why.
b. Complete the table by computing the average product (AP)...
The above table gives the quantity of output and the total cost for a perfectly competitive firm that can sell all of its output at $9 per unit
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for a perfectly competitive firm that can sell all of its output at
$9 per unita) Find the profit maximizing level of output for this firm.(Show your work and explain). (3 points) (world limit: 100)b) How much economic profit is the firm making?(Show your work
and explain) (3 points) (world limit: 100)
The table identifies the total output produced for each given number of workers. Workers Output 1...
The table identifies the total output produced for each given
number of workers.
Workers
Output
1
100
2
190
3
270
4
340
5
400
6
450
7
490
At a nominal wage of $75 per unit labor and a price of output
equal to $1 per unit, how many workers are
hired?
Enter a whole number.
Enter increase, decrease, or same for the rest of the questions
below.
If the wage and price remain constant, an increase in labor...
4. Price Index Problem: The following table gives information about weekly per capita food consumption and...
4. Price Index Problem: The following table
gives information about weekly per capita food consumption and food
prices in Russia before and after the 1917 Communist Revolution.
Taking 1913 as the base year, calculate a Food Price Index for 1928
and 1940. Average weekly wages for the years covered in the table
were 6 rubles in 1913, 14 rubles in 1928 and 83 rubles in 1940.
Using the Food Price Indexes you have just calculated, assess what
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The following table gives output for different numbers of workers for Shiny Sleeves, a producer of shirt varnish.
The following table gives output for different numbers of
workers for Shiny Sleeves, a producer of shirt
varnish. Shiny Sleeve’s wages are $20 per hour.For each level of workers, calculate Shiny Sleeve’s total hourly
wage cost. Instructions: Enter Marginal Product and Wage
Cost in whole numbers and Marginal Cost rounded to two decimal
places.For each jump between levels of workers and output, calculate
Shiny Sleeve’s Marginal Product and Marginal Cost.workersoutput/hourmarginal producttotal cost wagemarginal cost110218324428
The table below shows the weekly relationship between output and number of workers for a factory...
The table below shows the weekly relationship between output and
number of workers for a factory with a fixed size of plant.Number
of Workers Output001502110330044505590666577008725971010705a.
Calculate the marginal product of labor. b. At what point do
diminishing returns set in? Explain. c. Based on the table above,
if the wage rate is $500.00 and the price of output is $5, how many
workers should the firm hire?
he following table gives the frequency distribution of the total miles driven during 2015 by a...
he following table gives the frequency distribution of
the total miles
driven during 2015 by a sample of 92 car owners.
Miles Driven (in thousand) Frequency
0 to less than 5 7
5 to less than 10 26
10 to less than 15 59
(a) (3 points) Write down the columns that show the values for m,
mf
and m2
f. Then compute the sample mean and the sample standard
deviation for the given data.
The following table gives the total area in square miles (land and water) of seven states....
The following table gives the total area in square miles (land
and water) of seven states. Complete parts (a) through (c).
State
Area
1
52,300
2
615,400
3
115,000
4
53,200
5
159,300
6
104,500
7
6,400
b. Which state is an outlier on the high end?
If you eliminate this state, what are the new mean and median
areas for this data set?
State
2
is an outlier on the high end.
The new mean is
81783
square miles....
The following table gives the total area in square miles (land and water) of seven states....
The following table gives the total area in square miles (land
and water) of seven states. Complete parts (a) through (c).
State Area
1 52,300
2 615,400
3 115,000
4 53,600
5 159,500
6 104,800
7 6,100
a. Find the mean area and median area for these
states.
The mean is __ square miles.
(Round to the nearest integer as needed.)
The median is ___ square miles.
b. Which state is an outlier on the high end?
If you eliminate...
Use the table to answer the following questions Output Total Revenue Total Cost 0 0 30...
Use the table to answer the following questions
Output
Total Revenue
Total Cost
0
0
30
1
40
55
2
80
98
3
120
125
4
160
152
5
200
180
a) What is the price of the product? b) What is the marginal
revenue from the fourth unit output? c) What is the profit, when
firm produce 5 units?
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